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Annual Report and Annual General Meeting 17 September 2010 To: Company’s Announcement Office ASX Limited STRAITS RESOURCES LIMITED – Annual Report and Annual General Meeting Please find attached the Straits Resources Limited 2010 Annual Report. It is anticipated that the hard copy version of the Annual Report and Notice of Annual General Meeting and Explanatory Statement will be posted to shareholders on 8 October 2010. Straits Resources Limited will hold its 2010 Annual General Meeting on Thursday 11 November 2010 at 11:30 am (Perth time) at the Celtic Club, 48 Ord Street, West Perth, Western Australia. Straits Resources Limited Mark Hands Company Secretary About Straits Resources Straits Resources is an ASX 200 diversified resources company focussed on generating strong and sustainable earnings for its shareholders from a balanced portfolio of resource projects and investments. Based in Perth, the company has a management team with an impressive track record of advancing resource projects through to full production. Straits controls and operates the Tritton Copper Operation and Hillgrove antimony/gold mines in NSW and the Mt Muro gold mine in Indonesia. Straits also holds 40% of PTT Asia Pacific Mining Pty Ltd which holds 45.60% of Straits Asia Resources which is listed on the Singapore Exchange. Straits Asia controls and operates the Sebuku and Jembayan coal mines in Indonesia. In addition, Straits has an exposure to an outstanding portfolio of mining investments, development projects and exploration ground throughout Australia and Indonesia. Straits Resources also owns GfE and Magontec, European based specialty metals businesses. STRAITS RESOURCES LIMITED ABN 22 056 601 417 Level 1 35 Ventnor Avenue West Perth WA 6005 Australia | PO Box 1641 West Perth WA 6005 T: +61 8 9480 0500 F: +61 8 9480 0520 E: [email protected] www.straits.com.au ANNUAL REPORT 30 JUNE 2010 STRAITS RESOURCES LIMITED A.C.N. 056 601 417 CONTENTS Page CONTENTS .................................................................................................................................................................................. 2 BUILDING ON OUR STRENGTHS ........................................................................................................................................... 3 STRAITS OVERVIEW ................................................................................................................................................................ 4 FIVE YEAR SUMMARY ............................................................................................................................................................ 7 CHAIRMAN’S STATEMENT ..................................................................................................................................................... 8 CHIEF EXECUTIVE OFFICER’S REVIEW .............................................................................................................................10 REVIEW OF OPERATIONS AND ACTIVITIES .................................................................................................................... 12 STRATEGIC COAL ALLIANCE .............................................................................................................................................. 14 BASE METALS .......................................................................................................................................................................... 16 PRECIOUS METALS ................................................................................................................................................................. 19 SPECIALTY METALS .............................................................................................................................................................. 21 EXPLORATION ......................................................................................................................................................................... 22 EMPLOYEE RELATIONS ........................................................................................................................................................ 25 OCCUPATIONAL HEALTH & SAFETY ................................................................................................................................ 27 ENVIRONMENT ........................................................................................................................................................................ 28 COMMUNITY RELATIONS .................................................................................................................................................... 29 MINERAL RESOURCE STATEMENT.....................................................................................................................................30 ORE RESERVE STATEMENT ................................................................................................................................................. 32 CORPORATE GOVERNANCE ................................................................................................................................................ 34 DIRECTORS’ REPORT ............................................................................................................................................................. 39 AUDITORS’ INDEPENDENCE DECLARATION .................................................................................................................. 57 FINANCIAL STATEMENTS .................................................................................................................................................... 58 AUDIT OPINION ..................................................................................................................................................................... 159 SHAREHOLDER INFORMATION ........................................................................................................................................ 161 TOP TWENTY SHAREHOLDERS.........................................................................................................................................162 GLOSSARY .............................................................................................................................................................................. 163 CORPORATE DIRECTORY ...................................................................................................................................................164 Annual General Meeting The Nineteenth Annual General Meeting of Straits Resources Limited will be held at 11:30 am on Thursday 11 November 2010 at the Celtic Club, 48 Ord Street, West Perth, Western Australia. 2 BUILDING ON OUR STRENGTHS Straits has weathered the difficulties experienced by many resources companies over the past 18 months and has made substantial progress in rebuilding our core businesses as an effective and well funded operating group with a diversified asset base well positioned for a strong and successful future. We have invested in our operating assets at the Mt Muro Gold Mine and the Tritton Copper Mine to ensure optimum medium and long term gains from these operations. Our definition of significant resource extensions at our operations continues, as does our search for major new resource discoveries, particularly our exploration programmes through Goldminco in New South Wales and at the Torrens Project in South Australia. These hold significant promise going forward. We also hold significant exposure to coal and bulk commodities through our investment in PTT APM. We are continuing to simplify and strengthen our balance sheet through divesting non- core assets and this will help to ensure our continuing strong foundation for the future. Straits has a significant breadth and depth of management expertise in our core areas of discovery, development, acquisition and operation of mines. We are well positioned to build on this and to maximise the opportunities in a market that is projected to see an increased demand across the minerals complex. Highlights . All business units other than Hillgrove showed improved year on year financial performance . EBITDA loss of $5.6 million from continuing operations (down from $123.4 million loss in 2009) - Hillgrove EBITDA loss of $13.3 million (suspended operations costs) . Loss of $69.4 million - Includes $72.3 million impairment against Hillgrove project - All other business units showed improved financial performance year on year - Loss from continuing activities of $18.5 million ($144.0 million loss in 2009) . $62.0 million invested in Capital, Development and Exploration . Cash and Liquid Assets of $253.3 million at year end - Net cash position of $173.2 million (net of Convertible Note) . Shareholder returns - Final Dividend of 5 cents per share (unfranked) payable 8 October 2010 - On-market share buy back announced 31 August 2010 - 30 cent per share dividend was paid in October 2009 . Straits Asia investment valued at $348 million - $20 million of profits and $13 million of dividends recognised in 2010 3 STRAITS OVERVIEW Our Strategy Our purpose is to create sustainable earnings and long-term value for shareholders through the discovery, development, acquisition and the efficient operation of mines. Straits has an emerging base and precious metals business. We have had a year of re-investment into our core mining operations at Tritton and Mt Muro. Our short term goal is to attain
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