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Basis of accountingOpinion ended, in accordance with Generally Accepted Accounting Practices (GAAP) and in the manner required by the PFMAand Companies Act of South Africa and the Mineral Technology Act, 1989 (Act No.30 of 1989).Emphasis of MatterWithout qualifying my audit opinion, I draw attention to the followiing matter:contributed to these incidents.Other MattersInternal controlVarious standard operation procedures were not complied with thereby compromising the internal control environment.Furthermore, the following monitoring controls were not always adhered to:• Certain incompatible duties were not always segregated.documents were processed.• Creditors reconciliations were not performed.Material non-compliance with applicable legislation• Contrary to the requirements of section 28 of the Value Added Tax Act, 1991 (Act No 89 of 1991), Value AddedTax (VAT) returns for the periods April to October were only submitted to SARS at the end of October 2006.Consequently fruitless and wasteful expenditure amounting to R263 019 as disclosed in note 34 of the AFS wasincurred.• Property, plant and equipment was understated by R6 446 055 for the current year and R11 433 757 wasprocessed.• Intangible assets were understated by R 4 260 735 and were not separately disclosed as required by IAS 38 (AC129).• Investment Property was not revalued at year-end as required in line with the accounting policy adopted bymanagement. As a result the balance was adjusted by R2 941 266.• Accounts receivable were not disclosed at fair value as required by IAS 21 (AC 112) resulting in an adjustment ofR443 382.• Deferred income was understated by R669 545.• Provisions were overstated by R3 782 698.• Retained earnings were understated by R11 510 529 due to the revision of useful lives of property plant, andequipment.• Performance guarantees of R5 332 807 were not accounted for.annual report 2007 60
OTHER REPORTING RESPONSIBILITIESReporting on performance informationI have audited the performance information as set out on pages 14 to 16.Responsibilities of the accounting authorityThe accounting authority has additional responsibilities as required by section 55(2)(a) of the PFMA to ensure thatthe public entity.Responsibility of the Auditor-GeneralI conducted my engagement in accordance with section 13 of the Public Audit Act, 2004 (Act No. 25 of 2004) readwith General Notice 646 of 2007, issued in Government Gazette No.29919 of May 2007.appropriate evidence about the performance information and related systems, processes and procedures. Theprocedures selected depend on the auditor’s judgement.reported below.APPRECIATIONThe assistance rendered by the staff of the Council for Mineral Technology during the audit is sincerely appreciated.M.A Masemolafor Auditor-GeneralJohannesburg31 August 200761annual report 2007
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MINTEKANNUALREPORT2007
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MINTEKANNUAL REPORT2007CONTENTSMint
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THE MINING VALUE CHAINTechnologies
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CHAIRMAN’S REVIEWI am pleased to
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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 and 60: DIRECTORS’ REPORTThe directors ta
Page 61: REPORT OF THE AUDITOR-GENERALREPORT
Page 65 and 66: FINANCIAL STATEMENTS AND NOTES 2007
Page 87 and 88: AfDB - African Development BankAMI
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