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2017 Annual Report for the Year Ended 30 June 2017 Abn 51 128 698 108 Corporate Directory

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2017 Annual Report for the Year Ended 30 June 2017 Abn 51 128 698 108 Corporate Directory 2017 ANNUAL REPORT FOR THE YEAR ENDED 30 JUNE 2017 ABN 51 128 698 108 CORPORATE DIRECTORY Directors Share Registry Registered Office Security Transfer Registrars Iron Road House Peter Cassidy 770 Canning Highway Level 6, 30 Currie Street Chairman Applecross WA 6153 Adelaide SA 5000 Andrew Stocks Telephone 08 9315 2333 Telephone 08 8214 4400 Managing Director [email protected] Jerry Ellis AO Postal Address Non-Executive Director Auditors GPO Box 1164 Leigh Hall AM PricewaterhouseCoopers Adelaide SA 5001 Non-Executive Director Level 11, 70 Franklin Street Julian Gosse Adelaide SA 5001 ASX Code IRD Non-Executive Director Telephone 08 8218 7000 www.ironroadlimited.com.au Ian Hume [email protected] Non-Executive Director Corporate Governance Statement http://www.ironroadlimited.com.au/ ABN 51 128 698 108 General Manager about-us/corporate-governance Larry Ingle Company Secretary Jaroslaw (Jarek) Kopias COVER PRINTED ON: Knight Vellum Indigo White FSC certified, sourcing pulp from managed plantations and responsible forests. The fibre used to produce Knight is elemental chlorine free. Made in Australia. OVERVIEW LETTER CHAIRMAN'S CONTENTS OVERVIEW Corporate Directory 2 Chairman's Letter REPORT DIRECTOR'S MANAGING MANAGING DIRECTOR'S REPORT 4 Year highlights 6 Central Eyre Iron Project 11 Global Mineral Resource and Ore Reserve Statement REPORT DIRECTORS' DIRECTORS' REPORT 12 Directors' report overview 14 Remuneration report OPERATING AND FINANCIAL REVIEW 24 Company strategy and operating activities FINANCIAL STATEMENTS 27 Financial statements overview 28 Consolidated Income Statement REVIEW FINANCIAL AND OPERATING 29 Consolidated Statement of Financial Position 30 Consolidated Statement of Change in Equity 31 Consolidated Statement of Cash flows 32 Notes to the financial statements STATEMENTS FINANCIAL SIGNED STATEMENTS 49 Directors' declaration 50 Independent auditor's report ASX INFORMATION 55 ASX Additional Information REPORTS SIGNED ASX INFORMATION ASX IRONIRON ROAD ROAD ANNUAL ANNUAL REPORT REPORT 2017 2017 1 CHAIRMAN'S LETTER On behalf of the Board of Iron Road Limited, it is with pleasure I present to you the Annual Report for the year ended 30 June 2017. L-R Dr Peter Cassidy, Iron Road Chairman, The Hon Darren Chester MP, Minister for Infrastructure & Transport, Mr Dear Shareholder Another milestone occurred a month Cai Zemin, Head of International Business later, when we were very pleased to It has been a year of great progress China Railway Group attending the announce that the South Australian for Iron Road. We have been able to signing of the renewal of the Major Project Government had granted the CEIP Facilitation for the CEIP. generate significant momentum towards Mining Lease and Development Approval. financing and construction of our flagship These two approvals are fundamental Central Eyre Iron Project (CEIP) through to the development of the project and the achievement of key milestones and acknowledgement by the SA Premier necessary project approvals. and his Government of the importance One of the year’s most significant of this project to the State. It followed the milestones was the April 2017 renewal of our Major Project Facilitation announcement that three major Chinese status with the Federal Government banks - China Development Bank (CDB), and the declaration of the rail and port Industrial and Commercial Bank of China components as a ‘Priority Project’ by Ltd (ICBC) and China Construction Bank Infrastructure Australia, a statutory (CCB) - had formally indicated lending authority of the Australian Government. appetite for the CEIP’s requisite debt The CEIP is only one of ten Projects financing, with loan tenor of up to 15 currently on the national Infrastructure years. The attendance of our project Priority List. partner China Railway Group Limited The only outstanding primary (CREC) at various meetings with the government approval is a Commonwealth banks greatly contributed to this signal environmental legislation decision of support for near-term financing of pertaining to the shipping component of the CEIP. A coordinated due diligence the CEIP, and we expect this approval process is underway for each of the imminently. Secondary approval financial institutions following a year long applications are now being prepared and period of due diligence activities by CREC. we are moving towards reaching a Final Investment Decision together with China Railway Group Limited (CREC). 2 IRON ROAD ANNUAL REPORT 2017 OVERVIEW LETTER CHAIRMAN'S During the year, the Project China’s dominance of the seaborne Commercialisation Programme iron ore trade is set to continue as their undertaken in partnership with CREC domestic iron ore production further DIRECTOR'S REPORT DIRECTOR'S MANAGING has delivered approximately US$300 declines and restructuring of the steel million of capital savings. The new industry continues to meet stricter capital estimate in 2017 real terms has environmental standards, improved steel been a significant outworking of CREC’s quality and mill efficiency initiatives. This of project familiarisation and due diligence course drives increased demand for high processes. Cost reductions were primarily quality imported iron ore feedstocks and driven by CREC’s in-house procurement the CEIP is very well positioned to fill part systems and leverage associated with of this ongoing demand. Discussions with key capital items and equipment required. major Chinese steel mills regarding future REPORT DIRECTORS' Furthermore, we still see additional offtake remain extremely positive. scope for reducing costs materially for Our progress this year has been backed the CEIP, which would maintain the by a strong relationship with our strategic trend established from our first studies partner China Railway Group Limited. I demonstrating continual reductions in risk feel it has been one of significant progress and cost profiles. on both a project and corporate level. Despite ongoing volatility, average iron ore We are grateful to all our shareholders for REVIEW FINANCIAL AND OPERATING prices for the year showed a significant your support during the year. The ground improvement over the previous period. work has been set to take the project to Looking forward, the general outlook for a Final Investment Decision, and we look world seaborne iron ore trade remains forward to updating shareholders on our very positive despite a levelling out of the progress in the coming year. previous strong growth in Chinese steel production and an expected continuation in price volatility in the short term as new ore production is absorbed into STATEMENTS FINANCIAL the market. Peter Cassidy Chairman REPORTS SIGNED ASX INFORMATION ASX IRON ROAD ANNUAL REPORT 2017 3 MANAGING DIRECTOR'S REPORT Iron Road continues to make » The declaration of the CEIP considerable progress towards infrastructure (rail and port) a Priority development and Final Investment Project by Infrastructure Australia, a Decision (FID) for the Central Eyre Iron statutory authority of the Australian Project (CEIP). There were several Government, during September highlights during the past year, 2016. The CEIP is one of only ten the most significant being: Projects on the national Infrastructure Priority List and the only ‘Opportunity » The granting of the two key South for Growth Project’ nationwide. Australian Government approvals required for the CEIP. On 3 May 2017 » The National Native Title Tribunal Minister Tom Koutsantonis granted registered the Indigenous Land the Mining Lease for the Company’s Use Agreement (ILUA) negotiated proposed magnetite mining and between Iron Road and the Barngarla minerals processing operation Aboriginal Corporation (on behalf of (CEIP Mine) near Warramboo on the Barngarla Native Title Claimants). the central Eyre Peninsula for a » Iron Road’s April 2017 announcement term of 21 years. Concurrently, His regarding debt financing expressions Excellency the Honourable Hieu Van of interest received from major Le AC, Governor of South Australia, Chinese banks was a breakthrough on advice from Executive Council, milestone for the Company, granted Development Approval for indicating credible near-term the infrastructure components of project financing prospects. the CEIP (CEIP Infrastructure). 4 IRON ROAD ANNUAL REPORT 2017 OVERVIEW LETTER CHAIRMAN'S DIRECTOR'S REPORT DIRECTOR'S MANAGING REPORT DIRECTORS' FINANCIAL REVIEW FINANCIAL AND OPERATING In addition to the above, Iron Road The Company’s proposed deep water His Excellency Mr Cheng Jingye (centre), spent considerable effort working port will be a first for South Australia, Ambassador of China to Australia, at Iron Road House, Adelaide, October 2016 with China Railway Group (CREC) on with the export and import infrastructure their value engineering and capital expected to become a strong catalyst for re-estimate components of the Project further development in the region. Iron Commercialisation Programme, including Road’s intent to allow third party access a comprehensive review of the basis of to the Cape Hardy port facilities was design for the project. As a consequence further strengthened by the successful STATEMENTS FINANCIAL the estimated capital cost of the CEIP Registration of Preliminary Interest reduced by nearly US$300 million to process led by Regional Development US$3.7 billion, primarily driven by CREC’s Australia Whyalla and Eyre Peninsula on in-house procurement systems and behalf of the Company. leverage associated with key capital items The ongoing
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