2012 Annual Report (2 April 2013) - Grange Resources
2012 Annual Report (2 April 2013) - Grange Resources
2012 Annual Report (2 April 2013) - Grange Resources
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<strong>2012</strong> ANNUAL REPORT<br />
1<br />
PAGE<br />
About <strong>Grange</strong><br />
WESTERN<br />
AUSTRALIA<br />
Perth<br />
Southdown<br />
Savage River<br />
TASMANIA<br />
Hobart<br />
Our Business<br />
<strong>Grange</strong> <strong>Resources</strong> Limited (<strong>Grange</strong>), ASX Code: GRR, is Australia’s<br />
most experienced magnetite producer with 45 years of mining<br />
and production from its Savage River mine, and has a market<br />
capitalisation of approximately A$300 million as of 1 March <strong>2013</strong>.<br />
<strong>Grange</strong>’s operations consist principally of owning and operating<br />
the Savage River integrated iron ore mining and pellet production<br />
business located in the north-west region of Tasmania. The Savage<br />
River magnetite iron ore mine is a long life mining asset set to<br />
continue operation to 2030, with potential to further extend the mine<br />
life. At Port Latta, on the north-west coast of Tasmania, <strong>Grange</strong><br />
owns a downstream pellet plant and port facility producing over two<br />
million tonnes of premium quality iron ore pellets annually, with plans<br />
to increase annual production to 2.7 million tonnes. <strong>Grange</strong> has a<br />
combination of spot and contracted sales arrangements in place to<br />
deliver its pellets to customers throughout South East Asia.<br />
In addition, <strong>Grange</strong> is a majority joint venture partner in a major<br />
magnetite development project at Southdown, near Albany in<br />
Western Australia. The Southdown magnetite project, once<br />
developed, is expected to have the capacity to supply over four<br />
times the amount of iron ore produced at Savage River, at an<br />
annual production rate of 10 million tonnes of premium magnetite<br />
concentrate. In light of the current high cost development<br />
environment within Australia, the Company announced in late <strong>2012</strong><br />
that it was significantly reducing its expenditure on the project during<br />
<strong>2013</strong> whilst the Company continues its search for an equity partner<br />
for a strategic share of the Company’s interest in the project.<br />
Our Vision<br />
We will produce high quality steel making<br />
raw materials economically and effectively.<br />
Our operations will be efficient, flexible, and<br />
stakeholder focused.<br />
Our Values<br />
At <strong>Grange</strong> we ALL will...<br />
◆ ◆ Work safely<br />
◆ ◆ Lead and act with fairness, integrity, trust and<br />
respect<br />
◆ ◆ Be responsible and accountable for our actions<br />
◆ ◆ Utilise our resources efficiently and effectively<br />
◆ ◆ Engage with stakeholders and proactively<br />
manage our impact on their environment<br />
◆ ◆ Work together openly and transparently<br />
◆ ◆ Promote an environment in which our people<br />
can develop and prosper
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