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1992, the Company a Date for Recommencement of Dividends Were Approximately 17% of Employed 2 People Including One Citizen Operations

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1992, the Company a Date for Recommencement of Dividends Were Approximately 17% of Employed 2 People Including One Citizen Operations Directors M. R. Rayner (Chairman) O. S. Carruthers Notice of Meeting R. J. Cornelius The Annual General Meeting of J. J. Craig Bougainville Copper Limited will be held P. G. F. Henderson, A.C. at 12 noon on Thursday, 29 April, 1993 I. R. Johnson at The Porr Moresby Travelodge, Hunter R. B. Moaina St., Porr Moresby, Papua New Guinea. M. P. Togolo A separate Notice of Meeting is O. C. Vernon enclosed. All shareholders are cordially Secretary invited to attend. A. G. Corren Bougainville Copper Limited - The Company In,mporaled in Papua New Guinea A.R.B.N. 007 497 B69 From 1972 until 19S9 Bougainville Since inception until cessation of and services required for the mining Copper Limited operated a large open pit operations on 15 May, 19S9 the mine operation and for the residents of the mine and processing facility at Panguna had produced concentrate containing province. on Bougainville Island in the Norrh 3.1 million tonnes of copper, 306 tonnes Company training programs had Solomons Province of Papua New of gold and 7S3 tonnes of silver. The previously resulted in considerable Guinea producing copper concentrate production had a value of K5.1 billion progress in the localisation of the containing significant quantities of gold which represented approximately 44% company's employees and also added and silver. On 15 May, 19S9 production of Papua New Guinea's exporrs. significantly to the number of skilled was brought to a halt by militant Contributions to the National government workers elsewhere in the country's work activity, and it is not possible to forecast in the form of taxes, duties and force. At the end of 1992, the company a date for recommencement of dividends were approximately 17% of employed 2 people including one citizen operations. There have been no company internally generated Papua New Guinea of Papua New Guinea. employees on Bougainville Island since government revenue over that period. Bougainville Copper Limited is owned March, 1990. A total of K1 OS6 million has been 53.6% by CRA Limited. The Papua New contributed to the National government Guinea government owns 19.1% while which represents 62% of the net cash the remaining 27.3% of the share capital generated by the project. In addition, is held by public shareholders. payments to the Norrh Solomons Provincial Government and Panguna landowners amount to K104 million. Furrher, the company's presence in the Norrh Solomons Province had promoted the development of significant local business enterprises to provide goods 1 D Mine remained closed. D Pan-Bougainville peace meeting scheduled for February, then May, failed to eventuate, D Restoration of services proceeding in north and south Bougainville. I D Much of central Bougainville, I including Panguna remains under I militant control. D Net loss Kl.4 million. D Extent of deterioration and destruction of assets unknown. Year in Brief 1992 1991 Concentrate production (tonnes) Net sales revenue (K'ooO) Operating loss (K'ooo) (1 426) (4 OlD) Net loss and extraordinary items (K'OOo) (1 426) (313206) Earnings per share (toea) Shareholders' funds (K'ooO) 236440 237 856 Depreciation and amortisation (K'OOO) Government royalties and taxation (K'OOO) Number of employees at 31 December 2 12 2 Almost four years have elapsed since the production, and to reduce and spread the Panguna mine last operated and it is my total funding necessary. melancholy task as your newly elected Without political stability, which has not chairman to repon that it is still not yet been achieved, it is not possible for possible for any company representatives BCl to return to Bougainville Island. The to inspect, and assess damage to, the government now controls some 85% of company's facilities. Photographs and the island and is progressively restoring repons from varied sources confirm services in areas other than central widespread destruction of accommodation Bougainville, where militant activists and infrastructure facilities, although continue to frustrate its effons. major processing assets appear not to I welcome the appointment of Dr Moseley have been destroyed. However, the likely Moramoro as Executive Director of CRA extent of deterioration and vandalism of Minerals IPNG) Pty. limited, which plant and equipment is of major concern. continues to manage the affairs of the The company recorded a loss of K1A company, including regular contact with million. In 1991 an amount of K35D the Papua New Guinea government. million was provided to recognise that, Dr Moramoro succeeds Mr Ian Johnson, with the passage of time and the actions who was appointed a Group Executive of militant elements on the island, of CRA Limited in January, 1993, deterioration of assets had undoubtedly but continues as a director of BCl. taken place. As the actual extent of the I would like to pay tribute to Mr Don necessary write-downs can only be Carruthers, who was chairman of the established when access to the mine company from July, 1986 until his site by company representatives is again retirement in November, 1992. His possible, no funher provision has been Chairman's Statement effons and dedication over the most made in 1992. difficult years of the company's history It is reiterated that even if conditions were outstanding. I am pleased he allow a resumption of operations, remains a director of the company. in due course a major write-down of Finally, I wish to express panicular mine assets will be required. Accordingly, appreciation to Mr Don Vernon, who the 1991 provision of K35D million may will retire as a director at the conclusion eventually prove to be above or below of the Annual General Meeting in April. the sum which is necessary to reflect Mr Vernon has been associated with the these losses. Bougainville Copper project since 1966. Work has continued on recommissioning He was Managing Director from 1975 to concepts and costs. last year it was 1979 and Chairman from 1979 to 1986. stated that resumption of production His contribution to the company's history would take approximately two years has been exceptional and his counsel from restoration of political stability, will be missed. CRA has indicated that and that funding requirements could it intends to nominate Dr Moramoro to not be accurately forecast: these could, succeed Mr Vernon as a director of the however be in the range of K3DD million company. to K45D million. Provided the requisite criteria are achieved by the end of 1993, the directors are of the opinion that estimated timing and costs of resumption are valid. However, evaluations are also in progress on /~ a number of alternative strategies for M. R. Rayner resumption of operations at Panguna to Chairman minimise the time required to re-establish 17 February, 1993 3 The national government is progressively The condition of assets is not known. As restoring its authority on Bougainville. explained in note 1. lalto the accounts It now controls some 85% of the island a provision of K350 million was made but the remaining militants remain in in 1991 for deterioration, damage or control of central Bougainville including pilferage of mine assets. The accuracy Panguna. of that provision cannot be established There is now regular contact between at this stage as lack of access to representatives of the national Bougainville still prevents a first-hand government and the majority of the assessment of the nature or extent people of No~h Solomons Province, of those losses. but political issues have not yet been Proceeds of KO.3 million were realised resolved. Their resolution is required on disposal of non-current assets. before recommissioning of the mine can Marketing: be considered. Critical factors would then Concentrate buyers have expressed be government and community interest in recommencing purchases of aspirations, the condition of production concentrates from BCl when it resumes equipment and the effo~ required to operations at Panguna. While buyers rehabilitate it, recruitment of a work continue to show a keen interest in force and arrangement of the necessary developments on Bougainville it must be finance. remembered that they have been forced Ore Reserves: to buy concentrate from other sources The recoverable proved ore reserves at for the last four years and there is no the end of 1992 remain unchanged from guarantee that they will buy Bougainville 1989 and are estimated at 496 million concentrate in the future. The Year in Review tonnes of average grade 0.42% copper Personnel: and 0.55 grams per tonne gold. The total number of employees Recovery of this ore will require mining at the end of 1992 was 2 including an additional amount of measured 1 citizen of Papua New Guinea. The Bougainville Crisis: mineral resource estimated to be 520 corresponding figures at the end of The Panguna mine has not operated million tonnes at 0.22% copper and 0.18 1991 were 12 and 6. since 15 May, 1989, due to the crisis grams per tonne gold. This material is The company continued its suppo~ in the No~h Solomons Province and suitable for upgrading by screening, to three Papua New Guinea citizens for activities of armed militants. yielding an estimated 195 million tonnes te~iary studies in 1992, all of whom As previously repo~ed, the activities of mill feed averaging 0.34% copper and successfully completed their degrees. of the company are being managed 0.28 grams per tonne gold. by a small team established in Po~ Accordingly, total available mill feed Moresby following the evacuation of at the end of 1992 is estimated at 691 all company personnel from Bougainville million tonnes averaging 0.40% copper in early 1990. and 0.47 grams per tonne gold. Finance: ~.~~ I.
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