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Straits Annual Report 2009

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Straits Annual Report 2009 Straits Resources Limited Annual Report 2009 Straits Resources Straits Annual Report 2009 Straits Resources Limited ACN 056 601 417 Level 1, 35 Ventnor Avenue West Perth WA 6005 T: (08) 9480 0500 F: (08) 9480 0520 www.straits.com.au Annual General Meeting The Seventeenth Annual General Meeting of Straits Resources Limited will be held at 12:30 pm on Monday 30 November 2009 at the Celtic Club, 48 Ord Street, West Perth, Western Australia. Highlights Financial Profit after tax (before minorities) of $38.0 million. Profit of $259.0 million recorded on the sale of the 60% interest in Straits Bulk & Industrial Pty Ltd. Unfranked final dividend of 30 cents per share paid on 21 September 2009. Cash on hand at 30 June 2009 of $223.0 million, not including restricted cash of $22.0 million as security on performance bonds. $80.0 million convertible note issue placed with Standard Chartered Private Equity Limited. A gearing ratio of 9%. Repayment of $58.0 million corporate debt. Operations & Exploration Tritton copper production of 24,000 t. Whim Creek copper production of 10,000 t. Mt Muro production of 49,000 ounces of gold and 304,300 ounces of silver. Air core drilling programme at Goldminco’s Temora project in New South Wales extended the mineralised system significantly and the system is still open along strike. Drilling commenced at Tritton Deeps. Corporate Strategic coal alliance formed with the PTT Group, via the sale of a 60% interest in Straits’ wholly owned subsidiary Straits Bulk & Industrial Pty Ltd for US$335.0 million. Divestments of non-core assets proceeding. Sebuku boundary rezoning announced in August 2009. Way forward cleared for Straits to claim US$115 million performance payment from the PTT Group. Strategy Our business strategy is to establish In April 2009 we took the opportunity In assessing new projects we intend Straits Resources Limited as a growth to realise value from our coal business, to create value by using geological focussed diversified resources group. This whilst retaining exposure to that business assessment to identify undervalued includes growing our metals business with through a retained 40% interest in PTT resource potential. We will apply our skills solid cash flows, and a pipeline of project Asia Pacific Mining Pty Ltd. Consequent and capital to creating additional value by opportunities in addition to our profitable upon the partial realisation of our coal converting resource potential into mineable and growing coal business. We intend to assets, our aim is to grow Straits’ metals reserves. Our business philosophy is to remain aggressively growth orientated. business to match the size and profitability target large, regional sized geological that we created in our coal investments. opportunities and to focus on projects that Straits has a successful track record have the potential to be scaleable to a size of defining, acquiring and developing To achieve this, as well as advancing that is internationally relevant. resource assets. Over the past three projects from our existing portfolio, we will years we gave emphasis to the growth of look to both expand Straits’ asset base by Straits’ coal business and we were very acquisition and to divest assets that are successful in growing this business into considered “non-core”. We are currently a world class coal producer. Straits Asia reviewing our portfolio of metals assets Resources Limited alone had a market and we believe there is considerable capitalisation of $1.7 billion at the end of latent value which can be unlocked over June 2009. time by the application of capital and geological expertise. 5 year Summar y Year 6 Months to Year December Year December Year December June 2009 June 2008 2007 2006 2005 Profitability Mining activities and other $’000 215,040 398,183 358,042 455,975 243,768 Metals distribution $’000 352,483 1,101,968 3,330,223 504,850 - Total Revenue $’000 567,523 1,507,018 3,694,224 960,825 243,768 Gross Profit $’000 (131,571) 126,271 45,093 107,334 92,967 Operating profit/(loss) after tax attributable to members of $’000 (42,107) (5,995) (16,110) 34,219 45,660 Straits Resources Limited Earnings profit/(loss) per share Cents (17.9) (2.6) (8.44) 21 32 (undiluted) Cash Flow Cash flow from operations $’000 188,793 173,016 (6,273) 11,370 35,590 Balance Sheet Total shareholders’ equity $’000 873,798 1,043,692 900,887 435,709 204,029 Net asset backing per share $ 3.57 4.48 3.98 2.28 1.26 Ratios Return on shareholders’ funds % (10) (1) (4) 14 32 Debt/(Debt + Equity) excluding % 9 47 33 6 18 trade finance debt Production Sebuku coal mine t’000 2,564 1,960 3,436 3,495 3,000 Jembayan coal mine t’000 5,271 2,498 - - - Whim Creek copper mine t 10,089 6,037 15,339 14,800 8,746 Tritton copper mine t 24,111 8,372 18,549 23,088 19,296 Mt Muro gold mine Au oz 48,850 21,728 45,748 47,452 13,361 Ag oz 304,360 68,786 349,833 350,378 72,982 Market Capitalisation Share price at 30 June 2009 & $ 2.11 6.84 6.60 3.53 2.36 31 December 2005 - 2008 Shares on issue (fully paid) Million 245.54 232.89 225.88 190.86 161.66 Market capitalisation $’M 518.1 1,593.0 1,490.8 673.7 381.5 Notes 1. Years 2005 through to 2009 have been prepared on the basis of Australian equivalents to International Financial Reporting Standards. 2. Year 2009 excludes discontinued operation information for profitability. 2 Contents Straits Overview 1 Chairman’s Statement 3 Chief Executive Officer’s Review 5 Finance 7 Strategic Coal Alliance 9 Base Metals 11 Precious Metals 13 Metals Distribution 15 Exploration 16 Human Resources 17 Occupational Health & Safety 18 Environment 19 Community Relations 21 Mineral Resource Statement 23 Ore Reserve Statement 25 Corporate Governance 27 Directors’ Report 31 Auditor’s Independence Declaration 51 Independent Auditor’s Report 52 Financial Report and Notes To The Financial Statements 54 Directors’ Declaration 148 Shareholder Information 149 Glossary 151 Corporate Directory 152 Straits Annual Report Design by Chameleon Creative This publication is printed using vegetable-based inks on paper that is chlorine free and sourced from sustainable forestry. 1 Overview Straits is an ASX 200 diversified resources company focussed on generating strong and sustainable earnings for its shareholders from a portfolio of resource projects and investments. Based in Perth, Straits has a management team with an impressive track record of advancing resource projects through to full production. Straits controls and operates the Tritton copper mine in New South Wales, the Hillgrove antimony/gold mine, also in New South Wales (operations currently suspended), the Mt Muro gold mine in Indonesia, and the Whim Creek copper mine in Western Australia. The Whim Creek copper mine is expected to reach the end of its life in late 2009. In addition, Straits has an outstanding portfolio of mining investments, development projects and exploration ground throughout Australia and Indonesia. Straits also owns GfE, a speciality metals (noble alloys) European based distribution business, and Magontec, a producer of high quality magnesium alloys with plants in Germany and China. 1 Overview Strategic Coal Alliance Base Metals Metals Distribution As announced on 23 March 2009, In the year-ending 30 June 2009 Group revenue for the GfE and Straits sold a 60% interest in Straits Straits produced a total 34,200 Magontec businesses dropped Bulk & Industrial Pty Ltd to a wholly tonnes of copper. This comprised sharply after the severe cutbacks in owned subsidiary of PTT Public of 23,713 tonnes of copper in the steel related industries following Company Limited (PTT) (the “PTT concentrate and 398 tonnes of the global financial crisis. The Transaction”). PTT is a diversified copper cement from Tritton, and market in Europe is still depressed, group of energy companies 10,089 tonnes of copper cathode however, the Asian and US markets engaged in oil and gas exploration from Whim Creek. Throughput are starting to show signs of and production, gas transmission expansion at Tritton was completed recovery. Metal sales volumes for and processing, energy trading and during the year, taking annual Magontec in the first half year 2009 retail distribution segments. PTT installed capacity to 1.4 Mtpa. were down 63% compared to accounts for approximately 28% At Whim Creek, operations went the first half of 2008 due to sharp of total market capitalisation on through a number of downsizing declines starting in November 2008. the Stock Exchange of Thailand. stages during the year as the Sales volumes are showing signs of Straits Bulk & Industrial Pty Ltd was project ceased mining operations in improvement. the holding company for Straits’ October 2008. Recently Straits has Brunei coal exploration interests, announced that terms have been Exploration Madagascan coal exploration agreed to sell Straits (Whim Creek) Significant exploration activities interests and Straits’ 45.6% Pty Ltd to Venturex Resources are being undertaken by Straits. shareholding in the Singapore Limited, and that an option In June an important exploration Securities Exchange listed Straits agreement had been entered into for programme was commenced at Asia Resources Limited. Straits the sale of the Whim Creek SX-EW Tritton to increase the resource/ has also transferred a team of coal plant to Finders Resources Limited. reserve inventory within the Nyngan executives headed by Martin Purvis copper district. At the Mt Muro as Chief Executive Officer to Straits Straits commissioned the Hillgrove demonstration plant in gold mine, work is well advanced Bulk & Industrial Pty Ltd as part of to commence geophysical and the PTT Transaction.
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