Philosophy

The way we work , Rio Tinto's statement of business practice, summarises the Group's principles and policies for all employees. It is designed to ensure that all employees reflect in their daily work the high standards and values they share, key among which are accountability, fairness, integrity and openness.

Bougainville Copper Limited's (BCL) management conducts the company affairs in an accountable and transparent manner, reflecting the interests of BCL shareholders and employees, as well as others affected by BCL's activities. They undertake BCL business with integrity, honesty and fairness at all times, building from a foundation of compliance with relevant local laws and regulations and international standards.

Transparency

Bougainville Copper Limited's (BCL) commitment, both in principle and practice, is to maximum transparency consistent with good governance and commercial confidentiality. Management disseminates understandable information in a timely way on the company's operational performance and financial condition. Its accuracy is verified, internally and, as appropriate, independently. Selective disclosure is avoided.

Structure

At the end of 2003, Bougainville Copper Limited (BCL) had no employees. The activities of the company are being managed on a contracted services basis by a small team of Rio Tinto Minerals (PNG) Limited (RTM) staff based in Port Moresby . Since the mine closed the company has retained, in good standing, its mine lease and other leases on Bougainville .