Download - Mintek

More documents

Recommendations

Info

$Furnace refractory erosion - Mintek$

FRAUD COMMITTEEMintek has instituted a fraud prevention plan that incorporates principles contained in the Public Sector Anti-Corruption Strategy, and which focuses particularly on creating awareness and promoting ethical businessconduct. The Fraud Committee, which consists of standing members with roles in Finance and Security aswell as a neutral Chairperson, is tasked with an ongoing review of the effectiveness of internal controls.MANAGEMENTMintek is managed by a CEO assisted by four General Managers. Together, they make up Mintek’sExecutive Management team, which meets on a regular basis to review strategic and operational issues.Executive Management is supported by 16 formally appointed divisional managers who are in charge ofMintek’s operating divisions and centralised support functions.OPERATIONAL PERFORMANCEMintek reports to the Department of Minerals and Energy (DME) and is also accountable to theDepartment of Science and Technology (DST) for its Research and Development (R&D) andorganisational, innovation and learning, human resources and transformation perspectives, determinedby the National Council for Innovation (NACI), provide Mintek with a basis for evaluating its activities.should the need arise.Mintek’s Executive Committee meets on a weekly basis and the Management Committee convenesNovember and presented at the December Board meeting for approval.GOING CONCERNSAFETY, OCCUPATIONAL HEALTH AND ENVIRONMENTAL MANAGEMENTAs a responsible corporate citizen, Mintek acknowledges its obligation to its employees and the communitiesit serves to conform in its operations to safety, health and environmental laws and the internationally acceptedstandards and practices.annual report 2007 54
AUDIT COMMITTEE REPORTThe Audit Committee has adopted appropriate formal terms of reference, which havereference.In undertaking its responsibilities, the Audit Committee has reviewed the following:• The effectiveness of the internal control systems;• The effectiveness of the internal audit function;• The risk areas of the entity to be covered in the scope of the internal and external audits; users of such information; • Compliance with legal and regulatory provisions;• The activities of the internal audit function;• The independence and objectivity of the external auditors; and,• The scope and results of the external audit function.The Audit Committee is also responsible for:• Reporting to the Mintek Board and the Auditor-General where the report implicates any members ofthe accounting authority in fraud, corruption or gross negligence;• Communicating any concerns it deems necessary to the Mintek Board;• Encouraging communication between members of the Mintek Board, senior executivemanagement, the internal auditors and the external auditors;• Conducting investigations within the terms of reference;• Concurring with the appointment of the in-house internal audit function;• Approving the internal audit work plan; and,• Setting the principles for recommending the use of the external auditor for non-auditservices.during the year under review and that these controls have functioned effectively duringthe period. The Audit Committee considers Mintek’s internal controls and systems to beappropriate in all material respects to:• Reduce the entity’s risks to an acceptable level;• Meet the business objectives of the entity;• Ensure the entity’s assets are adequately safeguarded; and,• Ensure that the transactions undertaken are recorded in the entity’s records.statements for the year ended 31 March 2006 due to non-compliance of generally acceptedaccounting practice in the determination of residual lives/values of assets, asset impairmentand revenue recognition. The audit opinion expressed stated that, except for the effect ofbalance sheet date.55annual report 2007
Page 1 and 2:
MINTEKANNUALREPORT2007
Page 3 and 4:
MINTEKANNUAL REPORT2007CONTENTSMint
Page 5 and 6: THE MINING VALUE CHAINTechnologies
Page 7 and 8: CHAIRMAN’S REVIEWI am pleased to
Page 9 and 10: Mr Harold Motaung, and new members
Page 11 and 12: CEO’S REPORTAs a result of the ph
Page 13 and 14: income grew frommillion in 2006/07,
Page 15 and 16: of the Mineral Development Branch a
Page 17 and 18: Organisational perspective Measure
Page 19 and 20: TECHNICAL REVIEWGOLD INDUSTRYAuTEK
Page 21 and 22: expected to be complete by the four
Page 23 and 24: of ore types and concentrate compos
Page 25 and 26: vast resources of iron, vanadium, a
Page 27 and 28: partitioned into several operating
Page 29 and 30: The recent interest shown in this t
Page 31 and 32: oute to remove the quartz and hemat
Page 33 and 34: COMMERCIALACTIVITIESMintek’s comm
Page 35 and 36: Heap leaching of nickel lateritesHe
Page 37 and 38: CAPITAL EQUIPMENTA 125 kilogram per
Page 39 and 40: MINERAL POLICYAND SUSTAINABLEDEVELO
Page 41 and 42: REACHAt the beginning of 2006, MESU
Page 43 and 44: KGABANE JEWELLERY INITIATIVEThe Kga
Page 45 and 46: PEOPLEHUMAN CAPITAL MANAGEMENTMinte
Page 47 and 48: management, relationships, and lega
Page 49 and 50: Science, engineering and technology
Page 51 and 52: Jourdan PP. Links with Domestic Ind
Page 53 and 54: ANNUALFINANCIAL STATEMENTSFOR THE Y
Page 55: INTERNAL CONTROLMintek maintains in
Page 59 and 60: DIRECTORS’ REPORTThe directors ta
Page 61 and 62: REPORT OF THE AUDITOR-GENERALREPORT
Page 63 and 64: OTHER REPORTING RESPONSIBILITIESRep
Page 65 and 66: FINANCIAL STATEMENTS AND NOTES 2007
Page 87 and 88: AfDB - African Development BankAMI
show all

Download - Mintek

Create successful ePaper yourself

Delete template?

Save as template?