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DIRECTORS’ REPORTThe directors take pleasure in submitting their report and the Annual Financial Statements forthe year ended 31 March 2007.PROFILEMintek is incorporated as a public company in South Africa in terms of the Companies Act, 1973, asamended, and is listed as a national government business enterprise in schedule 3B of the Public FinanceManagement Act (PFMA), 1999, as amended.The Board of Directors acts as the accounting authority in terms of the PFMA.FINANCIAL RESULTSMindev, for the year 31 March 2007.REPORTING STANDARDSThe Mintek Group’s Annual Financial Statements comply with South African Statements of Generally AcceptedAccounting Practice and the PFMA.ORGANISATIONAL STRUCTUREMintek’s organisational structure is shown on page 8 of the annual report.PRINCIPAL ACTIVITIESMintek, South Africa’s national mineral research organisation, is an autonomous statutory organisationestablished to ensure the sustainability and growth of the minerals industry through technologydevelopment and transfer. In terms of its mandate under the Mineral Technology Act 30 of 1989,Mintek’s major goals are:• to contribute to wealth creation and poverty alleviation; and,• to develop the requisite human capital to sustain the mining and minerals sector.developing competitive and innovative processing technology and equipment;• strengthening South Africa’s international position as a supplier of mineral technologies, capitalgoods and services; and,• developing regional strategies for the mineral processing sector, concentrating onvalue-addition, capacity-building and broad-based development.FINANCIAL AFFAIRSReview of operationsRevenuemillion compared to the previous year.• The increase is due mainly to growth in commercial and earmarked income. This growth canbe attributed to Mintek having adopted a strong commercial focus with an aggressive marketingeffort and the commodities boom.57annual report 2007