ANNUAL REPORT 2006

More documents

Recommendations

Info

P L AT I N U M A U S T R A L I A A N N U A L R E P O R T 2 0 0 6 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2006 NOTE 15: COMMITMENTS AND CONTINGENCIES (continued) Contingencies (a) Native Title Claims Legislative developments and judicial decisions (in particular the uncertainty created in the area of Native Title rights by the High Court’s decisions in the “Mabo”, “Wik” and “Miriuwung-Gajerrong” cases and native title legislation) may have an adverse impact on the Consolidated Entity’s exploration and production activities and its ability to fund those activities. It is impossible at this stage to quantify the impact (if any) which these developments may have on the Consolidated Entity’s operations. The Company is aware of native title claims in respect of areas in which the Consolidated Entity currently has an interest. It is possible that further claims could be made in the future. However, the Company cannot determine whether any current or future claims, if made, will succeed and if so, what the implications would be for the Consolidated Entity. In the case of the Panton project, however, as these leases were granted prior to January 1994 there are no native title implications. (b) (c) Performance Bonds As disclosed in Note 6(b)(i), the Consolidated Entity has provided performance bonds amounting to $116,500 (2005: $106,500) to the Department of Industry and Resources in respect of compliance with environmental conditions in relation to certain tenements. South African Bank Guarantee As disclosed in Note 6(b)(ii), the Consolidated Entity has provided a bank guarantee amounting to ZAR12,047,500 to secure the acquisition of an interest in the Smokey Hills Project and is subject to the Government approval of the transfer of a new order right. Refer to Note 20(c) for details of a subsequent event in relation to this matter. NOTE 16: JOINT VENTURES At 30 June 2006 the Consolidated Entity has interests in unincorporated joint ventures as follows: Joint Venture Percentage Interest Principal Activities Melville 25% Mineral Exploration – Free Carried Kalplats 0% Mineral Exploration – Earning in 12–49% 24 Rivers* 0% Mineral Exploration – Earning in 30-74% There are no assets held in these joint ventures. * Refer to Note 20(a). page 62
NOTE 17: INTEREST IN ASSOCIATE Name: PlatTech Pty Ltd Balance date: 30 June Ownership interest held by parent entity: 50% Principal Activity: The associated company holds the intellectual property rights subsisting in the Leachate Process. NOTE 18: RELATED PARTY DISCLOSURES A N N U A L R E P O R T 2 0 0 6 Transactions with related parties are on normal commercial terms and conditions no more favourable than those available to other parties unless otherwise stated. Directors and Specified Executives Disclosures relating to Directors and Specified Executives are set out in the Directors’ Report under the section titled Remuneration Report. Subsidiaries The ultimate parent entity in the wholly owned group is Platinum Australia Ltd. NOTE 19: WHOLLY OWNED GROUP The wholly owned group consists of the Company and its wholly owned subsidiaries set out in Note 8. Transactions between Platinum Australia Limited and other entities in the wholly-owned group during the year ended 30 June 2006 consisted of: (a) (b) Loans advanced by Platinum Australia Limited; and The charging of time by Platinum Australia Limited to the wholly owned subsidiaries to recover costs. Parent 2006 2005 $ $ Aggregate amounts receivable from entities in the wholly-owned group at balance date Non-current receivables 22,681,668 19,054,305 Less Accumulated impairment (22,681,668) (16,545,847) - 2,508,458 page 63
Page 1 and 2:
ANNUAL REPORT 2006
Page 3 and 4:
ITEM PAGE Chairman’s Report 2 Rev
Page 5 and 6:
Interpretation of detailed aeromagn
Page 7 and 8:
PLATINUM GROUP METALS Platinum Aust
Page 9 and 10:
Project Development PLA has complet
Page 11 and 12:
• Cash Operating Cost of US$226/o
Page 13 and 14: Project Development Platinum Austra
Page 15 and 16: A N N U A L R E P O R T 2 0 0 6 Pan
Page 17 and 18: The Board is responsible for settin
Page 19 and 20: The Chairman of the Board will chai
Page 21 and 22: DIRECTORS’ REPORT The directors o
Page 23 and 24: 3. PRINCIPAL ACTIVITIES The princip
Page 25 and 26: B Details of Remuneration (this inf
Page 27 and 28: Milestone 1 was achieved in July 20
Page 29 and 30: 13. ENVIRONMENTAL COMPLIANCE The Co
Page 31 and 32: CONSOLIDATED INCOME STATEMENT FOR T
Page 33 and 34: CONSOLIDATED CASH FLOW STATEMENT FO
Page 35 and 36: CONSOLIDATED STATEMENT OF CHANGES I
Page 37 and 38: NOTE 1: STATEMENT OF SIGNIFICANT AC
Page 49 and 50: NOTE 3: INCOME TAX Consolidated 200
Page 51 and 52: NOTE 4: SEGMENT REPORTING (continue
Page 53 and 54: NOTE 6: CASH AND CASH EQUIVALENTS 2
Page 55 and 56: NOTE 7: RECEIVABLES Current 2006 $
Page 57 and 58: NOTE 9: PROPERTY, PLANT AND EQUIPME
Page 59 and 60: NOTE 10: SHARE BASED PAYMENT PLANS
Page 61 and 62: NOTE 13: CONTRIBUTED EQUITY AND RES
Page 63: NOTE 14: FINANCIAL INSTRUMENT DISCL
Page 67 and 68: NOTE 22: KEY MANAGEMENT PERSONNEL D
Page 69 and 70: NOTE 23: TRANSITION TO AIFRS (conti
Page 71 and 72: NOTE 24: CHANGES TO ACCOUNTING STAN
Page 73 and 74: DIRECTORS’ DECLARATION 1. In the
Page 75 and 76: Independence In conducting our audi
Page 77 and 78: SHAREHOLDERS INFORMATION AT 28 SEPT
Page 80: 3rd Floor, 18 Richardson Street Wes
show all

ANNUAL REPORT 2006

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?