Trading Bougainville Copper (ADRs) 867948

By FABIAN HAKALITS

SOME members of the so-called Mekamui faction met this week with the revived New Bougainville Party Executives, to be lead by John Momis and discussed how Bougainville can progress by sustaining good governance and lasting peace for the people.
The party and the delegation agreed they had a long way to go to bring about lasting peace and meaningful development to the people of Bougainville.
This has seen the overture welcome to the Meka’mui who have registered, joining in to support former Bougainville Governor John Momis in his bid to contest the upcoming ABG election by the newly revived New Bougainville Party.
Party president Linus Sahoto on NBP’s behalf of the late Francis Ona under Raymond Hakena has expressed gratitude to that Meka’mui faction in showing their support for Mr Momis in forming the next government if or when elected into the Bougainville House of Representatives.
“All we want is to work for permanent peace and development in Bougainville,” he said.
“We are calling on all other groups and the people of Bougainville to work together for peace and building a better future for our people.” They said that they could not continue to go their separate ways because there was too much at stake and working to prioritise the Bougainville peace agreement was a major concept in implementing ABG’s dreams.
“We can only blame ourselves if we do not achieve the tenets of the peace agreement, especially for a referendum for independence in Bougainville. This is an important commitment that the people of Bougainville must work together to achieve.
“Important conditions in the agreement to fulfill include the removal of guns, financial autonomy, good governance, law and order and other issues which need to be addressed.
“The choice rests with us. This is the only opportunity now available to them. We can build or destroy our future. We are urging the people of Bougainville to remain committed for peace, unity and development for Bougainville and its future and to support important change to bring about a better future for the people.”
The next month’s election is very important for Bougainville where people have to elect good and honest leaders to provide good governance and bring about lasting peace, unity and development in Bougainville
 

With all due respect this shows what a "Crock" the Meekamui really are.  They have steadfastly refused to enter into any discussions with the ABG or the national government. Now, suddenly they seem willing to put all that aside, compromise all of their previous political posturing, to align with someone who hasn't even made a public policy statement yet.  It makes one wonder.

Their "Mouthpiece", Noah Musingku, doesn't recognize the existence of, or validity of, the ABG, nor for that matter, the central government, maintaining his claim to be a sovereign prince or king, or such like, depending on the phase of the moon, or whatever guides his wisdom. Will he renounce his crown to Momis? Will he stop trying to run his confidence trick masquerading as a bank.

It is an insult to the intelligence of the people of Bougainville, that the "Meekamui" talk of " good governance fighting corruption which is rising at an alarming rate within ABG and its administration and to also revisit the peace process, particularly with reference to the laying down of firearms, weapons disposal with law and order".

This from the con-man who claims to have trillions of dollars ferretted away in Tonu, who has tried to import mercenaries for his own personal protection, and from the people who man armed roadblocks, stopping fellow bougainvilleans from enjoying all (or any) of the benefits of a democratic society. Classic "do what I say, not what I do..."

One also has to wonder how Momis will handle this "alignment" - given that the actions of Musingku, Uma and others have, to date, been illegal under the legal system formed by the Consitution. Will Momis give these people amnesty for past crimes? Will he require that they cease all of their illegal activities? It hasn't stopped Musingku in the past, I doubt it will stop him now. His actions almost go past the Criminal to the level of being Psychotic.

Of course, the comment "Momis is the true leader chosen by God" is a) given without attribution. Just who is it that believes that they have a unique and special relationship with their Deity of choice to be privy to such information? and b) as I have said before, the Christian ethos pretty much states that materialistic matters (such as politics) have nothing to do with God.

If one is looking for understanding of that relationship, one just need look at some of the American Presidents and what they have said.  

"I have seldom met an intelligent person whose views were not narrowed and distorted by religion."...James Buchanan (15th US Pres)

"The purpose of the separation of Church and State is to keep forever from these shores, the ceaseless strife that has soaked the soil of Europe in blood for centuries."...James Madison (4th US Pres)

"I have recently been examining all the known superstitions of the world, and do not find in our superstition, Christianity, one redeeming feature. They are all alike founded upon fables and myths."...Thomas Jefferson (3rd US President)

"∑Of all the nonsense and delusion which had ever passed through the mind of man, none had ever been more extravagant than the notions of absolutions, indelible characters, uninterrupted successions, and the rest of those fantastical ideas derived from the canon law; which has thrown a glare of mystery, sanctity, reverence, and right reverend eminence and holiness around the idea of a priest such that no mortal could deserve."...John Adams (2nd US President)

As a former diplomat, he (Momis)  should understand the ramifications of political alliances. And this is one that could "bite him in the arse", big time.

Of course, all of that ignores the fact that belies the rhetoric - that being that, in demanding his misguided "Bougainville Initiative" and not being open and candid with the people of Bougainville about the true facts around that (in order to not jeopardize his political ambitions at the time).

There is also the other consideration... That Momis will be 68 this year. The Presidency is a 5 year term. If this aging public servant can keep up the pace and bring a viable referendum for independence in that time frame; then just as leadership would be most needed, he would well and truly be reaching retirement age. One would have to question his ability to keep up with the pace of what needs to be done.  But then, he has been in a position of power/influence with respect to this for some 35 years. One cannot rush such things.
 

http://www.radioaustralia.net.au/pacbeat/stories/201002/s2811120.htm

Updated February 5, 2010 10:43:54

The Chair of Solomon Islands Truth and Reconciliation Commission says the 2008 compensation bill needs to be more comprehensive. The act only requires the Commission to consider Solomon Islands claims during the period of ethnic tension between Guadalcanal and Malaita from 1998 to 2003.

But the people of Solomon Islands Western and Choiseul provinces want the Bougainville conflict to be included. They claim they suffered as just as much from the spill over from the Bougainville Crisis.

Presenter:
Speaker: David Tuhanuku, Deputy Executive Secretary of Solomon Islands Truth And Reconciliation Commission

Listen:Windows Media  

http://bougainville.typepad.com/newdawn/

Council of Elders chairman will run for election
BY ALOYSIUS LAUKAI
As the ABG General election draws near, more aspiring candidates are resigning from their jobs to contest the election.

Most recently the chairman of Tsitalato Council of Elders, Joseph Gatana , announced his intention to step down from office.

He will contest the Tsitalato seat currently left vacant by Hillary Laris who was sentenced by the Buka District court last year.

Mr Gatana said he was resigning was to help support the work of the Council of Elders, which he claimed was the most forgotten system of government by the ABG.

He said he hopes to change this trend if elected.

Posted at 02:57 PM in News | Permalink | Comments (0)
 

http://bougainville.typepad.com/newdawn/2010/01/...iority-for-un.html

BY ALOYSIUS LAUKAI

The Autonomous Region of Bougainville is a top priority for the United Nations, according to the organisation’s resident coordinator in PNG, David Mac.

Mr Mac told a reconciliation ceremony in Arawa on Wednesday that UNDP and the broader UN system have been actively engaged in Bougainville for more than ten years.

The UN works closely with the ABG and the national government in supporting sustainable development, small arms reduction, trauma counseling and the creation of sustainable livelihood economic developments in the region.

The UN is increasing its presence in Bougainville, it has been engaged in the region for a long time and new partners are coming on board.

 

http://mobile.purchasing.com/article/...xplosion_in_copper_prices.php

UBS Securities has revised upward copper price forecasts because it expects strong demand to meet supply problems in coming years. UBS now expects copper prices to average $3.80/lb this year and $3.90 in 2011. Copper cathode traded on the London Metal Exchange at $2.33/lb in 2009.  

UBS previously has forecast a 2010 price of $3.30/lb so the new viewpoint is more bullish than the $3.22 projection by J.P. Morgan Securities, the $3.23 forecast from Bank of America/Merrill Lynch, the $3.25 outlook from Southern Copper of Peru, one of the world's largest copper producers, or the $2.93 projection of Germany's Commerzbank.

Chile's influential state copper think tank, Cochilco, expects the world copper average price for 2010 at $3.10/lb, followed by $3.20 in 2011.

"Copper is widely perceived as the most supply-constrained metal," UBS analysts say in a research note. "We would also tilt to the strong end of consensus on just how supply constrained copper is because our view is that the constraints on global copper supply are both cyclical and structural."

For this year, the Swiss bank expects copper demand to grow more than 10% to 19 million metric tons, leaving the copper market with a deficit of 600,000 metric tons-which it expects to rise to 800,000 metric tons in 2011.
 

Year   1yr high 1yr low total turnover 1yr   total vol 1yr 1yr vwp
2010     0,70     0,535                                  950000
2009     0,85     0,46     2460592               3891115         0,63
2008     1,75     0,50     8530496               8647211         0,99
2007     1,94     0,67   12217621             12330340         0,99
2006     1,07     0,60     6449264               7979129         0,81
2005     1,35     0,37   19688070             27104806         0,73

year   5yr high  5yr low  total turnover 5yr total vol 5yr  5yr vwp
05-09   1,94     0,37      49346043        59952601         0,82308427  

84651 Stk,     0,54 > Preis keine Änderung weder + noch -  ?????  

Meines Erachtens verkaufen die ADR-Banken für die nicht getauschten ADR die hinterlegten Orginale.

Positiv ist, dass es anscheinend genügend Käufer bei den aktuellen Kursen gibt.  

http://www.stocknessmonster.com/news-item?S=BOC&E=ASX&N=332048  

www.panguna-metals.com  

Women to take lead

By Eric Tapakau

WOMEN in mining and petroleum affected provinces can now take a lead in addressing and leading discussions on issues affecting their communities.
This is thanks to a capacity building training workshop carried out in the impacted areas by GHD which was contracted to carry out the workshops by the Chamber of Mines and Petroleum, the peak body representing most mining and petroleum companies operating in the country.
Funding for the project was secured from the Japan Social Development Fund through the auspices of the World Bank as a part of the implementation of the Self Reliance Program for Women in Mining and Petroleum Program.
In June 2009 the PNG Chamber of Mines awarded a contract to GHD through its PNG office to develop and implement capacity building training workshops for women’s associations located in or near mining and petroleum impacted areas.
The project originated from undertakings given by chamber members to increase their support to encourage greater and more active participation of women in the economic and social issues affecting communities impacted by mining and petroleum activity.
Within the contract GHD undertook to deliver capacity building training for 26 women’s groups across six provinces within a four-month period.
“The chamber is very pleased with the outcome. We have been planning this project for several years unfortunately due to various reasons we had not been able to complete, and so it is indeed gratifying to see this element of our program successfully completed,” said chamber manager for women in mining and petroleum Lesley Bennett.
“The successful outcome of the training was a result of the good support and partnership provided by the chamber, the mining and petroleum companies, and most importantly the women. As a result it is our hope to see an increased participation of women in addressing and leading discussions on the issues facing their communities,” said GHD PNG country manager Peter Aitsi.

Frauen sollen ja lernfähiger sein , eine schnellere Auffasungsgabe besitzen und durchsetzungsfähiger sein. ;-(  

By GORETHY KENNETH

DRESSED in his favourite knee-cap jeans and a simple T-shirt, this
man, a teacher-cum politician, has a story to tell of how he has
walked 14 areas in three years to ascertain the real needs of the
people so that he can help them.
Lawrence Belleh, a teacher who left his job to help his brother run
his hotel business and then enter into politics, yesterday told of how
hard his job of being a politician is, together with helping to run
his brother�s business and then looking after the affairs of his
family.
At age 42, Mr Belleh, from Pororan Island, entered politics in 2005
when the Autonomous Bougainville Government established its inaugural
government under the Peit Constituency in west coast Buka, North
Bougainville.
No ties, no suit or leather shoes, no brief case but a plastic bag to
carry his papers, this man walks around in his black rubber thongs. He
is a simple but neatly attired man who likes to be perfect at all
times.
Little did he know that his job as a politician, with only K70,000 a
year to spend, would be very difficult, especially when that
constituency was recognised widely as one of the least developed areas
in North Bougainville � Buka to be specific.
Peit is also the constituency where most people have an attitude
problem, many children do not go to school, houses are still very much
traditionally built compared to other parts of Buka, schools are not
up to standard, and aid posts are closed. Lawrence Belleh started his
walk in 2005 through to 2007 -through all 14 areas that make up the
Peit Constituency, which includes Pororan, Yaparu, Hitau, Hapan,
Kohiso, Tugeas, Gagan, Kohino, Bekut, Telatu, Sapan, Barikua, Bei and
Yagit.
�If you know where these areas are, or simply if you know how tough
this place is, you�d have a fair idea how my walk was very difficult,�
he recalled.
�I walked with my peers, slept with the people in their villages, ate
with them kaukau and drank water (some don�t even know tea, sugar and
rice plus store goods).
�I had an aim in this walk. I wanted to find out exactly what the real
needs of my electorate people were, what was the problem of moving
forward or simply what the Government lacked in providing for them.
Within two years of my walking all these mountains, no roads, in fact
we have five feeder roads that have not been maintained for the last
20 years � I compiled a whole list of things that these people really
needed and after these years I knew exactly what each village, each
area and each family needed.�
Belleh says education was a priority that was lacking in these 14
areas followed by water tanks, roads and health services. He said the
people had an attitude problem that needed to be changed. In 2005,
after his first year of visiting at least five areas, he found out
that rehabilitation of everyone in the Peit Constituency was urgently
needed.
�I found out, if we give them money or things, they will use them but
still will not change their attitude so I came up with this four year
plan that we submitted to the United Nations Development Program
(2005-2009) which was only approved and funded last year,� he says.
�We have started rehabilitation programs for the commanders � both the
Bougainville Revolutionary Army and the resistance fighters. We also
have in line the leaders, the rank and file and then the women,
mothers and children to rehabilitate.� Through his data collection he
put together submissions that yesterday resulted in a major
presentation of two 24-foot containers of education materials funded
through North Bougainville MP Michael Ogio and himself � for 17
elementary schools in the Peit Constituency. The supplies included two
television sets for Bei and Tugeas primary schools, the most remote
areas in that constituency. �I feel for all these schools, all these
areas, all these villages. I wish I had all the money in the world to
develop Peit, unfortunately the budget from ABG cannot help me develop
all these areas,� he said.
 

www.panguna-metals.com

In 1990 BCL (Bougainville Copper Limited) withdrew its entire non-Bougainvillean workforce and halted all mining operations at the Panguna Mine. With years of conflict the mining equipment and buildings have been damaged and cannibalised leaving what is now scrap metal littering the mine area.

Panguna Metals Ltd has been appointed by BCL to dispose and remove the remains of the mine equipment and buildings that have been lying dormant for two decades which cannot be reused in any future operations that may return to the area.

"I have been assisting the setting up of this company in the past two years. We have a partner company from UK that BCL has recommended to us to carry out the operation.


I do not know who has informed our Bougainville01yahoogroups about our establishing a website. In any case our people who access Bougainville website are now aware of our existance."


Cheers


Ljd  

Hmmm, 158k im Moment im Ask zu 54. Na, dann dürfen wir hoffen, dass da mal jemand mit großem Kauf-Appetit daher kommt. Sonst.....

CCLSC  

Na, so automatische Kaufprogramme sind ja schon was feines..... aber müssen es wirklich immer nur 2stellige Mengen pro Order sein..... so kann noch lange an der 154k-Order geknabbert werden.

Well, wohl bekommts.......  

Hallo,

naja, gegen Ende waren es immerhin 3-stellige Mengen... :-)  Insgesamt 228 Transaktionen an einem Tag, das schaut auch schon recht rekordverdächtig aus, zumindest in letzter Zeit...  aber doch nur 37.000 Stück, durchschnittlich 163 Stück pro Transaktion, also was das soll, weiß ich auch nicht.

Gruß
Donn  

..........schreiten planmässig voran. ;-)))))))))))

Election preparations on track in B’ville

By GORETHY KENNETH

BOUGAINVILLE election officials have started removing “ghost” names from the common roll that they have started working on two months ago.
Bougainville election commissioner Reitama Taravaru yesterday said in his update that with great help from all council of elders in all 13 districts that make up Bougainville, they had started taking out ghost names. Before the issue of writs on next month, Bougainville will have a completely new common roll.
Mr Taravaru said the preliminary roll for these 13 districts is complete and will be put out for public scrutiny by next week and for the next two weeks after that, there will be an objection period.
“I, as the commissioner, have been very impressed with all COEs (council of elders) in all 13 districts because they have been very helpful in assisting us with the Common Roll,” Mr Taravaru said.
“This is a very big positive achievement and I commend them for that. The rolls are now on track, the process is progressing very well. There are people from several areas where we have never been to in the past, now asking if we can get to them and update their names and inviting us to enrol them.”
Mr Taravaru said all programs were ready and that help would come from headquarters and the Australian Electoral Commission.
“Before the issue of writs on March 26, we should be able to complete the whole new common roll and be able to use it come the polling period,” he said. “All materials are already being organised, training is still continuing.
“Otherwise, I am on target. We have some financial problems but that’s okay, we are getting ourselves organised before the polling period because this is going to be a tough one for me especially when my mentor, or former commissioner Mathias Pihei, is no longer in office with us.
“But as we always say, we will do our best,” he said.

 

http://bougainville.typepad.com/newdawn/

BY ALOYSIUS LAUKAI

A local chief, John Munei, is appealing to the people of Bougainville to make a good choice in this year’s General Election.

Mr Munei said that the second ABG parliament needs good leaders to prepare the foundation for a referendum on independence.

He said the people must forget about voting for clansman and think seriously about the development and future of Bougainville.

He said people must forget their differences and work for Bougainville.

 

........ in Buka achieve what he says they have set out to do in updating the common roll in Bougainville, it will be quite incredible.They will have accomplished something the PNG Electoral Commission has failed miserably and abyssmally to do election after election for umpteen years. WE've had situations in some Provinces in PNG where the turn-out of voters is larger than the total number of men, women and children when the figures are tallied up.  

This has never been the case in Bougainville. BUT still, it is an arduous task trying to sort out the ghosts from the real people on the common roll as well as ensuring that those that have reached the voting age since the last ABG election in 2005 are properly enrolled.

If Mr Taravaru preparing this task out some time back, then he is on track as he says. He has two pluses on his side. First, the conduct of elections in Bougainville generally (both provincial/ABG and National) have been peacecful and relatively free and fair. The electoral staff and management have a good track record compared to their colleagues elsewhere in the country. Secondly, the electoral process has been relatively free of undue influence or corrupt practices from constituents and candidates of the scale we know happens in other parts of the country.

What we need to get out of the fortcoming election is to choose the right kind of leaders. If Mr Taravaru provides Bougainville with the most accurate and comprehensive common rolls for all thirteen Districts, it is beholden on all citizens on the common rolls to come out and vote. No one should complain about their name missing; there should be little room for informal or duplicitous votes; and we should get the most democratic results from the elections.

ONE Question: What about the sizeable population of Bougainvilleans outside the Island? I suppose they go into the common rolls of the Districts they come from. Hopefully, a similar arrangement applies where they cast their votes in Pom, Lae, Hagen, Goroka, Rabaul, etc. like the last time.

ONE Worry: The constant disruptive behaviour of some electoral staff holding the election process and the people to ransom by halting voting and counting over outstanding allowance claims form previous elections should not be tolerated. It's happened all the time but fortunately it has not been disastrous.

ONE Suggestion: An all out voter awareness and voter education for contstituents in all 13 districts is almost a must. This is a rights issue. It is also a law and justice issue as much as an issue of democratic governance. Tokim ol Aussie lain ia lo sapotim diswan, they have so much money in law and justice sector and programs than they know what to do with.

ONE For Women: Make sure that every woman of voting age is on that roll. And you do not have to cast your vote as your spouse or clan members or relative or the Council of Women desires you to do. Make a difference by coming out in numbers and making up your own mind. You probably make up a little over 50% of Bougainville population.Na noken markim ol dispela kain ia oli yap yap, pairap pairap, raon raon long Moresby na olgeta hap na igat loose tongue but ino impruvim sindaun long ples.  

LAST Word: Let's take Taravaru on his word that he'll deliver on the common rolls. If he is confident and delivers as he says, let us all go out and make a difference through the ballot. Taim blong bullet i mas pinis nau if we return the leaders Bougainville deserves.
 

http://www.postcourier.com.pg/20100215/mohome.htm

By MAUREEN GERAWA

THE third highest ranking official in the United Nations system and former New Zealand prime minister Helen Clark is on a three-day visit to Papua New Guinea.
Ms Clark, currently the United Nations Development Program (UNDP) administrator and chair of the United Nations Development Group arrived in Port Moresby on Saturday to a high note welcome by both the government and UN officials.
She was met by Secretary for Foreign Affairs and Trade Michael Mawe, former High Commissioner to New Zealand and deputy secretary (policy) for Foreign Affairs Lucy Bogari and UNDP regional director for Asia and the Pacific Ajay Chhibber, UNDP resident representative and UN resident coordinator David McLachlan – Karr and other UNDP officials.
She began her visit immediately after arriving by paying a courtesy call on Governor-General Sir Paulias Matane, Minister for Foreign Affairs and Trade Sam Abal and Prime Minister Sir Michael Somare.
This was not her first time to PNG, having been in the country in her previous capacity as the Prime Minister of New Zealand for she commented on the room in which she met Sir Michael.
Yesterday morning, she met with Opposition Leader Sir Mekere Morauta and then President of Autonomous Regional Bougainville President James Tanis before she met the Friends Foundation Inc executive director Tessie Soi and her staff as well as staff of the PNG Alliance Civil Society Organisation.
This was followed by a visit to Boroko police station where she was given a guard of honour by the police in front of the police station before she visited the cells, the family sexual violence unit and the Juvenile Justice Centre.
The visit to the project sites precedes the official launch of the Gender –based violence and human rights training project between the United Nations and the Royal PNG Constabulary.
The main focus of her visit is on achieving the Millenium Development Goals (MDGs), with a particular focus on gender and HIV/AIDS. There will be a conference on MDG, to be attended by senior government ministers and officials that will also see the launch of the Government’s second national MDG progress report. Additionally, there will be a launch of the Gender-based Violence and Human Rights Training Project between the United Nations and the Royal Papua New Guinea Constabulary, to be officiated by Ms Clark before she leaves Port Moresby to continue her tour of the Pacific region. Ms Clark was New Zealand’s Prime Minister from 1999 to 2008.

 

......is the meeting of the Joint Supervisory Body meeting in Kavieng on February 26.

Launching of network deferred

By GORETHY KENNETH

A MAJOR communication set up to be launched in a remote Bougainville village by the Autonomous Bougain ville Government leaders, Telikom and the National Government this week has been deferred because of scheduled major meetings.
The official launching of V-SATS by the ABG President James Tanis has been deferred indefinitely. This is Telikom’s major communication set up in remote Bougainville villages which would also include that of Tasman.
Chief executive officer of Telikom Peter Loko and the Minister for Works, Transport and Civil Aviation Don Polye wanted to attend these launching ceremonies prompting the deferral. But the National Executive Council Meeting is scheduled for this week in Kimbe which Mr Polye is party to and the following week, ABG and the National Government will hold the last Joint Supervisory Body meeting for the reigning Government in Kavieng before elections proceed next month.
One of the major reasons for the deferral is the meeting of the Joint Supervisory Body meeting in Kavieng on February 26. Officials from both the ABG and the National Government will have to prepare themselves for this JSB meeting held in Kavieng.
This is the meeting which will officially announce five powers to be immediately drawn down to Bougainville including further decisions on the mining and police powers. Acting President and Minister for communications Ezekiel Masatt said the deferral was necessary to allow the President to attend the JSB meeting in Kavieng.
 

over Fauro Island

http://www.smallcapnews.co.uk/article/..._over_Fauro_Island/8407.aspx

16 February 2010

Solomon Gold is set to carry out a planned airborne Electromagnetic (EM) survey over Fauro Island starting on February 18. Interpretation of the EM data is likely to be announced in late March 2010.

Last November Solomon raised £1.7 million in an 8p per share placing with private investors in order to fund development work on Fauro Island.

The new survey will cover an area of 800 line kilometres over 75 sq km and is planned at 100 metre line spacing, and a closer 50 metre line spacing over the main prospect areas, at an elevation of 50 metres above ground.

The survey will cover an area of 15 sq km of the northern peninsular of Fauro Island in Solomon Gold's 100% owned project, covered by Prospecting License No. PL 12/09. The area is approximately 82km south east of the giant Bougainville porphyry copper gold project in neighbouring Papua New Guinea.

 

from Post-Courier (Port Moresby/PNG), 02.16.2010


By ERIC TAPAKAU
OWNERS of the once world class Panguna copper/gold mine, Bougainville Copper Limited has announced a jump in the companys profit for the year ended December 31, 2009.
The company reported a net profit of K8.7 million ($A4.3 million) compared with a loss of K4.8 million ($A2.3 million) the previous year.
In addition there was an unrealised K63.6 million capital gain which together with the net profit equates to a 24.6 per cent increase in shareholder funds.
Operating expenses in this reporting period were in line with those of last year.
Company secretary Paul Coleman said that the higher net profit this year was attributable to realised gains on the sale of investments and exchange gains.
He also said that the tax dispute legal fees continued to be a drain on revenue.
Mr Coleman reported that the directors of the company did not declare any dividend in respect of the 2009 net profit.
The annual general meeting of the company will be held at the Crowne Plaza Hotel, Port Moresby at 10 am on Thursday April 29, 2010 and annual report and notice of meeting will be mailed to shareholders by March 26.
Operations at the Panguna mine stopped in 1989 due to secessionist uprisings and an impairment loss of K350 million was made for deterioration, damage or pilferage of company assets on Bougainville.
According to Mr Colemans report, the accuracy of that provision could not be proved because the lack of access to Bougainville prevented a detailed assessment of the nature or extent of those losses.
No depreciation charge or increase to the impairment loss has been made since 1991.
The directors consider that any review of the impairment loss would be completely arbitrary because of the continuing lack of access to the mine.


 

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