Chairman of Bougainville Copper Limited, Mel Togolo, says the company has a strong balance sheet and resources to ensure its plans are implemented.
Following BCL’s Annual General Meeting on Thursday, Togolo said the company is in a good position and remains debt free.
However, the company will not be paying dividends from the 2017 Financial Year following a consolidated loss after tax of K7.30 million.
While BCL recorded a CLAT of K7.30 million, Togolo says the company is financially secure.
“BCL has a strong balance sheet. We’ve got enough financial resources to make sure that our current plans are implemented.
“So we will continue to do that. We do not have any debt which is a god thing for a company,” said Togolo.
Consolidated income for 2017 was K7.63 million, which included K5.23 million in interest and dividends and realised gains on the sale of investment of K2.39 million.
Operating expenses was well under budget for the year K14.83 million, compared to K11.52 million.
As of December 31st 2017, BCL’s liquid assets included K2.51 million in cash and equivalents, and K119.02 million in Australian equity investments
Total consolidated assets sit at of K136.56 million including plant, equipment and other receivables.
“With whatever resources we have, we are going to make sure we use it to get as close as possible to the time when the redevelopment of the (Panguna) mine can start,” he stated.
Togolo said they will work positively and constructively with the Autonomous Bougainville Government and the PNG Government, as well as create goodwill among the people of the Autonomous Region of Bougainville.