2011 Annual Report (3 April 2012) - Grange Resources

GRANGE RESOURCES LIMITED
32
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 year ended 31 December 2011.
During the prior 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
prior reporting period was a transitional one from 1 July 2010
to 31 December 2010 (i.e. six months). Reporting periods are
now prepared for a twelve month period from 1 January to 31
December. Due to the difference in the duration of the reporting
periods presented in the financial statements, the amounts
presented in the Statement of Comprehensive Income and the
Statement of Cash Flows are not entirely comparable.
Directors
The following persons were Directors of the Company during the
whole of the 12 month financial year ended 31 December 2011
and up to the date of this report:
Zhiqiang Xi
Neil Chatfield
Russell Clark
Clement Ko
John Hoon
Honglin Zhao
Information on Directors
Zhiqiang Xi, Age 56
Non-executive Chairman; Member of the Audit; Remuneration
and Nomination; and Health Safety and Environment 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 57
Deputy Non-executive Chairman; Chairman of Remuneration
and Nomination Committee; and Health, Safety and Environment
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 Nonexecutive
chairman of Virgin Australia Holdings Limited (since
June 2007) Mr Chatfield was previously an executive Director of
Toll Holdings Limited from 1998 to September 2008.
Russell St John Clark BSc, Grad Dip, ARSM, MIMM,
MAusIMM, CE, FAICD, JP Age 54
Managing Director and Chief Executive Officer; Member of the
Health, Safety and Environment Committee
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 58
Executive Director
Mr Zhao was an executive 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.), MBA, CA, FCPA, ACIS, CFP, GAICD,
Age 52
Non-executive Director; Chairman of Audit Committee, Member
of the Remuneration and Nomination Committee; and Health
Safety and Environment 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. Mr Hoon was appointed a Nonexecutive
Director of Drake Resources Limited in 2011.
Clement Ko LLB, MBA, Age 48
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 20
years of experience in the mining sector with extensive experience
in marketing and sales.
Overview
Review Of Operations
Corporate Governance