Bougainville

copper contract ok'd

Bougainville Copper Pty. Ltd. anc the Japanese smelter group got to gether in London in April and an nounced on April 17 that agreemen had been reached, within the pro visions of the long-term contract foi sales of copper concentrate, or various issues raised by the smeltei group.

As part of the settlement, Bougain ville Copper has agreed to reduce th( contract tonnage by 10 per cent, unti the end of next year. The Japanese smelters have agreed to process thij 10 per cent, for Bougainville Coppei for sale outside Japan.

The settlement provides for ad ditional treatment charges to recog nise the impact of costs of pollutior control and realignment of inter national currencies on the smeltei group.

The agreement will cover shipments scheduled to begin late in April.

Mr. F. F. Espie, the chairman ol Bougainville Mining, the parent com pany, told shareholders at the annua] meeting in April that all the various operating facilities were completec in time for the start of shipments under long-term sales contracts in the first week of April. The plant was approaching its design capacity, had treated 80,000 short tons of ore in a day and was treating about 70,00 C short tons daily. Construction efforts were being directed towards the com pletion of housing, civic recreational activities.

“For all practical purposes the pro ject as planned has been completed ahead of time and within the budget,” said Mr. Espie, He added that a further sales contract had been con cluded with Norddeutsche Affinerie of West Germany for the delivery of up to 12,000 long tons of copper con tained in concentrate during 1972.

Directors confirmed that the com pany would be able to pay an average annual dividend of 20 cents a share, beginning with an interim payment in October, 1973, provided the price of copper on the London Metal Ex change averaged £460 a metric ton.

On April 5 an ore carrier, the Ann Mildred Brovig from Norway was loading copper concentrates for West Germany and Spain.