12 Jun 2004

Bougainville copper firm expecting loss

9:42 am on 12 June 2004

Bougainville Copper say it's expecting to report a half-year loss due to the rising value of Papua New Guinea's currency, the kina.

The Bougainville company secretary, Paul Coleman, says the PNG-based company expects financial results for the six months to June the thirtieth will be substantially down compared to the same time last year.

Mr Coleman says the primary reason is a projected exchange loss on the translation of the company's earnings and value of its investment held in Australia due to the increase in the value of the kina.

But he says the return from the lion's share of Bougainville's investments, which are held in listed companies in Australia, had not declined.

The company expects to release its first half results on August 5, 2004.

Bougainville, which previously operated a large open pit mine and processing facility at Panguna on Bougainville Island, is currently involved in investments in cash and equities, including PNG projects.

Bougainville shares held in Australia closed steady at 22 Australian cents yesterday.