Jumpin' Jack Flash for BCL

A SUDDEN jump in Bougainville Copper shares on April 2 came as a surprise to the market, with even the company itself “puzzled” by the overnight share price increase of 50%, according to The Australian.
Jumpin' Jack Flash for BCL Jumpin' Jack Flash for BCL Jumpin' Jack Flash for BCL Jumpin' Jack Flash for BCL Jumpin' Jack Flash for BCL

An explanation was sought by the ASX, with the company responding that it was not aware of any reason which could explained the sudden move.

At the start of the month, Bougainville Copper shares registered at 23 cents per share, but then rose to a high of 34.5 cents per share the following day. As of Friday, April 10, the figures are back down to 28 cents a share.

The move came amid a couple of developments over the two day period, in particular the introduction of the Bougainville Mining Act, and a letter to shareholders stating a settlement was reached by BCL and the PNG internal revenue service over a dispute relating to the company's tax returns for the years following the cessation of mining operations in 1989-90.

The settlement is subject to confirmation through court proceedings, anticipated to occur this month.

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