The Bougainville Copper 2005 annual report was released this week but
it will only be more doom and gloom for any shareholders who bother to
turn up for the annual meeting in Port Moresby on 2 May. Chairman and managing
director Peter Taylor, from 53.5% owner Rio Tinto, opened his commentary by getting straight to the point about
the missed opportunity for one of Asia's poorest nations:

From 1972 until 1989 Bougainville Copper Ltd operated a large open pit
mine and processing facility at Panguna on Bougainville Island in the
North Solomons Province of PNG producing copper
concentrate containing significant quantities of gold and silver. On 15
May, 1989 production was brought to a halt by militant activitity.