Press Release 28 February 2012 BOUGAINVILLE COPPER LIMITED The directors of Bougainville Copper Limited announce the following audited results of the company for the year ended 31 December 2011 together with comparable results for twelve months to 31 December 2010. Results For the year ended December 31 2011, a loss of K3.7 million was recorded, compared to a forecast loss of K7.3 million. Overall, income and costs were generally within budget, administration and exchange losses being over budget, offset by a similar amount under budget for the BCA renegotiation. Interest of K2.2m earned on Court held bank deposits have been brought to account this year. Financial Results 2011 K’000 Realised gain on disposal of investments Interest Exchange gain Dividends 2,353 5,880 8,233 2010 K’000 5 451 696 5 477 5 972 17 596 Less: General and administration expense Exchange Losses 10,518 1,388 11,906 (3,673) (3,673) (1,529) 8 883 5 898 14 781 2 815 2 815 1 146 Profit/(Loss) before taxation Income tax expense Net profit /(loss) Equivalent net profit/(loss) in A$’000 2 The past year has given Bougainville Copper more reason for optimism about the future of the company than any year out of the previous twenty. There are several activities underway that can positively assist the company in making a return to profitable operations. The most beneficial change has been the momentum developing from the Panguna landowners and other Bougainvilleans’ focus on re-development agenda. The relationship between President John Momis, his government, and Bougainville Copper’s board and management remains cordial and engaged, including the invitation for company representatives to make further visits. The PNG National government has publicly acknowledged the company’s ongoing rights under the Bougainville Copper Agreement (BCA). Bougainville Copper’s major shareholder, Rio Tinto, has confirmed its commitment to exploration and investment in Papua New Guinea, a commitment to the development of PNG that has been ongoing for half a century. Several studies have been initiated that will underpin both the re-negotiation of the Bougainville Copper Agreement, and the feasibility modelling planned by the company. 2011 DIVIDEND The Directors have not declared a dividend in respect of 2011. BORROWING No borrowings were outstanding at year-end. ANNUAL REPORT The Annual General Meeting of the company will be held at the Grand Papua Hotel, Port Moresby at 3.00pm on Tuesday 1 May, 2012. The Annual Report and Notice of Meeting will be mailed to shareholders on or about 30 .... |
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