Notice to ASX 30 August 2021
hotcopper.com.au/threads/...ar-accounts-4d-june-2021.6253868/
BOUGAINVILLE COPPER LIMITED (BOC)
The directors of Bougainville Copper Limited announce the following results of the
company for the six months ended 30 June 2021 together with comparable results for
the six months to 30 June 2020. An update of recent events is also included. The
results have been independently reviewed. ........................
.......................................Events of Significance
Overview
Bougainville Copper maintained an active presence in Bougainville during the first
half of 2021, but faced operational constraints as a result of the ongoing coronavirus
pandemic.
The Company continued its support for worthwhile community projects and activities.
It also maintained positive relations among customary heads, the agents authorised to
represent landowners in the Panguna project area.
Bougainville Copper also remains committed to respectful and constructive
engagement with the Autonomous Bougainville Government (ABG) regarding the
future of the Panguna mine.
The ABG under President Ishmael Toroama remains engaged in consultations with
the PNG national government regarding the outcome of Bougainville’s historic 2019
referendum, in which 98 per cent voted for independence from PNG.
Legacy Impact Assessment
The Company welcomes and supports an agreement reached by Rio Tinto (which
previously majority-owned Bougainville Copper) and residents of mine-affected
communities to identify and assess legacy issues linked to the closed Panguna mine.
The proposed Panguna Mine Legacy Impact Assessment, announced on 21 July, will
identify and assess actual and potential environmental and human rights impacts and
develop recommendations for addressing them.
The process is to be overseen by a multi-stakeholder committee and the Assessment
will be conducted by an independent third-party company or consortium with
requisite expertise.
The Assessment will be mostly funded by Rio Tinto with Bougainville Copper agreeing
to contribute, provided the process and methodology is endorsed by the multi-
stakeholder committee; the work can be safely completed, and an appropriate funding
mechanism can be agreed.
EL1 Tenure
The Judicial Review of the decision by the Autonomous Bougainville Government
(ABG) to refuse an extension of the Company’s Exploration Licence (EL1) is expected
to proceed in the PNG National Court in the second half of 2021.
The directors of the Company remain committed to taking all steps to protect tenure.
As the matter remains unresolved, the Exploration Licence is deemed to continue until
a determination by the court.
Company Shareholdings
Following the referendum on Bougainville’s political future in December 2019, PNG
Prime Minister James Marape, committed to transferring the Independent State of
PNG’s 36.4 per cent shareholding in Bougainville Copper to the people of Bougainville.
Mine-affected landowners believe 17.4 per cent of the shareholding should be
distributed among their nine landowner associations. The share transfer process
remains ongoing.
Community Engagement
Bougainville Copper has continued to maintain positive relations with the project
area’s customary landowners, including the Panguna Development Company Limited
(PDCL), whose membership comprises legally appointed block agents from the
project area.
The PDCL earlier this year confirmed that it, along with eight of nine mine-affected
landowner associations, community leaders and chiefs were united and had taken
steps to commence dialogue with the ABG regarding the future of the Panguna mine.
The group expressed support for Bougainville Copper being involved in this process
given the Company is majority owned by the people of Bougainville and PNG and
continued to have a positive presence on Bougainville. It has also expressed support
for the awarding of EL1 to Bougainville Copper.
Bougainville Copper has also continued to provide support and sponsorship for a
range of activities on Bougainville in areas such as sport and culture, education and
training.
2021 Dividend
The Directors have not declared a dividend in respect of the six months ended 30 June
2021.
Borrowing
No borrowings were outstanding as of 30 June 2021.
Stock Exchange
The standard Appendix 4D half yearly report and Independent Auditors Review
Report is attached in accordance with the Australian Stock Exchange official listing
requirements.
Authorised by the Board
Mark Hitchcock
Company Secretary
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