Annual Report 2011 - Syrah Resources Ltd

Syrah Resources Limited
Notes to the financial statements
30 June 2011
Note 10. Non-current assets - exploration and evaluation (continued)
Reconciliations
Reconciliations of the written down values at the beginning and end of the current and previous financial year are set
out below:
Consolidated
Balance at 1 July 2009
Expenditure during the year
Write off of assets
Balance at 30 June 2010
Additions
Balance at 30 June 2011
Exploration &
evaluation
assets Total
$ $ $ $ $ $
- 1,091,428 1,091,428
393,220 393,220
(561,512) (561,512)
- - - - 923,136 923,136
1,136 1,136
- - - - 924,272 924,272
Both Lyndhurst and Lyndhurst South licences are currently under renewal, however there is no indication that the
tenement licences will not be granted to Syrah Resources Ltd.
The exploration expenditure relates to expenditure incurred on the Lyndhurst and Lyndhurst South projects. These
assets are both part of joint venture agreements with Zurich Resources whereby Zurich is required to meet
commitments to earn a 50% interest in the licence. In the instance of EL3550 Zurich was required to achieve PIRSA
renewal of the licence, and in the instance of EL3522 Zurich was required to spend $400,000 in a set timeframe. At
30 June 2010, Zurich Resources met the requirements to earn 50% interest in both licences. This transfer of interest
is currently being processed by PIRSA. Zurich also have an option to increase its interest to 80% by completing a
feasibility study on any prospect in each of the licences. This condition has not yet been met at 30 June 2011.
Note 11. Current liabilities - trade and other payables
Consolidated
2011 2010
$ $
Trade payables
Other payables
97,536 13,450
19,443 256,437
- - 116,979 269,887
Refer to note 17 for detailed information on financial instruments.
The Group has financial risk management policies in place to ensure that all payables are paid within the credit terms.
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