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Straits Resources Fax Cover Page 17 March 2008 To: Company’s Announcement Office Australian Stock Exchange Audited financial statements to 31 December 2007 The attached provides a corrected version of the final audited accounts of the Company for the year ended 31 December 2007. The audit on the financial statements was duly completed, however, a final format change caused the removal of an item which should have been included under the business acquisitions line of the cash flow statement. Straits Resources Limited The attached final and correct version is audited and consistent with the ABN 22 056 601 417 preliminary financial statements lodged on 29 February 2008. First Floor Please do not hesitate to contact me should you have any queries in relation to the above. 35 Ventnor Avenue West Perth WA 6005 Yours sincerely PO Box 1641 West Perth WA 6872 Australia Shaun Day Telephone (61 8) 9480 0500 Company Secretary Facsimile (61 8) 9480 0520 www.straits.com.au For personal use only STRAITS RESOURCES LIMITED A.C.N. 056 601 417 ANNUAL REPORT 31 DECEMBER 2007 For personal use only CONTENTS Page CONTENTS...................................................................................................................................................................................2 STRAITS OVERVIEW – ORGANISATIONAL PROFILE.......................................................................................................3 FIVE YEAR SUMMARY.............................................................................................................................................................5 HIGHLIGHTS ...............................................................................................................................................................................6 CHAIRMAN’S STATEMENT.....................................................................................................................................................7 CHIEF EXECUTIVE’S REVIEW................................................................................................................................................8 FINANCE ....................................................................................................................................................................................10 BULK COMMODITIES .............................................................................................................................................................13 BASE METALS ..........................................................................................................................................................................16 PRECIOUS METALS.................................................................................................................................................................20 COMMODITY DISTRIBUTION...............................................................................................................................................22 EXPLORATION .........................................................................................................................................................................23 HUMAN RESOURCES..............................................................................................................................................................27 OCCUPATIONAL HEALTH & SAFETY ................................................................................................................................28 ENVIRONMENT ........................................................................................................................................................................30 COMMUNITY RELATIONS.....................................................................................................................................................32 MINERAL RESOURCE STATEMENT....................................................................................................................................34 ORE RESERVE STATEMENT .................................................................................................................................................38 CORPORATE GOVERNANCE.................................................................................................................................................41 DIRECTORS’ REPORT .............................................................................................................................................................45 AUDITORS INDEPENDENCE DECLARATION……………………………………………………………..…..………..61 FINANCIAL REPORT AND NOTES TO THE FINANCIAL STATEMENTS...…..………………………………………62 DIRECTORS DECLARATION……………………………………………………………………………..………….…...143 AUDIT OPINION…………………………………………………………………………………………………………...144 SHAREHOLDER INFORMATION………………………………………………………..……………………..…….…..146 CORPORATE DIRECTORY……………………………………………………………………………………………..…148 Annual General Meeting The Sixteenth Annual General Meeting of Straits Resources Limited will be held at 11.00 am on Thursday 8th May 2008 at the Celtic Club, 48 Ord Street, West Perth, Western Australia. For personal use only STRAITS OVERVIEW Straits Resources Limited (SRL or Straits) is a diversified resources company focussed on generating strong and sustainable earnings for its shareholders from a balanced portfolio of resource projects. Based in Perth, Straits has a management team with an impressive track record of advancing resource projects through to commercial production. Straits controls and operates the Whim Creek copper operation in WA, the Tritton copper operation and Hillgrove antimony/gold mine in NSW, the Mt Muro gold mine in Indonesia and the Sebuku and Jembayan coal mines in Indonesia owned by Straits’ subsidiary Straits Asia Resources Limited (SARL or Straits Asia) which is listed on the Singapore Exchange. In addition Straits holds an outstanding portfolio of mining investments, development projects and exploration ground throughout Australia, Indonesia, Brunei and Madagascar. Straits also owns Varomet, a UK based physical metal distribution and marketing business. Bulk Commodities Straits’ holds 51 per cent of Straits Asia, which owns the Sebuku coal mine. Sebuku achieved production and sales in 2007 of 3.44 million tonnes and 3.45 million tonnes respectively. Total coal production was below the original target of 4.0 million tonnes due to extensive flooding that occurred in the middle part of the year (the usual dry season). Significant rainfall events were also recorded in late July, and culminated in the declaration of Force Majeure on the 30th July 2007. Additional pumping capacity was installed and the pit was dewatered by September 2007, enabling a record production of 1.26 million tonnes in the December quarter. Straits Asia continued to expand its regional footprint on and around Sebuku Island with the acquisition of two greenfields concessions on the northern part of the island. Together with the existing contract of work, Straits Asia has a significant regional footprint with excellent exploration upside. Recently, Straits Asia announced a 276 per cent increase in Sebuku’s total coal resources from 103 Mt at December 2006 to 387 Mt. In December 2007, Straits Asia completed the acquisition of the Jembayan thermal coal operation in East Kalimantan. The Jembayan operation covers an area of over 12,000 hectares and produced 4.0 million tonnes of coal in 2007. The Jembayan operation has excellent infrastructure with current crushing capacity of 5.5 million tonnes. In addition, there remains strong exploration upside with only half the existing concessions having been drilled. Thermal coal markets in Asia are experiencing unprecedented tightness due to supply constraints caused by infrastructure bottlenecks in Australia and South Africa. Energy demand throughout Asia, in particular China, continues to be strong. The outlook for thermal coal pricing is extremely favourable. Straits Asia have set a 2008 production and sales target for the combined Sebuku and Jembayan operations of approximately 9.5 Mt. During the year, Straits entered into a Joint Venture with Far East Energy Corporation Pty Ltd (FEE) to investigate the potential for future coal projects in Brunei, under an exclusive Memorandum of Understanding signed by FEE with the Government of Brunei Darussalam. Straits’ has the opportunity to earn up to 70 per cent of titles obtained by the Joint Venture. In January 2008 Straits acquired a 35 per cent stake in Red Island Minerals (RIM), which has an interest in coal tenements in the Sakoa area of Madagascar (RIM owns an 80 per cent interest in Madagascar Consolidated Mining which has certain coal rights in Madagascar). This provides Straits an interest in a next generation coal field, and whilst production rates can only be determined following further drilling and feasibility work, Straits believes the field is suited to a minimum 3-5 million tonnes per annum with the potential for rates significantly above this level. Elsewhere in the bulk commodities context, Straits is continuing to progress the approvals process for the Yannarie salt project in Western Australia. For personal use only Base Metals Total group copper production of 33,888 tonnes in 2007 maintains Straits as one of Australia’s leading copper producers, with copper production expected to increase significantly by 2009. In addition, the Hillgrove antimony, gold and tungsten project is currently being commissioned and expected to reach name plate capacity
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