King Island Scheelite Limited
ABN 40 004 681 734
Annual Report
For the year ended 30 June 2016
CORPORATE DIRECTORY
DIRECTORS
JOHANN JACOBS (EXECUTIVE CHAIRMAN)
CHRIS ELLIS (EXECUTIVE DIRECTOR)
ALLAN DAVIES (NON-EXECUTIVE DIRECTOR)
PROJECT MANAGER
ALVIN JOHNS
COMPANY SECRETARY AND CHIEF FINANCIAL OFFICER
IAN MORGAN
FINANCIAL CONTROLLER
SUE JOLLIFFE
REGISTERED OFFICE & PRINCIPAL PLACE OF BUSINESS
SUITE 26.01
LEVEL 26, 259 GEORGE STREET GPO BOX 5154
SYDNEY NSW
TELEPHONE: +61 2 8622 1400
FACSIMILE: +61 2 8622 1401
WEB SITE: www.kingislandscheelite.com.auEMAIL:[email protected]
AUDITOR
KPMG
TOWER THREE INTERNATIONAL TOWERS 300 BARANGAROO AVENUE SYDNEY NSW
TELEPHONE: +61 2 9335 7000
FACSIMILE: +61 2 9335 7001
WEB SITE: www.kpmg.com.au
SHARE REGISTRY
COMPUTERSHARE INVESTOR SERVICES PTY LTD YARRA FALLS
452 JOHNSTON STREET ABBOTSFORD VIC 3067 TELEPHONE:
+61 3 9415 5000 (main switchboard)
+61 3 9415 4000 (investors)
1300 850 505 (investors within Australia) FACSIMILE: +61 3 9473 2500
WEB SITE: www-au.computershare.com
ASX
KING ISLAND SCHEELITE SHARES ARE LISTED ON THE AUSTRALIAN SECURITIES EXCHANGE (ASX CODE: KIS)
TABLE OF CONTENTS
CORPORATE DIRECTORY 2
TABLE OF CONTENTS 3
DIRECTORS' REPORT 4
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME 18
CONSOLIDATED STATEMENT OF FINANCIAL POSITION 19
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 20
CONSOLIDATED STATEMENT OF CASH FLOWS 21
NOTES TO THE FINANCIAL STATEMENTS 22
DIRECTORS' DECLARATION 41
AUDITOR'S INDEPENDENCE DECLARATION 42
INDEPENDENT AUDITOR'S REPORT 43
ADDITIONAL SHAREHOLDER INFORMATION 45
DIRECTORS' REPORT
The directors present their report, together with the financial statements, of the consolidated entity (referred to hereafter as the 'consolidated entity' or the 'Group') consisting of King Island Scheelite Limited (referred to hereafter as the 'Company' or 'parent entity') and the entities it controlled at the end of, or during, the year ended 30 June 2016.
DIRECTORS
The Directors of the Company at any time during or since the end of the financial year are:
Johann Jacobs (Executive Chairman) B.Acc, MBL, FCA, FAICD
Appointed 30 November 2012
Johann has over 35 years' experience in the resources industry in Australia, South Africa and Indonesia. He was, until 4 June 2014, Non-Executive Chairman of ASX listed Magnis Resources Ltd (ASX: MNS) (formerly Uranex Limited), where he continues as a Non-Executive Director. In addition, he is Non-Executive Director of Australian Zircon NL. He was a non-executive director of TW Holdings Limited (ASX: TWH) (resigned 18 November 2014). Johann is a Fellow member of the Institute of Chartered Accountants Australia and New Zealand and the Australian Institute of Company Directors.
Christopher Ellis (Executive Director) B.Sc Hons
Appointed 8 November 2012
Chris has over 35 years' experience in the exploration and mining industry in Australia and overseas. He was a founding member and Executive Director of coal mining company Excel Coal Limited, which became Australia's largest independent coal mining company before being acquired by Peabody Energy Inc. in October 2006. Chris commenced his career in the UK coal industry, followed by positions within Shell's exploration group in Southern Africa and CRAE in Western Australia. He has also held senior positions for BP Coal (London and USA), Agipcoal Australia and for the Stratford Joint Venture. Chris has core skills in geology, mining engineering and minerals processing, mainly in the coal industry with some experience in tungsten, gold, base metals and diamonds. He has had overall responsibility for the design and engineering of four new mines during his career with Excel. Chris is a Non-Executive Director of Ausquest Limited (ASX: AQD).
Allan Davies (Independent Non-Executive Director)
B.E (Mining)
Appointed 30 September 2013
Allan is a mining engineer and has over 40 years' experience in the Australian and international coal and metalliferous mining industries. He is a registered mine manager in Australia and South Africa. Allan was a founding Director of Excel Coal Limited and as Executive Director - Operations for Excel Coal Limited, Allan had direct responsibility for operations and construction projects. From 2000 until early 2006, Allan worked for Patrick Corporation as Director, Operations. In addition, he was an Executive Director of Whitehaven Coal from February 2009 until November 2012 and a Non- Executive Director of QR Limited and QR National Limited (now called Aurizon Ltd) from October 2008 until December 2011. He is currently a Non-Executive Director of Qube Holdings (ASX: QUB).
COMPANY SECRETARY
Ian Morgan
B Bus (NSW Institute of Technology), M Com Law (Macquarie University), Grad Dip App Fin (Securities Institute of Australia) CA, ACIS, MAICD, F Fin
Ian was appointed Company Secretary on 3 August 2005. He is a Chartered Accountant and Chartered Company Secretary with over 35 years' experience and provides secretarial and advisory services to a range of companies, including holding the position of Company Secretary for other listed public companies.