Bougainville Copper profit $146m

Press, Volume CXIV, Issue 33452, 6 February 1974, Page 13

Bougainville Copper profit $146m

Bougainville Coppe profit of 5145.7 m in t December 31 after inc higher prices on t Exchange. Bougainville Copper began s :production in 1972, and inly its first financial year of < mine months a net profit of ‘527.7m was earned. < The profit was after pro- i viding $10.3m more at j $24.8m for depreciation and r amortisation, sl.9m more at s3.lm for royalties and < $250,000 (nil) for tax. j A final dividend of 20c a i t WWW! ] f

er, Ltd. earned a net p the twelve months to !■ creases in output and the London Metals share (40%) will be paid oni April 1, making a total of l 30c a share for the year. ( Sales amounted to' $252.4m in the latest twelve. 1 months compared with; $95.9m in the previous nine, months. Contributing to the higher: sales revenue was the above!' budget production of 1.82,8901 tonnes of copper metal con-' tained in concentrates, compared with about 111,000: tonnes in 1972. ■ Copper shipments rose to 1179,541 tonnes compared 'with a forecast production of 170,000 tonnes. Gold sales Totalled 19,737 kg. The average price of copper on the London Metals Exchange rose from $428.08 a tonne in 1972 to $727.73 in 1973. I The average gold price ’was up from SUSSB;2O per oz to $U597.30 per oz, and silver was up from. 67.31 pence per oz to 103.7 p. In their preliminary profit! statement, the directors say! .that it should not be as-' sumed that metal prices: will continue to rise or even hold their present prices. | “The uncertainty of the world economic situation,! added to the present fuel crisis, is a matter of concern '; for the company in 1974,! and may have an adverse ef-t feet on future earnings,”* they say. I The foreign-exchange | gains for the year amounted;

Ito $13.8m before deducting a isl.lm loss on United States s I dollars held when Australia ’ (revalued its dollar. : The revaluations during (the year have enabled the . .company to build a reserve I (of $53.3m in unrealised ex- i change gains. Reports that leading members of the Papua New? (Guinea Government were; calling for immediate control * of the Bougainville Copper: mine depressed the prices on (the London Stock Exchange lon Monday. i On Friday, after the reIport, the price in London 5 : (rose to 205 p, but on Tuesday ! (the closing-price was 181.5 p. :