"I will now present my report on the year 2012.
When we last met, I gave several reasons for optimism about the future of this company, and its vision for a return to profitable mining. As we meet today,reporting on the twelve months just passed, I believe our optimism continues to be justified, based on several positive developments that have emerged.
We are building momentum, and so are our development partners.
I will come to the detail later, but in short there is;
• a re‐assessed asset study that add ssignificantly to the size of our resource at Panguna
• an elected and firmly established structure representing our landowners, ready for the task of re‐negotiating the terms of a future mining operation
• a very good relationship with the political leaders and the public servants of the Autonomous Bougainville Government
• a NationalGovernment that is supportive of Bougainville, and more active than ever before in enacting the terms of the Bougainville Peace Agreement, including the provision of significant funding
• and widespread support amongst the Bougainville community that mining is both necessary and desirable in the near future, and that BCL is the preferred operator.
Your company is responding to these positive developments, by maintaining close dialogue with all stakeholders, increasing the flow of information, and investing time and money into preparatory studies that will form the basis of bankable pre‐feasibility and feasibility studies when the time is appropriate.
So the momentum continues to build, on all sides. I will go into more detail of these positive developments, after my report on other items of importance to the company and its shareholders that are recurrent, year on year."
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