Annual Report 2011 - Syrah Resources Ltd

More documents

Recommendations

Info

Contents 1 Letter from the Chairman 2 Review of Operations 5 Directors’ Report 16 Auditor’s independence declaration 17 Financial Report 18 - Statement of comprehensive income 19 - Statement of financial position 20 - Statement of changes in equity 21 - Statement of cash flows 22 - Notes to the financial statements 46 - Directors’ declaration 47 Independent auditor’s report to the members of Syrah Resources Limited 50 Corporate Governance Statement 56 Shareholder information Corporate Directory Board of Directors Tom Eadie (Chairman) Alistair Campbell (Managing Director) Terry Lees (Exploration Director) Company Secretary Melanie Leydin Registered office and principal place of business Level 9, 356 Collins Street MELBOURNE VIC 3000 Ph: 03 9670 7264 Fax: 03 9642 0698 Web: www.syrahresources.com.au Share Registry Security Transfer Registrars Pty Ltd Alexandra House Suite 1, 770 Canning Highway APPLECROSS WA 6153 Auditor Grant Thornton Audit Pty Ltd Stock Exchange Listing Syrah Resources Limited shares are listed on the Australian Securities Exchange (ASX code: SYR)
Letter from the Chairman Dear Shareholders During the past financial year the Company has continued to shape its portfolio of business development opportunities by responding to opportunity as well as reducing risk where appropriate. In June 2011, Syrah signed a term sheet to acquire Aramis Resources Ltd. This acquisition would have enabled Syrah to explore under joint venture a portfolio of granted licences in Ethiopia. Unfortunately, due to a number of material adverse events which arose during due diligence, this deal was not completed. The Company continues to actively pursue new ventures to increase its exploration portfolio, with a focus on advanced prospects that provide good scope for early development. In Saudi Arabia, Syrah has submitted 26 exploration licence applications covering over 2,000km2 of the Arabian Shield. A number of the applications are now substantially progressed in the Saudi government approval process. The slow progress with the processing of these applications has been frustrating, and the company continues to work actively towards the introduction of a Saudi partner to assist with obtaining the grant of the applications. At the Lyndhurst Project in South Australia, JV partner Zurich Resources Pty Ltd has made good progress by identifying several high priority drilling targets based on geochemical and geophysical anomalies. Initially Zurich targeted near surface oxide copper mineralisation similar to the White Lead mineralisation identified by Syrah. However through its geophysical programs, Zurich has also identified a large, deep seated sulphide target. Zurich has earned 50% ownership of both of the Lyndhurst licences by meeting agreed expenditure commitments. The next phase of work comprises the drilling of these targets, which should occur in the 2011/2012 financial year. I would like to thank the Board, staff and contractors for their commitment and effort during the 2010/2011 financial year. Tom Eadie Chairman 1 Syrah Resources Limited Annual Report 2011
Page 1: Syrah Resources Limited Annual Repo
Page 5 and 6: Saudi Arabia Syrah holds 26 Explora
Page 7 and 8: Syrah Resources Limited Directors'
Page 19 and 20: Syrah Resources Limited Financial r
Page 21 and 22: Syrah Resources Limited Statement o
Page 23 and 24: Syrah Resources Limited Statement o
Page 25 and 26: Syrah Resources Limited Notes to th
Page 49 and 50: Grant Thornton Audit Pty Ltd ACN 13
Page 51 and 52: 3 Report on the remuneration report
Page 53 and 54:
Syrah Resources Limited Corporate G
Page 55 and 56:
Page 57 and 58:
Page 59 and 60:
Syrah Resources Limited Shareholder
show all

Annual Report 2011 - Syrah Resources Ltd

Create successful ePaper yourself

Delete template?

Save as template?