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BOC - Bougainville Copper

Discussion in 'Stocks 0-H' started by canny, Apr 5, 2005.

  1. canny

    canny

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    BOC - What the!

    Something is driving it nuts - speeding ticket likely? They had one in January too.
    Anyone any ideas? Porper?
     
  2. Porper

    Porper Ralph Nelson Elliott

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    Re: BOC - What the!

    No idea whatsoever Canny, I don't even know what they do.It was purely my first attempt at picking a share through charting, which I know next to nothing about, so definately beginners luck.Damn, wish I'd bought some though. :banghead:
     
  3. canny

    canny

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    Re: BOC - What the!

    Can't believe you didn't own any!
    You said you're in NEO and NMS - so that would really have topped it off! I said I liked it, but I wasn't on either, and now think it's too high to enter unless we get the news of whatever has driven it up.
    Certainly a bit sus with no ann.
    Well done on the charting pick though!
     
  4. GreatPig

    GreatPig Pigs In Space

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    Re: BOC - What the!

    Well my trading system picked it up on 16th March, and I added it to the portfolio then for 65 cents. It's now $1.35.

    A pity I'm still only paper trading my mechanical system. :D

    Cheers,
    GP
     
  5. ghotib

    ghotib THIMKER

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    Re: BOC - What the!

    This is Bougainville Copper right? I saw some press that the current spike is driven by speculation and/or rumour that the mine will re-open. Haven't followed it up at all, but my feeling is that, even if re-opening is close, there'll be a long road from re-open to profitability and I'd expect traders to take profits and run real soon now.

    But I don't follow mining stocks so what do I know?

    Ghoti (sounding more like an old codger every day)
     
  6. RichKid

    RichKid PlanYourTrade > TradeYourPlan

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    Re: BOC - What the!

    Porper and a few of us have been following BOC as a charting exercise so if you want to do that (charting discussion for ed purposes) pay the thread a visit: https://www.aussiestockforums.com/forums/showthread.php?p=9830#post9830

    We'll be checking out different charts from time to time if we have time. We're all beginners so it's a case of the blind leading the blind sometimes...
     
  7. hector

    hector

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    BOC went for a run today - up 16c to close $1.15. No news or announcements and no clues from reading their annual report. Does anyone know what's up?
     
  8. panem

    panem

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    Germany is buying like HELL.

    This stock is undergoing a massive talking at stock forums over there.
     
  9. panem

    panem

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    THIS is going on in Europe:

    (Let's say: Germany)

    http://www.sturmpr.com/pageID_3389294.html

    At this point I can not say, if this is a fraud, ramping or a honest group.

    But those numbers named in the "analysis" are very strange...
     
  10. hector

    hector

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    Thanks panem - I will double my profit target and hold for longer!

    Are you as bullish on uranium stocks as you were 6 months ago?

    Cheers

    hector
     
  11. So_Cynical

    So_Cynical The Contrarian Averager

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    Quarterly report Dec07....Directors Report there has been no
    production since 5th May 1989.

    Nice market cap for a company thats done nothing for almost 19 years. :sheep:

    Market Cap: 340,903,125
    Issued Shares: 401,062,500

    52-wk High 1.9400
    52-wk Low 0.7050
     
  12. Judd

    Judd

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    And why do you think it has a market capitilisation? If I read the 2005 annual report correctly, it shifted all its cash to invest in Australian companies mainly through listed investment companies such as AFI and the like. Hell, they need the dividends from those investments in order to pay the directors something and to write off previous losses!
     
  13. So_Cynical

    So_Cynical The Contrarian Averager

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  14. Judd

    Judd

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    Yep, they surely can.

    And I got my information from here.

    http://www.bougainvillecopper.com.pg/

    Their market cap is probably due to their investments of the cash that they held, not the value of the mine as they cannot get in there to do a proper evaluation of it.
     
  15. kirtdog

    kirtdog

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    any info on BOCs future??? are the mines going to reopen?? share prices are hitting almost a 4 year low.. may be the time to jump on board..:confused:
     
  16. oldblue

    oldblue

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    I'd be wanting to see a much healthier copper price than currently before getting too excited.
    It needs a convergence of favourable political factors and metal prices before anything happens, IMO.
     
  17. kirtdog

    kirtdog

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    up 13% today argh i hope it goes back down i nearly bought some yesterday... :banghead: just bounced to 25% to but will go back down...
     
  18. oldblue

    oldblue

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  19. nekro

    nekro

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    Battle intensifies over Bougainville copper
    The Australian, 16.7.2011

    www.bougainville-copper.eu

    Claims that Rio Tinto funded the civil war and fostered atrocities on Bougainville are being resurrected as a hurdle to the reopening there of the copper mine, whose proven reserves are worth at least $50 billion.

    Today the opposition to the mine is strongest overseas, especially among Australia's trade unions and non-government organisations. The Australian Greens have also joined the attacks. This is happening just as the reopening, after a full renegotiation of the terms, is winning overwhelming support on impoverished Bougainville; more than 97 per cent support it, according to Bougainville president John Momis.

    The day after SBS One's Dateline program about Bougainville was broadcast on June 26, the Bougainville Copper Ltd share price slumped 18 per cent.

    German investor Axel Sturm, possibly the company's largest individual shareholder, said "confidence in BCL, which is equated with confidence in Bougainville and its people, has been severely damaged. Months of re-polishing Bougainville's image [have] been spoiled within a few hours."

    The program hinged on a 10-year-old affidavit signed while he was in opposition by Papua New Guinea's prime minister Michael Somare, whose family announced this week that he will retire because he is seriously ill in a Singapore hospital.
    Somare, who was foreign minister as Bougainville lurched into civil war, signed the affidavit that claimed "the actions taken by PNG to reopen the mine were not done for any public benefit except derivatively as the money the government made in its joint venture with BCL would trickle down to benefit the PNG citizenry".

    The mine provided the PNG government with about 20 per cent of its annual income when it was forced to close 22 years ago.

    Somare signed the affidavit that said that Rio "controlled the government" of which he was a part. It said: "BCL was directly involved in the military operations on Bougainville, and it played an active part. It supplied helicopters, which were used as gunships, the pilots, troop transportation, fuel, and troop barracks. It knew bloodshed was likely to occur because it instructed the government of PNG to reopen the mine 'by whatever means necessary'."
    It said that although BCL participated in "the atrocities", "no provision in the peace agreement addresses or resolves any civil liability or international law claim, which I understand are the issues in this litigation".

    However, Rabbie Namaliu, the prime minister during the first four years of the conflict, told Inquirer that the Iroquois helicopters used by the PNG army were deployed under an agreement he signed with Australia's then-prime minister Bob Hawke in Canberra.
    Nicole Allmann, now living in Queensland and who watched the SBS program, said: "The four Iroquois helicopters that were given to the PNG Defence Force by Australia were operated, maintained and crewed by Heli Bougainville for the PNGDF. "I worked for Heli Bougainville during the crisis and did all of the invoicing. I invoiced the PNG Defence Force for this and not BCL."
    Namaliu said that "under the state of emergency laws, the controller can command access to any logistics support he requires".

    By the time the government deployed troops, BCL's staff had left Bougainville leaving vehicles behind, some of which were commandeered. "To suggest that Rio did it deliberately is factually wrong. When I heard about those claims, I thought the whole thing was rather unfair. And Sir Michael is not in a position to make any response."

    But after the SBS program Western Australian Greens Senator Scott Ludlam demanded: "Rio Tinto must reveal the full extent of its involvement in the Bougainville war. And the Australian government must also explain its own role, and what it knew about the role of BCL. It's time for the whole truth behind it to be known."
    Ludlam claimed that the war drove half of the population from their homes, and that "the conflict claimed 15,000 lives". This total remains guesswork, although many did die who would have survived sickness before the war. Many additional deaths also occurred on mainland PNG because of the impact on health care of the sudden loss of government income.

    A report in Socialist Alternative earlier this year said "it is a sign of the madness of capitalism that Rio Tinto did not close down BCL". The publication praised union efforts at the Rio Tinto annual meeting in Melbourne last year to oppose the mine's reopening. The union members included "a delegation of miners from Hunter Valley, maritime workers from the Victorian branch of the MUA", and the CFMEU (Mining and Energy section). It said that "if you wondered why socialists say Australia is the major imperialist power in this region, here's your answer", the Bougainville conflict.

    The BCL executive chairman Peter Taylor, who is also now president of the Australia PNG Business Council, denied the allegations made in the affidavit signed by Somare. He recently led a business delegation to Bougainville, in what was the first visit to the island by a BCL chairman for more than 20 years.

    Somare's affidavit is being used in a class action initiated a decade ago in California, being conducted by the famous contingency fee lawyer Steve Berman. This action, another barrier to reopening the mine, has already been struck out once, but has been reintroduced because it has become a crucial test case for the extraterritorial reach of US courts.
    Its original US connection was that it was backed by Alexis Holyweek Sarei, a former Catholic priest and diplomat who married an American former nun, Claire. He said that if he returned to PNG from California, where he was living, he risked "grave harm". But he did return, and a year ago was elected to the Bougainville parliament, which strongly backs the reopening. He is one of the 20 people named in the action.

    Lawrence Daveona, an executive member of the Panguna Landowners Association that represents the people who own the mine site, has declared the association's full support of the moves to renegotiate the Bougainville Copper Agreement, and its opposition to the court case. The case, which accuses Rio Tinto -- 53.58 per cent owner of BCL, with 19.06 per cent owned by the PNG government and 27.36 per cent by other shareholders -- of war crimes, was set up by US lawyer Paul Stocker, now 87, a friend of Somare who once lived in PNG.

    Stocker has said: "I can't think of anything (Rio) did that wouldn't make Adolf Hitler happy." The case claims Bougainvilleans who worked for the mine, "all of whom were black", operated in "slave-like" conditions.

    Mekere Morauta, PNG prime minister when the class action was filed, said at the time that even if successful if would not be enforceable in PNG because of the Compensation Act there.

    Bougainvilleans will vote within four years on whether they want to split from PNG. This heightens the stakes for the reopening of the mine, with Bougainville wishing to secure the lion's share of the revenues, and also possibly some or all of PNG's equity.

    The determination of BCL to reopen the mine itself, underlined by chairman Taylor, creates a formidable obstacle to potential competitors. China is the likely buyer of most of the mine product, and Chinese interests have been associated with Bougainville. Momis was formerly PNG's ambassador to China.
     
  20. nekro

    nekro

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    06.09.2011
    Source: ESBC Research / Bloomberg

    www.Bougainville-copper.eu

    Rio Tinto's Palabora Sell-Off Inspires Investors Worldwide!



    Rio Tinto's unexpected sale of its asset Palabora Mining Co. (South Africa) seems having fired investor fantasies in Bougainville Copper Limited (BCL). BCL shares soared 10 percent today in Sydney and even 17 percent in Francfurt at 11am local time. Bougainville Copper's fair value is AUD 30 to AUD 40 per share once the Panguna mine is re-opened.



    Palabora is producing 80,000 metric tonnes of copper. BCL will produce 510.25 M pounds of copper or 232,000 metric tonnes of copper plus 631,000 ounces of gold worth some USD1.2 billion, silver plus molybdenum. Palabora has a known mile life of 5 years; BCL has 14 years. Palabora is worth USD700 million. BCL is worth some USD400 million.



    In so far Bougainville Copper Limitied is actually an extremely undervalued, solid and promising investment !







    Rio, Anglo Aim to Sell $700 Million Holding in Copper Producer Palabora
    By Jesse Riseborough and Jana Marais



    Sep 5, 2011 Rio Tinto Group and Anglo American Plc (AAL), which together own about three-quarters of Palabora Mining Co., said they plan to sell their entire holdings in the South African miner as it no longer fits their investment objectives.


    Palabora’s main asset, a mine that produces copper and magnetite, “is no longer of a sufficient scale” for either Rio or Anglo, and a sale process for their stakes has started, the companies said today. Rio holds about 58 percent of Palabora and London-based Anglo almost 17 percent. Their combined holding is valued at about $700 million based on the closing price of Palabora stock in Johannesburg trading today.

    The Palabora operation accounted for 8 percent of Rio’s mined copper output in the first half of this year, according to Liberum Capital Ltd. The Phalaborwa, Limpopo province-based company is South Africa’s only producer of refined copper, with output of about 80,000 metric tons annually.

    Mining is scheduled to end at Palabora’s operation in early 2016, while a study to extend the mine’s life to 2030 is under way, Rio said. The company, which has been an investor since Palabora Mining was incorporated in 1956, declined to estimate the cost of prolonging the production period, in an e-mailed response to queries.

    “Rio Tinto is no longer the natural owner of Palabora due to the limited opportunity to significantly expand copper mining,” Andrew Harding, chief executive officer of Rio’s copper unit, said in a statement.

    ‘Solid Future’
    “We believe Palabora has a solid future under an owner who can develop the magnetite business alongside the existing copper and vermiculite operations,” Harding said.

    Palabora Mining’s copper smelter would need investment to ensure it complies with emissions legislation due in 2016. Rio declined to estimate the cost of this, in its e-mailed response to questions.

    Palabora has advanced 44 percent in the last 12 months, giving it a market value of 6.74 billion rand ($945 million.) The stock declined 2.3 percent to close at 139.51 rand today. The balance of is shares are held by private investors.

    Rio Tinto, the world’s second-largest mining company, fell 5.1 percent to 3,488.5 pence at the close of London trading today. Anglo American dropped 3.6 percent to 2,368.5 pence.

    To contact the reporters on this story: Jesse Riseborough in London at jriseborough@bloomberg.net; Jana Marais in Johannesburg at jmarais@bloomberg.net

    To contact the editor responsible for this story: John Viljoen at jviljoen@bloomberg.net
    .
     
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