DOCSLIB.ORG

Due Diligence and Valuation Report

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Due Diligence and Valuation Report Due Diligence and Valuation Report Arrowhead Code: 27-01-01 Company: Reed Resources Ltd Coverage initiated: 21 April 2011 This document: 6 July 2011 Ticker: ASX:RDR Fair share value bracket: AU$2.608 to AU$1.974i Headquarters: Perth, Australia Share price on date: AU$0.475ii Executive Chairman: David John Reed Analyst Thomas Renaud Website: http://www.reedresources.com [email protected] +1 (212) 619 6889 vertically integrate via the acquisition or Market Data- construction of a lithium carbonate production 52-Week Range: AU$$0.44 – AU$$0.78iii plant to enhance project returns. The start of Average Daily Volume: 765,675iv mining and production of lithium concentrates will Market Cap. on date: AU$ 125.75MMv provide a steady revenue stream to the group. This project is well advanced. Financial Forecast Data (in AS $) VANADIUM: Reed’s management consider ‘11E ‘12E ‘13E ‘14E ‘15E ‘16E ‘17E Barrambie Vanadium (39.7Mt of ore grading High 0.82% vanadium pentoxide (V2O5)) a priority profit/ (8.9) (13.3) 122.8 135.0 135.0 139.2 147.8 project. The company has a Memorandum of (loss) MM Understanding (MoU) with NFC of China for a High EPS fixed price engineering procurement and (3.4) (5.0) 46.1 51.0 51.0 52.6 55.8 cents construction contract (EPC). The project is in the Approvals and Financing stage with the aim of Low bringing online a mine with an annual capacity of profit/ (8.9) (20.4) 80.6 88.0 88.4 92.5 97.0 (loss) MM 11,200 tons of V2O5, a mine life of 12 years. Low EPS Underpinned by gold: (3.0) (7.7) 30.5 33.2 33.4 35.0 36.6 cents GOLD: In FY11, the company acquired the 2.5Moz Meekatharra Gold Project for AU$28M, including a Fiscal Year (FY) 3Mtpa mill, offices and accommodation. It is in 1st July – 30th June the Feasibility Study stage and has announced a number of resource up grades supporting its Summary investment strategy (refer later). Recently, the Reed Resources Ltd (“Reed” or “The Company”) is company announced settlement of Meekatharra a diversified natural resources company with project and commencement of a Reverse assets in Australia. Its core assets are twofold: Circulation (RC) and diamond core drill program. firstly major new age battery inputs of Lithium Summary view: and Vanadium and secondly significant gold assets. Given due diligence and valuation estimations based on discounted cash flow method, New Age Battery Inputs: Arrowhead believes that Reed’s fair share value LITHIUM: The Mt Marion lithium asset is held 70% lies between AU$1.974 to AU$2.608.vi It is based by Reed with the remainder held by major on the three projects namely Meekatharra gold Australian natural resources player Mineral project, Barrambie vanadium project and Mt Resources Limited (ASX: MIN) (MRL). The venture Marion lithium project. It is a conservative partners expect to commence operations at Mt estimate and discounts the potential value of the Marion by late 2011 with a capacity of 200,000 company’s other projects such as Finnerty and tons per annum of 6% Li2O concentrate Comet Vale. (Spodumene). Reed is evaluating plans to Reed Resources – Arrowhead BID 1 ASX:RDR Due Diligence and Valuation Report See important disclosures on page 31 of this report. Detailed Company Information Reed Resources is a diversified natural resources group headed by people vastly experienced in mining, finance and project management. Reed Resources’ asset portfolio includes: Mt Marion (lithium project) Mt. Marion has estimated reserves of 10.5Mt of lithium ore, and Reed Resources plans an initial production capacity of 200,000 Tpa of 6% Li2O. Reed Resources is fully-funded in the JV by operator Mineral Resources Limited. Reed Resources holds 70% equity interest in the JV. Mt Marion is undergoing further resource exploration and the company expects to complete wet commissioning of the plant by 15 December 2011. Mt Marion will be the world’s second largest source of lithium concentrates. The partners are evaluating a plan to enhance the project returns by down-streaming into the production of lithium concentrates, via acquisition, joint venture or construction. Barrambie (Vanadium project) Barrambie is Australia’s highest grade vanadium reserve (39.7Mt of 0.82 % V2O5) with substantial potential to expand. Reed Resources plans an initial production capacity of 11,200 tonnes of V2O5, with nominal mine life of 12 years. New capital and operating cost estimates are due at the end of June 2011 as part of a MoU with Chinese engineering conglomerate, NFC, for a fixed price engineering procurement and construction contract (EPC) and project financing assistance. Meekatharra project (gold project) Meekatharra is estimated to hold 2.7Moz of gold resources (up 8% since acquisition) and 560Koz of reserves on which the company is completing a Bankable Feasibility Study to initially produce at circa 120,000 oz per annum from December Quarter 2012, at an estimated capex of between AU$40-60M. The company continues to re-optimize the resource inventory and is commencing drilling to define further open-pittable resources within close proximity of its 3Mtpa processing plant 15km south of Reed Resources – Arrowhead BID 2 ASX:RDR Due Diligence and Valuation Report See important disclosures on page 31 of this report. Meekatharra. The company announced a RC and diamond core drill program to target resource extensions, and also to test extensions to mineralization. Other assets In addition to the above projects the company has other projects which are in early stage and the company is in the process of evaluating the future potential from these assets. Other projects include Mt. Finnerty and Comet Vale. The Comet Vale gold project was in production until last year but is under maintenance and care from June 2010. For more detail on Assets see Assets and Projects section of this report. Reed Resources’ portfolio and company premiums Asset Diversification Reed resource is a diversified resource group, with vanadium, lithium, gold, nickel and iron assets in its portfolio. The diversity gives the company a lower product-specific risk overall. Valuation Reed Resources’ lithium resource has a grade of 1.3% Li2O while Galaxy Resources Ltd, one of its closets peers in lithium mining has a grade of 1% Li2O, and Talison has mineral grade of 3% Li2O. The company will start lithium concentrate production in FY2011. Integrated developer Galaxy Resources Limited’s market capitalization is AU$1.52 per unit of lithium carbonate equivalent (“LCE”) contained in production, concentrate only producer, Talison, is at AU$0.71 per unit of contained LCE . Given Reed’s assets and its association with MRL, its valuation should be between Talison and Galaxy. Experienced Management Team The company’s management has diverse experience in mining, geosciences, financing and project management. The Company has to date developed a small high-grade underground gold mine, which remains an asset, and a history of acquiring underappreciated assets from distressed public companies and cash starved privateers . David and Chris Reed head the executive, who along with Mr. Craig Fawcett GM of the gold division and Bill Crossley, Group Engineer, are tasked to drive the resource exploration, evaluation and development of this multi-commodity resource house. The company historically defrays risk by seeking partnerships with established players in mining to speed up the development and monetization of its assets. MRL is developing Reed’s lithium asset while foreign players such as NFC would likely finance and manage the vanadium project. Reed’s traditional skill set is in gold and the company is currently building up a dedicated in-house technical team tasked to take the gold project through to production. Reed Resources’ Portfolio and Company Risks There are significant risks associated with the financing of the larger projects, for example Vanadium project would require a capex of +AU$500M. Since the company has recently raised AU$40M of equity and has minimal revenue stream, it would be difficult for the company to arrange this quantum of capital. The financial risk a large vanadium financing would introduce over the holdings of two relatively lower risk assets (gold and lithium) raises the question of quarantining this into a separate entity, potentially with Li, and we understand the Company is working to this risk mitigation strategy. The company is at a very early stage. Most of its projects are in the development stage with lithium project to come online by end CY11. The company depends on MRL to develop the lithium mine, as it has minimal lithium core competencies. Any delay in financing or the project implementation would hurt its valuation. The company is entering and financing the projects when the price of lithium and gold are at its peak and future price changes would determine the viability of its ventures. Reed Resources – Arrowhead BID 3 ASX:RDR Due Diligence and Valuation Report See important disclosures on page 31 of this report. Reed Resources’ Corporate Strategy Reed Resources is well aware of risk mitigation and being a diversified group with assets in Lithium, Vanadium and Gold. It is or considering developing its non-gold assets with established mining players. This strategy aims to minimize operational and financing risk. It has taken the following steps to attain the strategy. - Increase value to shareholders by expanding defined resource resources and establishing production pathway’s for each of its existing assets. - It is pursuing JVs and partnerships to speed up the implementation of the projects. It holds lithium reserves at Mt Marion, where MRL has agreed to construct a mining plant and manage production in exchange for 30% equity stake in the project.
Load more

Recommended publications
  • Helmsec's Annual Mining Forum 2011
    THE MANDARIN ORIENTAL HELMSEC’S 5 CONNAUGHT ROAD, CENTRAL ANNUAL MINING HONG KONG FORUM 2011 THURSDAY, 24TH MARCH 2011 SYDNEY | MELBOURNE | HONG KONG | SINGAPORE TABLE OF CONTENT PG FORUM SCHEDULE 3 INDIVIDUAL COMPANY INFORMATION SHEETS 8 ALPHABETIC BY COMPANY HELMSEC STAFF AT THE CONFERENCE 50 WHO WE ARE – THE PAN-ASIAN MINING INVESTMENT HOUSE 52 HELMSEC’S GLOBAL NETWORK & RECENT TRANSACTION 53 DIRECTORY & CONTACTS 54 This Helmsec Global Markets Limited and Helmsec Global Capital Limited (Individually and collectively “Helmsec”) publication is intended for the use of licensed Investment professionals. Past performance is not a reliable indicator of future performance. Any express or implied recommendations or advice presented in this document is limited to “General Advice” and based solely on consideration of the investment and/or trading merits of the financial product(s) alone, without taking into account the investment objectives, financial situation and particular needs of any particular person. Before making an investment decision based on the recommendations of advice, the reader must consider whether it is personally appropriate in light of his or her financial circumstances or should seek further advice in its appropriateness. Disclaimer: This document is only intended to provide background information and does not purport to be complete and/or to contain all the information that an investor may consider when making an investment decision. This document is not an offer, invitation, solicitation or recommendation with respect to the subscription for, purchase or sale of any securities. This note does not form the basis of any contract or commitment. Helmsec and its respective affiliates, agents, officers or employees make no recommendation as to whether you should participate in any securities in any Company referred to in this document (Company) nor do they make any recommendation or warranty to you concerning any Company an/or the accuracy, reliability or completeness of the information provided herein and/or the performance of any Company.
    [Show full text]
  • Mineral Facilities of Asia and the Pacific," 2007 (Open-File Report 2010-1254)
    Table1.—Attribute data for the map "Mineral Facilities of Asia and the Pacific," 2007 (Open-File Report 2010-1254). [The United States Geological Survey (USGS) surveys international mineral industries to generate statistics on the global production, distribution, and resources of industrial minerals. This directory highlights the economically significant mineral facilities of Asia and the Pacific. Distribution of these facilities is shown on the accompanying map. Each record represents one commodity and one facility type for a single location. Facility types include mines, oil and gas fields, and processing plants such as refineries, smelters, and mills. Facility identification numbers (“Position”) are ordered alphabetically by country, followed by commodity, and then by capacity (descending). The “Year” field establishes the year for which the data were reported in Minerals Yearbook, Volume III – Area Reports: Mineral Industries of Asia and the Pacific. In the “DMS Latitiude” and “DMS Longitude” fields, coordinates are provided in degree-minute-second (DMS) format; “DD Latitude” and “DD Longitude” provide coordinates in decimal degrees (DD). Data were converted from DMS to DD. Coordinates reflect the most precise data available. Where necessary, coordinates are estimated using the nearest city or other administrative district.“Status” indicates the most recent operating status of the facility. Closed facilities are excluded from this report. In the “Notes” field, combined annual capacity represents the total of more facilities, plus additional
    [Show full text]
  • The Mineral Industry of Australia in 2012
    2012 Minerals Yearbook AUSTRALIA U.S. Department of the Interior February 2015 U.S. Geological Survey THE MINERAL INDUSTRY OF AUSTRALIA By Pui-Kwan Tse Australia was subject to volatile weather in recent years Government Policies and Programs that included heavy rains and droughts. The inclement weather conditions affected companies’ abilities to expand The powers of Australia’s Commonwealth Government are their activities, such as port, rail, and road construction and defined in the Australian Constitution; powers not defined in the repair, as well as to mine, process, manufacture, and transport Constitution belong to the States and Territories. Except for the their materials. Slow growth in the economies of the Western Australian Capital Territory (that is, the capital city of Canberra developed countries in 2012 affected economic growth and its environs), all Australian States and Territories have negatively in many counties of the Asia and the Pacific region. identified mineral resources and established mineral industries. China, which was a destination point for many Australian Each State has a mining act and mining regulations that mineral exports, continued to grow its economy in 2012, regulate the ownership of minerals and the operation of mining although the rate of growth was slower than in previous years. activities in that State. The States have other laws that deal with As a result, Australia’s gross domestic product (GDP) increased occupational health and safety, environment, and planning. at a rate of 3.1% during 2012, which was higher than the All minerals in the land are reserved to the Crown; however, 2.3% rate of growth recorded in 2011.
    [Show full text]
  • ETO Listing Dates As at 11 March 2009
    LISTING DATES OF CLASSES 03 February 1976 BHP Limited (Calls only) CSR Limited (Calls only) Western Mining Corporation (Calls only) 16 February 1976 Woodside Petroleum Limited (Delisted 29/5/85) (Calls only) 22 November 1976 Bougainville Copper Limited (Delisted 30/8/90) (Calls only) 23 January 1978 Bank N.S.W. (Westpac Banking Corp) (Calls only) Woolworths Limited (Delisted 23/03/79) (Calls only) 21 December 1978 C.R.A. Limited (Calls only) 26 September 1980 MIM Holdings Limited (Calls only) (Terminated on 24/06/03) 24 April 1981 Energy Resources of Aust Ltd (Delisted 27/11/86) (Calls only) 26 June 1981 Santos Limited (Calls only) 29 January 1982 Australia and New Zealand Banking Group Limited (Calls only) 09 September 1982 BHP Limited (Puts only) 20 September 1982 Woodside Petroleum Limited (Delisted 29/5/85) (Puts only) 13 October 1982 Bougainville Copper Limited (Delisted 30/8/90) (Puts only) 22 October 1982 C.S.R. Limited (Puts only) 29 October 1982 MIM Holdings Limited (Puts only) Australia & New Zealand Banking Group Limited (Puts only) 05 November 1982 C.R.A. Limited (Puts only) 12 November 1982 Western Mining Corporation (Puts only) T:\REPORTSL\ETOLISTINGDATES Page 1. Westpac Banking Corporation (Puts only) 26 November 1982 Santos Limited (Puts only) Energy Resources of Aust Limited (Delisted 27/11/86) (Puts only) 17 December 1984 Elders IXL Limited (Changed name - Foster's Brewing Group Limited 6/12/90) 27 September 1985 Queensland Coal Trust (Changed name to QCT Resources Limited 21/6/89) 01 November 1985 National Australia
    [Show full text]
  • Big Business in Twentieth-Century Australia
    CENTRE FOR ECONOMIC HISTORY THE AUSTRALIAN NATIONAL UNIVERSITY SOURCE PAPER SERIES BIG BUSINESS IN TWENTIETH-CENTURY AUSTRALIA DAVID MERRETT UNIVERSITY OF MELBOURNE SIMON VILLE UNIVERSITY OF WOLLONGONG SOURCE PAPER NO. 21 APRIL 2016 THE AUSTRALIAN NATIONAL UNIVERSITY ACTON ACT 0200 AUSTRALIA T 61 2 6125 3590 F 61 2 6125 5124 E [email protected] https://www.rse.anu.edu.au/research/centres-projects/centre-for-economic-history/ Big Business in Twentieth-Century Australia David Merrett and Simon Ville Business history has for the most part been dominated by the study of large firms. Household names, often with preserved archives, have had their company stories written by academics, journalists, and former senior employees. Broader national studies have analysed the role that big business has played in a country’s economic development. While sometimes this work has alleged oppressive anti-competitive behaviour, much has been written from a more positive perspective. Business historians, influenced by the pioneering work of Alfred Chandler, have implicated the ‘visible hand’ of large scale enterprise in national economic development particularly through their competitive strategies and modernised governance structures, which have facilitated innovation, the integration of national markets, and the growth of professional bureaucracies. While our understanding of the role of big business has been enriched by an aggregation of case studies, some writers have sought to study its impact through economy-wide lenses. This has typically involved constructing sets of the largest 100 or 200 companies at periodic benchmark years through the twentieth century, and then analysing their characteristics – such as their size, industrial location, growth strategies, and market share - and how they changed over time.
    [Show full text]
  • Newcrest Mining Concise Annual Report 2007
    Newcrest Mining Concise Annual Report 2007 Newcrest Mining Limited ABN 20 005 683 625 Concise Annual Report 2007 Corporate Directory Newcrest is a leading gold and copper producer. It provides investors with an exposure to large, low-cost, long life and Investor Information Share Registry Other Offi ces small, high margin gold and copper mines. Registered and Principal Offi ce Link Market Services Limited Brisbane Newcrest Mining Limited Level 9 Exploration Offi ce It aims to be in the lowest quartile for costs. Level 9 333 Collins Street Newcrest Mining Limited 600 St Kilda Road Melbourne, Victoria 3000 Level 2 Newcrest has technical skills and mining Melbourne, Victoria 3004 Australia 349 Coronation Drive Australia Postal Address Milton, Queensland 4064 Telephone: +61 (0)3 9522 5333 Locked Bag A14 Australia experience to deliver strong fi nancial returns Facsimile: +61 (0)3 9525 2996 Sydney South, New South Wales 1235 Telephone: +61 (0)7 3858 0858 Email: Australia Facsimile: +61 (0)7 3217 8233 and growth through exploration success. [email protected] Telephone: 1300 554 474 Internet: www.newcrest.com.au Perth +61 (0)2 8280 7111 Exploration Offi ce & Its vision is to be the ‘Miner of Choice’. Company Secretary Facsimile: +61 (0)2 9287 0303 Telfer Project Group Bernard Lavery +61 (0)2 9287 0309* Newcrest Mining Limited Level 9 *For faxing of Proxy Forms only. Hyatt Business Centre Social responsibility, safety and sustainability 600 St Kilda Road Email: Level 2 Melbourne, Victoria 3004 [email protected] 30 Terrace Road are the fundamental guideposts to that vision. Australia Internet: www.linkmarketservices.com.au East Perth, Western Australia 6004 Telephone: +61 (0)3 9522 5371 ADR Depositary Australia Facsimile: +61 (0)3 9521 3564 Telephone: +61 (0)8 9270 7070 Email: [email protected] BNY – Mellon Shareowner Services Investor Services Facsimile: +61 (0)8 9221 7340 Stock Exchange Listings P.O.
    [Show full text]
  • Governance Strategies to Manage and Monitor Cumulative Impacts at the Local and Regional Level
    ACARP PROJECT C19025 PUBLISHED 1/08/2012 GOVERNANCE STRATEGIES TO MANAGE AND MONITOR CUMULATIVE IMPACTS AT THE LOCAL AND REGIONAL LEVEL Daniel Franks, Jo-Anne Everingham & David Brereton THE UNIVERSITY OF QUEENSLAND DISCLAIMER No person, corporation or other organisation (“person”) should rely on the contents of this report and each should obtain independent advice from a qualified person with respect to the information contained in this report. Australian Coal Research Limited, its directors, servants and agents (collectively “ACR”) is not responsible for the consequences of any action taken by any person in reliance upon the information set out in this report, for the accuracy or veracity of any information contained in this report or for any error or omission in this report. ACR expressly disclaims any and all liability and responsibility to any person in respect of anything done or omitted to be done in respect of the information set out in this report, any inaccuracy in this report or the consequences of any action by any person in reliance, whether wholly or partly, upon the whole or any part of the contents of this report. ACARP Project C19025 Governance Strategies to Manage and Monitor Cumulative Impacts at the Local and Regional Level FINAL REPORT August 2012 Centre for Social Responsibility in Mining Sustainable Minerals Institute The University of Queensland, Australia [email protected] www.csrm.uq.edu.au Research Team David Brereton: Director, CSRM Daniel Franks: Senior Research Fellow, CSRM Jo‐Anne Everingham: Senior Research Fellow, CSRM Madeleine Porter: Research Assistant, CSRM Centre for Social Responsibility in Mining The Centre for Social Responsibility in Mining (CSRM) is a leading research centre, committed to improving the social performance of the resources industry globally.
    [Show full text]
  • Small and Mid-Cap Resources December 2017 Review
    Small and Mid-Cap Resources December 2017 Review Let the Good Times Roll WHO IS IIR? Independent Investment Research, “IIR”, is an independent investment research house based in Australia and the United States. IIR specialises in the analysis of high quality commissioned research for Brokers, Family Offices and Fund Managers. IIR distributes its research in Asia, United States and the Americas. IIR does not participate in any corporate or capital raising activity and therefore it does not have any inherent bias that may result from research that is linked to any corporate/ capital raising activity. IIR was established in 2004 under Aegis Equities Research Group of companies to provide investment research to a select group of retail and wholesale clients. Since March 2010, IIR (the Aegis Equities business was sold to Morningstar) has operated independently from Aegis by former Aegis senior executives/shareholders to provide clients with unparalleled research that covers listed and unlisted managed investments, listed companies, structured products, and IPOs. IIR takes great pride in the quality and independence of our analysis, underpinned by high caliber staff and a transparent, proven and rigorous research methodology. INDEPENDENCE OF RESEARCH ANALYSTS Research analysts are not directly supervised by personnel from other areas of the Firm whose interests or functions may conflict with those of the research analysts. The evaluation and appraisal of research analysts for purposes of career advancement, remuneration and promotion is structured so that non-research personnel do not exert inappropriate influence over analysts. Supervision and reporting lines: Analysts who publish research reports are supervised by, and report to, Research Management.
    [Show full text]
  • ~IVIEI::.. 3Rd March 2012
    ~IVIEI::.. 3rd March 2012 Tim Bryant Secretariat Senate Economics Legislation Committee Parliament House CANBERRA ACT 2600 Dear Tim Senate Economics Committee Inquiry into the Minerals Resource Rent Tax - Questions on Notice Thank you for the opportunity of providing separate responses to various Questions on Notice asked at the Senate Economics Committee hearing held on 21 February 2012. AMEC would also like to provide some additional and relevant comments concerning the MRRT for the consideration of the Committee. Q from the Chair, page 56- How many small miners are currently making an annual profit of more than $75 million a year? Response In respect of the MRRT legislation, AMEC considers that a small miner should be defined as a miner producing less than ten million tons of iron ore or coal per annum. 1 2 According to Intierra , in the calendar year 2010 there were six iron ore producers and ten coal producers in production in this category. Examining the most recent annual reports of the iron ore3 producer's shows three of the six iron ore producers made a "company profit" in excess of $75 million. Four of these companies are single commodity producers (iron ore) while the other two produce other commodities. AMEC is unable to separate any iron ore profit from the balance of the company profits in the later two cases. Of the two iron ore companies mentioned by me in the hearing on 21 February, BC Iron only entered production in the first half of the 2011/12 financial year and therefore full annual financial data is unavailable.
    [Show full text]
  • Hunter Capital Advisors Hunter Capital Advisors, Sydney
    ASX: LKE LAKE RESOURCES NL Research Analyst: J-François Bertincourt Equity Research Initiation of Coverage: th 13 March 2018 Project Assessment Likely to Lead to Tremendous Value SPECULATIVE BUY Uplift Price Target $0.55 Strategic Landholding Position: Lake Resources holds one of the largest Share Price $0.155 lithium tenement packages in Argentina (~180,000 ha), controlled 100% by Lake. This land package is part of the Lithium Triangle from where about 52-Week Range $0.03 - $0.30 50% of the world’s lithium is produced at the lowest costs. Market Capitalisation $36.2m Portfolio of Lithium Projects: Mid-2016, i.e. before the more recent lithium Shares Outstanding 233.6m boom, Lake Resources progressed a number of transactions with lithium Listed Options (10¢, August 2018) 19.2m majors or existing tenement holders and has secured four lithium projects Unlisted Options (5¢ & 10¢, Apr-Nov 2018)39.0m both brines and pegmatites. Among those, the Kachi project (49,000ha Unlisted Options (28¢, Dec 2020) 9.5m granted) covering the quasi-totality of the salar was secured through LTI Performance Rights 2.5m multiple transactions from what was previously a fragmented tenement Vendor Performance Rights 12.5m holding; then recently the Cauchari/Olaroz (+Paso) tenements (44,000ha Cash (31 Dec 2017) $1.5m granted) have finally been secured next to brine development and Debt (Notes, March 2018) $1.7m production wells. Enterprise Value $36.4m Technical Expertise: LKE lateral thinking has led to the use of geophysical Director/Major Shareholders: Peter Gilchrist 9.0% methods typically seen in the oil and gas sector for the characterisation of Steve Promnitz 2.1% brine reservoirs.
    [Show full text]
  • Mining and Indigenous Tourism in Northern Australia
    MINING AND INDIGENOUS TOURISM IN NORTHERN AUSTRALIA David Brereton, Paul Memmott, Joseph Reser, Jeremy Buultjens, Linda Thomson, Tanuja Barker, Tim O'Rourke and Catherine Chambers MINING AND INDIGENOUS TOURISM IN NORTHERN AUSTRALIA Technical Reports The technical report series present data and its analysis, meta-studies and conceptual studies, and are considered to be of value to industry, government and researchers. Unlike the Sustainable Tourism Cooperative Research Centre’s Monograph series, these reports have not been subjected to an external peer review process. As such, the scientific accuracy and merit of the research reported here is the responsibility of the authors, who should be contacted for clarification of any content. Author contact details are at the back of this report. Editors Prof Chris Cooper University of Queensland Editor-in-Chief Prof Terry De Lacy Sustainable Tourism CRC Chief Executive Prof Leo Jago Sustainable Tourism CRC Director of Research National Library of Australia Cataloguing-in-Publication Mining and indigenous tourism in Northern Australia. ISBN 978 1 920704 94 0. 1. Tourism - Australia, Northern. 2. Aboriginal Australians - Australia, Northern. 3. Mines and mineral resources - Australia, Northern. I. Brereton, David. II. Cooperative Research Centre for Sustainable Tourism. 338.4791 Copyright © CRC for Sustainable Tourism Pty Ltd 2007 All rights reserved. Apart from fair dealing for the purposes of study, research, criticism or review as permitted under the Copyright Act, no part of this book may be reproduced by any process without written permission from the publisher. Any enquiries should be directed to General Manager Communications & Industry Extension [[email protected]] or Publishing Manager [[email protected]].
    [Show full text]
  • 1997 Annual Report
    1997 Annual Report National Australia Bank Limited ACN004044937 Our Vision Financial calendar Annual General Meeting • Financial year ends on The Annual General Meeting of the To be the world’s leading financial ser- September 30 annually. members of National Australia Bank vices company. • Full year results announced Limited will be held at 10.00am November 6, 1997. (Melbourne time) on Thursday Our Mission • Shares to be quoted ex-dividend December 18, 1997 in the John Batman Theatre, Level 3, Melbourne Convention We tailor financial services to help on the Australian Stock Exchange on November 20, 1997. and Exhibition Centre, corner Spencer individuals, families, businesses and and Flinders Streets, Melbourne, communities to achieve their goals. • Record date (books closing date) for Victoria, Australia. final dividend is November 28, 1997 for shareholders on the Australian register. Shareholder gatherings Our Values • Final dividend payable on Gatherings of members of National • Service to our customers December 17, 1997 (49c per share). Australia Bank Limited will be held • Quality in everything we do • First quarter results for the 1997/98 at 9.45am (Sydney time) on Thursday • Professionalism and ethics in all financial year currently scheduled to be December 18, 1997 in the Grand our actions announced on January 22, 1998. Ballroom at The Wentworth A Rydges • Competitiveness and a will to win • First half results for the 1997/98 finan- Hotel, 61–101 Philip Street, Sydney; and • Growth and development of cial year currently scheduled to be at 8.45am (Brisbane time) on our people announced on May 7, 1998. Thursday December 18, 1997 in the • Shares currently scheduled to be quoted Grand Ballroom at the Brisbane Hilton, • Continuous productivity improve- 190 Elizabeth Street, Brisbane.
    [Show full text]