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Kibaran Annual Report 2017

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Kibaran Annual Report 2017 2017 ANNUAL REPORT Corporate directory Directors Solicitors Robert Pett Non-Executive Chairman Steinepreis Paganin Andrew Spinks Managing Director Level 4 The Read Buildings Grant Pierce Executive Director 16 Milligan Street John Conidi Non-Executive Director Perth WA 6000 Christoph Frey Non-Executive Director Telephone: +61 8 9321 4000 Facsimile: +61 8 9321 4333 Company Secretary Auditor Nicholas Katris Ernst & Young 11 Mounts Bay Road Perth WA 6000 Registered and Principal Office Telephone: +61 8 9429 2222 Level 1/18 Richardson Street Facsimile: +61 8 9429 2435 West Perth WA 6005 Telephone: +61 8 6424 9000 Website: www.kibaranresources.com Bankers Email: [email protected] Westpac Banking Corporation 109 St George’s Terrace Perth WA 6000 Share Registry Link Market Services Limited Stock Exchange Listing Ground Floor 178 St George’s Terrace Australian Securities Exchange Perth WA 6000 ASX Code: KNL Telephone: +61 8 9211 6652 Börse Frankfurt: FMK Facsimile: +61 8 9211 6660 Fully paid ordinary shares 2 Contents Chairman’s report 2 Review of operations 4 Directors’ report 18 Remuneration report 24 Auditor’s independence declaration 30 Financial statements 31 Directors’ declaration 59 Independent auditor’s report 60 Shareholder information 64 Downstream processing opportunities expected from the sale of value-added graphite products for the expanding lithium-ion battery market 2 1 Chairman’s report “One billion electric vehicles on the A high quality source of graphite at Epanko, which starts with road by 2050”. the geological forces of extreme temperature and pressure that created the remarkable crystalline structure of Epanko This is the latest estimate by graphite, delivering excellent flake size distribution, high Morgan Stanley. It represents carbon grades from simple processing and purity of product. a paradigm shift in transport This favourable mineralogy is the fundamental driver of technology, will create enormous project economics. This is demonstrated by the results of new demand for key components the upgraded Bankable Feasibility Study (‘BFS’) released in in the manufacture of these June which was based on very conservative parameters vehicles and a huge economic and shows an extremely robust and very profitable long- opportunity for those who become term project for the production of graphite concentrate. part of the supply chain. The BFS was completed to the highest technical standards, Graphite is one of the key components of this future. Not just incorporated compliance with International Finance any graphite but a high quality product capable of handling Corporation Performance Standards and World Bank the intense operating demands of the anode in a lithium-ion Group Environmental Health and Safety Guidelines and was battery. There are traditional uses for graphite in refractories, subjected to thorough due diligence by bank appointed foundries, lubricants etc. which are growing modestly, but Independent Engineers SRK Consulting (UK) and thus this will be swamped by new demand for graphite suitable rendering project risk to the upside. for battery use, which is expected to grow exponentially There is no profit however, unless all of the concentrate along with electric vehicle demand. production can be sold. It is a measure of the quality of the It is this huge growth in demand for quality graphite for product, confidence in the project and our team that offtake lithium-ion batteries that is the key raison d’etre for Kibaran and sales agreements have been secured with blue-chip and it’s Epanko Graphite Project (‘Epanko’) and provides the European and Japanese graphite partners catering to both opportunity for your Company to become an important traditional markets for concentrate and lithium-ion battery player in the supply chain for electric vehicle manufacture. markets where the future opportunities lie. The product marketing is ongoing with significant new opportunities in To exploit this opportunity a number of essential ingredients the pipeline. need to be in place, namely: To fully exploit the opportunity of this electric vehicle • a source of high quality graphite that can be mined and future your Company has invested heavily in downstream processed economically; processing research and technology to produce from • the ability to sell all of the graphite production initially our Epanko concentrate, battery grade spherical graphite into traditional markets and then expand into the suitable for anodes in lithium-ion batteries. This work has not growing battery market when this demand accelerates; only demonstrated the suitability of our product for spherical graphite with excellent end user feedback, it has also broken • competitive technology and know-how to produce new ground in the important purification process. All this high value battery grade graphite suitable for lithium- work is being incorporated into a Feasibly Study that is ion battery anodes and to fully exploit downstream nearing completion and which will measure the added processing opportunities; and profit from the further processing of Epanko concentrate to • a management and technical team that not only has skills produce spherical graphite and other specialised graphite and experience in traditional mining and processing but products. The aim is to place your Company squarely in also has experience in the graphite markets and expertise the supply chain for lithium-ion batteries, ride the wave in the science and technology required to produce high of growth in electric vehicles and capture the economic quality battery grade graphite for anode production and benefits flowing from this opportunity. other value added graphite products. The development of the Epanko Graphite Project and the Kibaran and it’s Epanko Graphite Project, I am pleased to advances in downstream processing would not be possible report, has all these key ingredients along with dedication without a management and technical team with all the and commitment. requisite experience and expertise not only in mining and processing, but also in the graphite markets and the science 2 Electric Vehicle Market and technology underlying production of graphite products. It has been an ardous year that has delivered our upgraded Our skilled and dedicated Managing Director Andrew Spinks Bankable Feasibility Study and sign-off by the bank’s has assembled an outstanding technical team supported by Independent Engineers. The effort was very professionally our directors; Christoph Frey, with his unique experience of supervised by GR Engineering Services and overseen and graphite markets and technology and Grant Pierce, with his coordinated by David Cairns and our management team, invaluable operating experience in Tanzania overseeing site involving over a dozen different specialist organisations activities, including social and environmental aspects and covering mineralogy, geology, mineral resources, mining, also our CFO Howard Rae, with experience focussed on the metallurgy, process design, engineering, social and environmental planning, marketing and project economics. development and financing of new mining operations. To all of the people within those groups, our own All the skills are in place. The Epanko Graphite Project is ready management team and the Independent Engineers SRK to go and the focus is now on financing and implementation. Consulting (UK), I would like to express on behalf of the There has been a brief pause while the Company and our Board our sincere thanks for the hard work and dedication bankers wait for new regulations flowing from recent that has secured such a successful outcome. Thanks also to legislative changes in Tanzania. It is our opinion that Epanko my fellow director John Conidi for his underlying support. will not be adversely affected and that the strategy of value Finally, I would like to thank you our shareholders for your adding our graphite concentrate in Tanzania is consistent patience and continuing support with the assurance that it is with the general aims of this new legislation. our singular aim to ensure that this is fully rewarded. Robert Pett - Chairman 2 3 Review of operations Epanko Graphite Project (KNL:100%) Highlights On 21 June 2017, Kibaran announced the completion The Epanko BFS produced a robust business case for the of its updated Bankable Feasibility Study (‘BFS’) and establishment of a highly profitable, long term graphite associated Environmental and Social Management mining operation that will provide exceptional returns Planning for the Epanko Graphite Project (‘Epanko’) for shareholders and provide substantial economic and in Tanzania. Finalising the BFS is a critical milestone in social benefits for Tanzania. the advancement of Epanko towards a final investment Key highlights include: decision and is the result of an extensive 12 month program of work and an investment of more than • Production of graphite concentrate increased to A$10 million. 60,000tpa to support customer demand The BFS incorporates conservative design parameters • Financial results: and has been subjected to rigorous due diligence by • Pre-tax NPV10 of US$211m bank appointed Independent Engineers SRK Consulting (UK) Limited (‘SRK Consulting’) who completed an • Internal rate of return: 38.9% Independent Engineer’s Report (‘IER’) for project • Capital cost of US$88.9m lenders. The IER has concluded that the BFS satisfies the requirements of international project financing standards • Annual EBITDA of US$44.5m (A$59.3m) and that the Environmental
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