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BOUGAINVILLE COPPER LIMITED (BOC)

BOUGAINVILLE COPPER LIMITED (BOC)

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General Information
Company Name: Bougainville Copper Limited
Stock Code: BOC
Website: www.bougainvillecopper.com.pg
GICS Sub-Industry: Diversified Metals & Mining
Market Cap ($M): 289
Equiv. Shares (M): 401

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
 $ 0.720 $ 0.720 $ 0.720 $ 0.720 $ 0.690 3,679 $ 0.030  4.348 %

Company Overview

Business Description:
Bougainville Copper Limited (BOC) has produced copper concentrate containing gold and silver from a mine at Panguna, Bougainville, Papua New Guinea, from 1972 until operations were suspended due to militant activity in May 1989. The Company now derives investment income and is owned 53.83% by Rio Tinto Limited.

Strategy Analysis:
BOC is working towards preparation for the possible re-commencement of operations at the Panguna mine site. The political situation has stabilised and there is some appetite for the development of copper and gold reserves. BOC is working towards establishing the present value of existing mine assets and accessing the sites from local landowners. Bougainville Copper reported a net loss of K3.78m for the half-year ended 30 June 2011. Revenues from ordinary activities were K2.31m, down 67% from last year. Basic and Diluted EPS was (0.94) toea compared to 0.70 toea last year. The net operating cash inflow was K1.49m compared to an outflow of K4.38m in the pcp. No dividend was declared.


Financial Summary
Year to Dec NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2011  A -1.7 -0.4 -233.3 0.0 0.0 0.0 --
2010  A 1.0 0.3 -66.7 337.8 0.0 0.0 --
2009  A 3.6 0.9 -- 73.1 0.0 0.0 --
Source: Aspect actuals / Thomson IBES estimates

Peer Comparison
EPS Growth (%) P/E (%) Dividend Yield (%)
Company Mkt Cap 2009 A 2010 F 2011 F 2009 A 2010 F 2011 F 2009 A 2010 F 2011 F
BHP Billiton (BHP) $102,742 M 0.3914 -0.0372 0.2637 8.7762 9.1155 7.2131 0.0294 0.0352 0.0372
Bougainville Copper (BOC) $277 M -- -- -- -- -- -- 0.0000 -- --
Iluka Resources (ILU) $5,259 M 13.0255 0.5928 0.5960 10.3888 6.5223 4.0867 0.0597 0.0796 0.1027
Rio Tinto (RIO) $24,559 M 0.1301 -0.0179 0.1738 7.1298 7.2595 6.1846 0.0253 0.0290 0.0323
Sims Metal Management (SGM) $2,522 M 0.4412 -0.1701 0.6612 13.1777 15.8782 9.5584 0.0384 0.0361 0.0471

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth P/S Ratio
BOC -- -- 1.95 -- --
Market 0.80 12.1 1.33 1.35 1.68
Sector 0.41 9.48 1.05 1.04 14.3

Directors
Name Position Start Date
Mr Peter Robert Taylor Managing Director,Executive Chairman 29 April 1997
Sir Rabbie Namaliu Non-Executive Director 09 March 2011
Mr Ian James Williams Non-Executive Director (other) 08 May 2008
Mr Robert Staley Burns Non-Executive Director (other) 03 January 2006
Mr John Edmund Leahy Non-Executive Director (other) 06 February 2007

Management
Name Position
P D Coleman Company Secretary

Substantial Shareholders
Holding Name
215,920,089 (53.83%) Rio Tinto Ltd
76,430,809 (19.06%) The Independent State of Papua New Guinea

Calendar of Events
Date Event
25 April 2013 Report (Quarterly)
29 March 2013 Report (Annual)
26 February 2013 Report (Prelim)
22 January 2013 Report (Quarterly)
10 October 2012 Report (Quarterly)
09 August 2012 Report (Interim)
12 July 2012 Report (Quarterly)
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