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FMG Annual Report 2006

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FMG Annual Report 2006 FORTESCUE METALS GROUP LTD ANNUAL 2200600REPORT6 CONTENTS PAGE FORTESCUE METALS GROUP LTD ABN 57 002 594 872 ACN 002 594 872 Annual Financial Report 30 June 2006 Registered Office and Principal Place of Business; Level 2 87 Adelaide Terrace East Perth Western Australia 6004 02 Corporate Directory 03 Chairman’s Statement 04 Chief Executive Officer’s Statement 10 ASX Best Practice Recommendations 18 Directors’ Report 26 Remuneration Report 33 Auditors’ Independence Declaration 34 Income Statements 35 Balance Sheets 36 Statements of Cash Flows “THE NEW 37 Statements of Changes in Equity 40 Notes to the Consolidated Financial Statements FORCE IN 75 Director’s Declaration 76 Independent Audit Report IRON ORE” CORPORATE DIRECTORY FORTESCUE METALS GROUP LTD ABN 57 002 594 872 ACN 002 594 872 DIRECTORS SOLICITORS Gordon Toll - Chairman Clayton Utz Herb Elliott – Deputy Chairman 250 St Georges Terrace Andrew Forrest – Chief Executive Officer PERTH Graeme Rowley - Executive Director WESTERN AUSTRALIA 6000 Russell Scrimshaw - Executive Director Kenneth Ambrecht - Non-Executive Director Troika Legal Joseph Steinberg - Non-Executive Director 317 Murray Street Thomas Mara - Alternate for Joseph Steinberg PERTH WESTERN AUSTRALIA 6000 SECRETARIES Rod Campbell STOCK EXCHANGE Christopher Catlow The Company’s securities are quoted on the Official List of the Australian Stock Exchange Limited (ASX). REGISTERED OFFICE AND PRINCIPAL PLACE OF BUSINESS ASX CODE Level 2 87 Adelaide Terrace FMG EAST PERTH WESTERN AUSTRALIA 6004 Tel: +61 8 6218 8888 SHARE REGISTRY Fax: +61 8 6218 8880 Computershare Investor Services Pty Limited Level 2 WEBSITE & EMAIL 45 St Georges Terrace PERTH www.fmgl.com.au WESTERN AUSTRALIA 6000 [email protected] CORPORATE DIRECTORY CORPORATE GPO Box D182 PERTH AUDITORS WESTERN AUSTRALIA 6001 Tel: +61 8 9323 2000 BDO Fax: +61 8 9323 2033 Level 8 256 St Georges Terrace For any change in personal details, please contact PERTH Computershare. WESTERN AUSTRALIA 6000 NOTICE OF ANNUAL GENERAL BANKERS MEETING Citigroup The Annual General Meeting of Members of Fortescue 2 Park Street Metals Group Ltd will be held at Level 8, 2 The Esplanade, SYDNEY Perth, Western Australia on Friday, 17 November 2006 at NEW SOUTH WALES 2000 9.00am. ANZ A separate Notice of Meeting and Proxy Form are 77 St Georges Terrace enclosed. PERTH WESTERN AUSTRALIA 6000 2 CHAIRMAN’S STATEMENT Through the continuing commitment and energy of all staff and Roche Mining. Under the working banner of Team 45 and contractors, there have been a great many advances and with a collective of some 350 people, employees from during the past year. These milestones continue to pave Fortescue, WorleyParsons and Roche Mining are now the way for the implementation of Fortescue’s Pilbara working at one location in our new premises in East Perth Iron Ore and Infrastructure Project. The culmination of all to bring the project to fruition. this work was the successful capital raising of over A$3.2 Fortescue strives to be an employer of choice and to offer billion in August 2006 which has established the broad people a chance to grow and flourish with the Company. financial base to take the project through construction and The ability to develop talented people within a “green fields” well into production. environment is a unique opportunity not afforded to many Progress has been substantial across many project fronts companies. This also comes with a clear responsibility to from the completion of the Mining Definitive Feasibility ensure there are strong procedures and cultures developed Study, the determination of the Control Estimate Cost for to facilitate such development. The continuing refinement port and rail infrastructure through to the commencement of Fortescue’s corporate governance and human resources of works at the port site at Port Hedland in February 2006. practices reflects the Boards’ desire to drive this process Of equal importance has been the attention directed toward and to ensure an appropriate framework exists to guide Fortescue’s product development program where extensive the Company and its employees. product testing has been undertaken by both steel mills An extension of this responsibility is Fortescue’s and various other independent research bodies. determination to provide safe working conditions. It is very While the large scale and diverse nature of Fortescue’s pleasing to report that there have been no serious safety project may be daunting to some, each component part is issues or events over the life of the project and the Board driven by the basic business principle of increasing demand. is focused on the need to develop a safe working culture at Markets need more iron ore and the Pilbara needs an open all levels of the Company. access port and rail infrastructure provider. In conclusion, I would like to thank all stakeholders for In the context of world demand, the timing of Fortescue’s their commitment in helping bring this project to fruition. project coincides with highly favourable market conditions To my fellow Directors and staff at Fortescue, I would like FORTESCUE METALS GROUP LTD characterised by the continued strengthening of iron ore to express my sincere appreciation for their extraordinary ANNUAL demand. The prices paid on the international iron ore efforts. We have created, what I think will be judged by REPORT market have increased by over 100% since 2004. Given history as one of the greatest resource projects ever that steel is the basic building block of urbanisation and undertaken in Australia. A special thanks must go to given that one tonne of steel requires c.1.6 tonnes of iron our Chief Executive, Mr Andrew Forrest. He created 2006 ore, the strong growth rates being experienced in Asia, and and nurtured the vision. He has assembled a first class China in particular, is driving the market. management team and has lead it in giving substance to the vision and in achieving the considerable objectives The economic phenomenon occurring at Australia’s set by the Company. With Andrew’s vision and under his doorstep, presents an unique opportunity for mineral stewardship, the performance of Fortescue has outstripped commodity suppliers. The fact that Fortescue has a that of any company in the resources sector. Andrew has tenement foothold of some 35,500km2 within the Pilbara been working for a nominal salary since the Company first region – an area widely regarded as one of the world’s began some years ago. While we are very grateful for this richest mineral provinces – gives your Company an demonstrated dedication and commitment, the Board extraordinary platform for growth. now feels it must, in the coming months, consider an The development of a bulk commodity mining operation appropriate compensation for Andrew to both reward and in isolation of a related product transport and handling retain his services. These are exciting times for all involved infrastructure, is not practical in the Pilbara. There are and I know that the Company’s continuing engagement many mineral prospective sites within the Pilbara that are at all levels of industry, community and government will effectively land locked from markets. Fortescue is seeking maintain the momentum of the great enterprise created to change this with the introduction of the Pilbara’s first to date. open access integrated port and rail network. It is your Company’s ambition to provide services to both its own mining operation together with those of other mining companies that we believe will flourish in the region once transport options become available. While these external factors are driving the Company’s plans, it is the ability and willingness of individuals to Gordon Toll make it happen that truly underwrites a project. With this Chairman in mind, I am very encouraged by the growth of employee numbers and the development of an integrated working environment with our key project partners WorleyParsons 3 CHIEF EXECUTIVE OFFICER’S STATEMENT The commencement of Following the delineation of such a large reserve construction in February estimate, Fortescue, in association with its this year created strong independent mining consultant Snowden Mining momentum for the financing Industry Consultants, (“Snowden”) completed the and implementation of the Mining Definitive Feasibility Study which demonstrated group’s massive Iron Ore how this reserve could be commercially exploited to and Infrastructure Project. facilitate the 20+ year production profile. To start from scratch and move the Company to Management set a target of having the first three years that point and beyond has of production scheduled within a reserve estimate given your team enormous accorded the highest JORC classification of proved satisfaction. Combined with reserve. This was achieved in April 2006 when the the continuing momentum Company announced a proved reserve estimate of 121 of the international steel million tonnes. The balance of the reserve estimate industry, Fortescue’s inexorable march to become a pursuant to the mine plan is classified as a probable major new force in the supply of iron ore is nearing reserve of 932 million tonnes and this will provide journey’s end as our port, mine and rail plans swing into further material for upgrade studies as the project full construction. advances. Global circumstances aligned to create an extraordinary The Cloud Break and Christmas Creek mining leases opportunity to pursue a development of this scale and are contained across an area of approximately 770km2 nature. The following breakdown of the key project parts and comprise largely Marra Mamba ore from within the is provided as a concise overview of the progress made by Nammuldi member of the Hamersley Province. Beyond your team in their respective areas of responsibility and the initial mine life, the second stage exploration how they together form the integrated components of the objective is to develop other prospective areas within Company’s development plan.
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