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For Personal Use Only MINARA RESOURCES LIMITED ANNUAL REPORT 2009 For personal use only MINARA RESOURCES LIMITED IS ONE OF AUSTRALIA’S LARGEST NICKEL PRODUCERS, AND ONE OF THE TOP TEN IN THE WORLD, WITH HEADQUARTERS IN PERTH, WESTERN AUSTRALIA. CONTENTS 02 CHAIRMAN’S REPORT 10 HEALTH AND SAFETY 37 CORPORATE GOVERNANCE 88 ASX ADDITIONAL 04 CEO’S REPORT 12 ENVIRONMENT STATEMENT INFORMATION 06 ACTIVITIES REVIEW 14 COMMUNITY 48 FINANCIAL STATEMENTS 89 GLOSSARY 08 RESERVES AND 16 5 YEAR SUMMARY 52 NOTES RESOURCES 18 DIRECTORS’ REPORT 85 DIRECTORS’ DECLARATION 09 PEOPLE 36 AUDITOR’S INDEPENDENCE 86 INDEPENDENT AUDITOR’S STATEMENT REPORT For personal use only MURRIN MURRIN PERTH Minara Resources Limited ABOUT MINARA OUR VALUES ABN 23 060 370 783 Minara Resources Limited is Safety has unconditional priority one of Australia’s largest nickel in any business activity. The work Scope of this Report producers, and one of the top ten environment and well being of The Minara Resources 2009 Annual in the world, with headquarters others is within our care. Report presents the operating and in Perth, Western Australia. Lifestyle is important and we promote financial results for the period Minara owns and operates the Murrin a balance between work and family. 1 January 2009 to Murrin Nickel Cobalt Joint Venture 31 December 2009. These have We will respect the property, rights, project (60 per cent Minara, 40 per been prepared in accordance ideas and achievement of others. cent Glencore International AG) with the Australian equivalents near Leonora in Western Australia’s to the International Financial We will be honest and fair in historic northern goldfields region. Reporting Standards (AIFRS). our dealings with others. Murrin Murrin is a world class We will take pride in our plant, The reporting structure also addresses hydrometallurgical project, using process and product. Minara’s values and reflects the sulphuric acid in high-temperature, principles of the Global Report Initiative high-pressure autoclave vessels to We will realise the true potential of our (GRI) general reporting guidelines. leach nickel and cobalt from low people by involvement and participation. This is the seventeenth Annual grade lateritic (oxidised) ores. Report for Minara Resources following its formation in 1993. STRATEGIC FOCUS OUR VISION Minara continues to strive for improved Minara is a leading nickel producer, operating performance to deliver Annual General Meeting recognised for delivering high strong growth to its shareholders. The seventeenth Annual General quality products and for its Meeting of Minara Resources commitment to its people, their Limited will be held at the Perth safety and the environment. Convention and Exhibition Centre, Minara’s strategy is to strengthen 21 Mounts Bay Road, Perth Western its core business and pursue For personal use only Australia on Tuesday 25 May 2010 growth opportunities. commencing at 9.30am WST. 1 I MINARA RESOURCES LIMITED 2009 ANNUAL REPORT CHAIRMAN’S REPORT The second half of 2008 and the first half of 2009 was a challenging period for the company. However, our early recognition of a rapidly changing market and subsequent response to the business pressures associated with the Global Financial Crisis resulted in a solid turnaround. I am pleased to present to you the 2009 Minara The focus on reducing costs and achieving a consistent The continued focus on cost management and Resources Limited Annual Report, my second as production profile delivered results early in 2009, with production improvement necessitated ongoing Chairman. direct cash costs (Brook Hunt C1) decreasing to suspension of capital projects in 2009, including $4.99 per lb by mid year. Our full year direct cash expansion of our Heap Leach facility. These projects The second half of 2008 and the first half of 2009 costs were $4.97 per lb against the previous year’s will be reviewed in 2010. was a challenging period for the company. However, $5.39 per lb. This reduction was achieved despite our early recognition of a rapidly changing market Across all operating environments Minara continues to a strengthening Australian dollar and the impact of and subsequent response to the business pressures prioritise the areas of occupational health, safety and volatility in the cobalt market. associated with the Global Financial Crisis resulted in a the environment and our support for the communities solid turnaround. While the nickel price remained volatile in 2009 there in which we operate. To this end, it is very pleasing was an improvement in nickel metal prices from to note that our safety performance has continued Despite the very difficult market conditions experienced the lows experienced in late 2008. On the London to improve, we reported no environmental incidents during 2008, the equity raising and our “back to Metal Exchange (LME) the nickel price commenced during the year, and our commitment to social basics” philosophy focusing on capital conservation, the year at $US12,710 per tonne, reached a peak of responsibility saw the annual company contribution cost minimisation, productivity improvement and high US$21,070 per tonne during the third quarter and of $250,000 provided to the Minara Community operational standards enabled Minara to enter 2009 finished the year at $US18,480 per tonne. Foundation to benefit organisations and projects in the in a sound position for the inevitable recovery of world northern goldfields. commodity markets. The company has remained debt- In addition to the volatility in the nickel price, the free, with strong and growing cash reserves providing LME stocks increased in 2009 from 78,390 tonnes During this, my second year on Minara’s Board, I a foundation for our security in the medium term. to over 150,000 tonnes by year end. This increase continue to be impressed by the enthusiasm and in stock levels is partially explained by the stainless commitment of the management team and their At all levels of the company the “back to basics” steel markets in Europe and the USA remaining willingness to respond to the volatile market conditions philosophy was embraced and it delivered a reduced soft throughout 2009. Despite this relatively high by aggressively reducing costs and improving cost base and improvements to our already consistent stock level, nickel prices remain strong and indicate productivity. Their success is apparent when, unlike production profile. For the year ended increasing demand as the world recovers from the many of its competitors, Minara remains, not only a 31 December 2009 record metal production and a economic crisis during 2010. viable business, but a healthy secure business with strong financial result was achieved. significant cash reserves and a bright future. The company’s increase in cash reserves – to $247.1 The record annual production of 32,977 tonnes of million at year end compared to $142.5 million the I would like to record Minara’s appreciation of our nickel and 2,350 tonnes of cobalt is testament to the previous year – reflects the company’s reduced cost Joint Venture partner, Glencore International AG, for its success of prudent operational strategies. For personal use only base and its continued focus on seeking further ongoing support of our operations. I would also like to opportunities to run the business more efficiently. thank my fellow Board members for their commitment and counsel during the year. 2 I MINARA RESOURCES LIMITED 2009 ANNUAL REPORT The Board remains committed to the highest standards of corporate governance and ethical behaviour. Our corporate governance policies are continually reviewed to best practice standards and underpin every activity and deliberation. Finally, I thank Minara’s management team and all employees for their hard work, commitment and understanding as they successfully address the challenges we continue to face. This gives me every confidence in our ability to deliver returns to our shareholders in the future. Peter Coates AO Chairman For personal use only MINARA RESOURCES LIMITED 2009 ANNUAL REPORT I 3 CEO’S REPORT All objectives were achieved in 2009. We had record production, we lowered costs, we had our best safety performance and there were no major environmental issues. This was a commendable effort from the entire team at Murrin Murrin. 2009 can be described as a year of consolidation for These capital programs will not have any impact on has resulted in a strong focus on “No Harm – Safe Minara. The strategy in the year was a direct result of production in 2010. However, it is expected that we Process” in all health and safety plans. the operating philosophy which we put in place in mid will see a positive impact on production from 2011 Minara’s safety performance is measured by the 2008. The focus was on cost control, delivering the onwards. Disabling Injury Frequency Rate (DIFR) and the Lost budget, minimising capital expenditure and meeting all One of the notable success stories of 2009 was the Time Injury Frequency Rate (LTIFR). The DIFR 12 the requirements in safety and environmental areas. operation of the in-pit tailings program whereby tailings month rolling average to 31 December 2009 was 0.77 All objectives were achieved in 2009. We had record are deposited into our mined-out areas. This is an (2008: 1.64). The LTIFR 12 month rolling average to production, we lowered costs, we had our best safety alternative disposal to building large tailing complexes. 31 December 2009 was 1.93 (2008: 2.46). These performance and there were no major environmental This was a significant breakthrough in performance rates represent an encouraging and sustained issues. This was a commendable effort from the entire and costs of tailings disposal. improvement which we will continue to pursue. team at Murrin Murrin. Minara’s commitment to management of the People environment continued throughout 2009. Our goal of Financial Performance Minara continues to undertake initiatives to consolidate consistently exceeding regulatory requirements and The financial performance also improved after the our position as an employer of choice in the mining and proactive environmental protection has again resulted capital restructuring was concluded in late 2008.
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