Aspire Mining Limited
ABN 46 122 417 243
Annual Financial Report 30 June 2016
Aspire Mining Limited
Aspire Mining Limited
Contents Page
CORPORATE INFORMATION 1
DIRECTORS' REPORT 2
AUDITOR'S INDEPENDENCE DECLARATION 14
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 15
CONSOLIDATED STATEMENT OF FINANCIAL POSITION 16
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 17
CONSOLIDATED STATEMENT OF CASH FLOWS 18
NOTES TO THE FINANCIAL STATEMENTS 19
DIRECTORS' DECLARATION 49
INDEPENDENT AUDITOR'S REPORT 50
CORPORATE INFORMATION
ABN 46 122 417 243
Directors
Solicitors
Aspire Mining Limited
Mr David McSweeney (Non-Executive Chairman) Mr David Paull (Managing Director)
Mr Neil Lithgow (Non-Executive Director)
Ms Hannah Badenach (Non-Executive Director) Mr Gan-Ochir Zunduisuren (Non-Executive Director)
Company secretary Mr Philip Rundell Registered office
69 Kewdale Road,
WELSHPOOL WA, AUSTRALIA 6106
Telephone: (08) 9287 4555
Facsimile: (08) 9388 1980 Email: [email protected]
Principal place of business
AUSTRALIA
69 Kewdale Road,
WELSHPOOL WA, AUSTRALIA 6106
MONGOLIA
Sukhbaatar District, 1st Khooro Chinggis Avenue-8,
Altai Tower, 3rd Floor, Room 302
ULAANBAATAR
Share Register
Security Transfer Registrars Pty Ltd 770 Canning Highway
APPLECROSS WA 6153
T: +61 8 9315 2333
F: +61 8 9315 2233
Corrs Chambers Westgarth Lawyers Level 15, Woodside Plaza
240 St Georges Terrace PERTH WA 6000
Steinepreis Paganin
Level 4, The Read Buildings 16 Milligan Street
PERTH WA 6000
Bankers
National Australia Bank Level 1, 1238 Hay Street WEST PERTH WA 6005
Auditors
HLB Mann Judd
Level 4, 130 Stirling Street
PERTH WA 6000
KPMG
#602, Blue Sky Tower, Peace Avenue 17, 1 Khoroo Sukhbaatar District ULAANBAATAR 14240 MONGOLIA
Securities Exchange Listing
AKM
Website
www.aspiremininglimited.com
DIRECTORS' REPORT
Aspire Mining Limited
Your Directors submit the annual financial report of the consolidated entity consisting of Aspire Mining Limited ("Aspire" or "Company") and the entities it controlled during the financial year ended 30 June 2016.
In order to comply with the provisions of the Corporations Act 2001, the Directors report as follows:
Directors
The names of Directors who held office during or since the end of the year and until the date of this report are as follows. Directors were in office for this entire period unless otherwise stated.
Mr David McSweeney Non-Executive Chairman Mr David Paull Managing Director
Mr Neil Lithgow Non-Executive Director Ms Hannah Badenach Non-Executive Director
Mr Gan-Ochir Zunduisuren Non-Executive Director (appointed 21 March 2016) Mr Sado Demchigsuren Turbat Non-Executive Director (resigned 29 January 2016)
Names, qualifications, experience and special responsibilities Mr David McSweeney
Non-Executive Chairman Qualifications: LLB, MAICD
Mr McSweeney is an experienced mining company executive who has worked in the resources sector for over 25 years. Over this period, Mr McSweeney has overseen the discovery of a number of gold, copper and iron ore deposits in Western Australia and Europe. As the founder and CEO of ASX listed Gindalbie Metals Ltd from 1994 to 2006, Mr McSweeney oversaw the discovery and development of two gold mining production centres and the discovery and outline of the development of the Karara iron ore mining centre in the midwest region of Western Australia. Mr McSweeney is the founding Director of Exco Resources Ltd and the founding Chairman of Avalon Minerals Ltd.
Mr McSweeney has had no other public company Directorships in the last three years.
Mr David Paull Managing Director
Qualifications: B.Com, FSIA, MBA (Cornell)
Mr Paull has over 20 years' experience in resource business development and industrial minerals marketing. For the past four years, Mr Paull has been Managing Director of Aspire after being involved in the recapitalisation of the Company and redirection to targeting Mongolian coking coal assets.
Mr Paull was appointed as Executive Director of the Company on 12 February 2010 and as Managing Director on 1 July 2010.
Prior to joining Aspire, Mr Paull was active in public and private resource companies' and was previously Executive General Manager of Sons of Gwalia Limited, responsible for lithium and tantalum production.
Mr Paull has had no other ASX listed public company Directorships in the last three years. Mr Paull was appointed a Director of AIM listed Hunter Resources PLC on 28 December 2012 and remains a Director of that company.