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$Furnace refractory erosion - Mintek$

AssetsCapital ExpenditureCapital expenditure for the year amounted to R19.3 million (2006: R19.8 million). The Group disposed of assets witha net book value of R0.4 million during the year under review.PropertyThe reassessment of the useful life of all assets resulted in a reversal of R21 063 of previous year’s excessprior to 2005/2006.InvestmentsDuring the year under review, the Group disposed of its entire shareholding in Mogale Alloys (Proprietary)Limited for a consideration of R33 million inclusive of a loan amount of R7 million. This amount is payable intwo installments by 30 April 2008.JUDICIAL PROCEEDINGSThe directors are not aware of any judicial proceedings against Mintek.POST BALANCE SHEET EVENTSFebruary 2006 to June 2007 amounting to R2.9 million. The employees in question are no longer in thesuffered. Full disclosure was made in Note 34 of the Annual Financial Statements.SUBSIDIARIESAnnual Financial Statements.THE DIRECTORS OF MINTEKDr. PP Jourdan Mr. MG Khumalo – ChairpersonMr. MA MngomezuluDr. F CrundwellProf. PE NgoepeMs. FG MthethwaMr. R HavensteinMr. VP PillayDr. NP NjoliMr. TY DubeMr. P TaljaardAs at 1 March 2007, the newly appointed directors of Mintek are: Mr. H Motaung – ChairpersonMs. FG MthethwaMr. R HavensteinMr. S SikhosanaMr. M NtilaneMs. L MhlabeniDr. J BredellMr. M MphomelaDr. B SehlapeloThe secretary of Mintek is Ms. V Moonsamy, and her business and postal addresses are as follows:200 Hans Strijdom Drive Private Bag X3015RandburgRandburg2125 2125annual report 2007 58
REPORT OF THE AUDITOR-GENERALREPORT OF THE AUDITOR-GENERAL TO PARLIAMENT ON THE GROUP FINANCIALSTATEMENTS AND PERFORMANCE INFORMATION OF THE COUNCIL FOR MINERALTECHNOLOGY (MINTEK) FOR THE YEAR ENDED 31 MARCH 2007.REPORT ON THE FINANCIAL STATEMENTSIntroductionand other explanatory notes, as set out on pages 62 to 84.statements in accordance with SA GAAP and in the manner required by the Public Finance ManagementAct, 1999 (Act No. 1 of 1999) (PFMA) [Auditor-General Audit Circular 1 of 2005 and the Companies Act ofSouth Africa] Mineral Technology Act, 1989 (Act No.30 of 1989). This responsibility includes:• designing, implementing and maintaining internal control relevant to the preparation and fairerror ;• selecting and applying appropriate accounting policies; and,• making accounting estimates that are reasonable in the circumstances.Responsibility of the Auditor-GeneralAs required by section 188 of the Constitution of the Republic of South Africa, 1996 read withsection 4 of the Public Audit Act, 2004 (Act No. 25 of 2004) and section 12(2) of the MineralTechnology Act, 1989 (Act No.30 of 1989), my responsibility is to express an opinion on theseI conducted my audit in accordance with the International Standards on Auditing and GeneralNotice 645,647 and 648 of 2007, issued in Government Gazette No. 29919 of May 2007 onPFMA or unlisted entities as applicable and General Notice 646 of 2007, issued in GovernmentGazette No. 29919 of May 2007 on auditing of performance information. Those standardsrequire that I comply with ethical requirements and plan and perform the audit to obtainAn audit involves performing procedures to obtain audit evidence about the amounts andstatements, whether due to fraud or error. In making those risk assessments, the auditorstatements in order to design audit procedures that are appropriate in the circumstances, but notfor the purpose of expressing an opinion on the effectiveness of the entity’s internal control.An audit also includes evaluating the:• appropriateness of accounting policies used;• reasonableness of accounting estimates made by management; and,59annual report 2007
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MINTEKANNUALREPORT2007
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MINTEKANNUAL REPORT2007CONTENTSMint
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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 and 56: INTERNAL CONTROLMintek maintains in
Page 57 and 58: AUDIT COMMITTEE REPORTThe Audit Com
Page 59: DIRECTORS’ REPORTThe directors ta
Page 63 and 64: OTHER REPORTING RESPONSIBILITIESRep
Page 65 and 66: FINANCIAL STATEMENTS AND NOTES 2007
Page 87 and 88: AfDB - African Development BankAMI
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