2010 Annual Report - Grange Resources

26 GRANGE RESOURCES LIMITED
DIRECTORS’ REPORT
The Directors present their report on the consolidated entity
(the “Group”) consisting of Grange Resources Limited (“Grange”
or “the Company”) and the entities it controlled at the end of, or
during, the six month period ended 31 December 2010.
During the current reporting period the Company received
confirmation from the Australian Securities and Investments
Commission (“ASIC”) of a change in its financial year end date
from 30 June to 31 December. This change means that the
current reporting period is a transitional one from 1 July 2010
to 31 December 2010 (i.e. six months). Reporting periods
thereafter will be prepared for a 12 month period from
1 January to 31 December.
Directors
The following persons were Directors of the Company during the
whole of the six month period ended 31 December 2010 and up to
the date of this report:
Zhiqiang Xi
Neil Chatfield
Russell Clark
Clement Ko
John Hoon
Mr Honglin Zhao was appointed a non-executive Director on
30 July 2010 and an executive Director on 1 December 2010
and continues in office at the date of this report.
Mr Wei Guo was a Director from the beginning of the financial
period until his resignation on 30 July 2010.
Information on Directors
Zhiqiang Xi, Age 55
Non-executive Chairman, Member of the Audit and Remuneration
and Nomination Committees
Mr Xi has more than six years experience in overseas project
implementation. He set up a trading subsidiary of Baosteel in
Australia in 1995 and presided over the company for four years.
He was involved in commercial and trading affairs at Baosteel
before he joined Shagang in January 2008. He was also involved
in finalising the documents of Baosteel’s two major overseas
mining joint ventures with Hamersley and CVRD respectively.
Neil Chatfield FCPA, FAICD, Age 56
Deputy non-executive Chairman, Chairman of Remuneration and
Nomination Committee, Member of the Audit Committee
Mr Chatfield is an experienced executive and non-executive
Director and has over 30 years experience in the resources and
transport sectors. He has extensive experience in financial
management, capital markets, mergers and acquisitions and risk
management. Mr Chatfield is currently a non-executive Director
of Seek Limited (since 2005), non-executive Director of
Whitehaven Coal (since 2007), Transurban Group (since 2009)
and non-executive chairman of Virgin Blue Holdings Limited
(since June 2007). Mr Chatfield was previously a Director of
Toll Holdings Limited from 1998 to September 2008.
Russell St John Clark BSc, ARSM, MIMM, MAusIMM, CE,
Age 53
Managing Director and Chief Executive Officer
Mr Clark was appointed as Managing Director of Grange on
6 March 2008. Mr. Clark holds a Mining Engineering degree
(BSc Hons) from the Royal School of Mines, London, UK and a
Graduate Diploma from the Securities Institute of Australia. In
addition he has undertaken a number of Executive Development
programs in Australia and the USA. Prior to joining Grange,
Mr Clark worked for Renison Goldfields for over 18 years and with
Newmont for 8½ years. He has over 34 years of mining experience
in Africa, Papua New Guinea, USA and throughout Australia,
in technical, project management, general management and
executive positions.
Honglin Zhao, Age 57
Executive Director
Mr Zhao was a Director on the Board of the Jiangsu Shagang
Group (“Shagang”), China’s largest private steel company. He has
35 years experience in the industry and was most recently the
Commander of Project Development Headquarters with Shagang.
Mr Zhao has extensive project management and implementation
experience and expertise.
John Hoon BA (Hons Acc.), MBA, CA, FCPA, ACIS, CFP,
Age 51
Non-executive Director, Chairman of Audit Committee, Member of
the Remuneration and Nomination Committee
Mr Hoon has a strong background in financial and audit matters
and has an extensive Australian and South East Asian business
network across a wide range of sectors. He was previously a
Director of Bao Australia Pty Ltd, a subsidiary of China Shanghai
Baosteel Corporation which is one of the largest listed companies in
China and which has numerous joint ventures with Australian mining
companies. In addition Mr Hoon, together with his associates,
successfully founded and established Navitas Limited, an Australian
listed company providing private business and English language
education.
Clement Ko LLB, MBA, Age 47
Non-executive Director
Mr Ko is the Chairman and sole shareholder of Pacific Minerals
Limited, the sole member of Pacific International Co Pty Ltd (one of
the current shareholders of Grange). Prior to founding Pacific
Minerals Limited, Mr Ko worked for BHP Billiton (China) Ltd as a
senior regional marketing manager. Mr Ko has more than 18 years
of experience in the mining sector with extensive experience in
marketing and sales.
Overview
Review Of Operations
Corporate Governance