Bougainville Copper Ltd records K6.9 million loss

 BOUGAINVILLE Copper Ltd in Papua New Guinea  recorded a loss of about K6.9 million in 2022, compared with the K6.1 million in the previous year, an official says.

BCL chairman Sir Melchior Togolo said company expenditure last year continued to be concentrated on the tenure issues, stakeholders’ engagement, and support for small scale community projects.

Sir Melchior announced this during the group’s annual general meeting (AGM) which was held in Port Moresby yesterday.

“Bougainville Copper has total consolidation net assets of K98 million compared with K128 million in the previous year,” he said.

“The company has sufficient funds to cover planned recurrent expenditure in 2023 and remains debt free.

“BCL’s financial assets are cash and Australian equities.

“Income from interest and dividends was K4 million in 2022 compared with K4.1 million in 2021.”

Sir Melchior said fair valuation of the company’s investments decreased by K22.7 million for 2022 compared with an increase of K12 million in 2021.

Sir Melchior added that the company’s investments in Australia listed securities decreased amid disruptions in global share markets influenced by rising inflation, rising interest rates, the Coronavirus pandemic-related supply disruptions, and the war in Ukraine.

Meanwhile, Sir Melchior said the PNG Government would transfer its 36.4 per cent share in the company, free of any charges, to the Autonomous Bougainville Government (ABG).

“In addition to the 36.4 per cent share ABG already owns, it brings the Bougainvillian shareholding in Bougainville copper to 72.8 per cent,” he said.

“A majority share. This is for the first time after BCL’s 55-year history.

“The company is now set to be majority owned by the government and people of Bougainville.”

The National / Pacific Mining Watch

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