Bou’ville in profit
PA Melbourne Higher metal prices in the second half helped restore the Papua New Guinea copper and gold miner. Bougainville Copper Ltd. to profitability in the year to December 31. the directors said. Bougainville lost 14.6 million kina in the first half as metal prices deteriorated sharply but greater gold recovery, a surge in bullion prices and higher ore throughout boosted December half earnings to 25.8 million kina from 10.0 million kina.
Bougainville's earnings for the year were halved to 11.2 million kina from 22.7 million kina but several analysts said the result was better than expected.
However, the directors, said that the return on shareholders’ funds declined to 1.9 per cent in 1982 from 3.9 per cent, which was clearly an inadequate return on funds invested.
Operationally the company had a good year with increased production resulting in unit costs being held below 1981 levels.
They said net revenue on a tonne of concentrate fell six per cent during the year and the over-ail decline in metal prices was the chief reason for the lower profit.
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Press, 19 February 1983, Page 20
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180Bou’ville in profit Press, 19 February 1983, Page 20
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