Annual Report 2011 - QuamIR

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Chairman’s Messageanalysis of local technical data and dealing withtraditional mining techniques are all part of theChina approach to business in the mining sector.The ability of Sino Prosper to develop China styleoperations is critical to gaining the confidenceof governments, enterprises and communities.Management’s comfort with local customs andpractice allows us to secure mining rights, investin unique business opportunities and developstrong regional relationships. To understand localrequirements and national policy in combinationwith social responsibility to meet the needs of thecommunity is all part of a winning formula. Afterall, we are a China mining company.Global VisionSino Prosper has been doing its best to addvalue to the China mining industry by takinga global vision and adopting a local style ofbusiness. This extends across a variety ofareas, from exploration methodology, resourcemeasurement, technology advances, managementprocess, capital formation and other areas ofoperation and practice. However, this globalvision is not a broad stroke approach. To beeffective, it must be applied with sensitivity andunderstanding of the China context.There are many examples where Sino Prospercombines a China style of operations with a globalvision. For example, law and local practice requiredevelopment of Chinese resource measurement toobtain licenses and approvals. However, foreigncapital markets and investors prefer a differentform of resource measurement, one that utilizesinternational drilling standards and quantitativetechniques. Sino Prosper’s understanding of Chinesepractice and requirements along with internationalstandards allows the Group to balance the needsof local and international markets and implementpractices that coordinate the best of bothapproaches. This is one prime example of meshingChina style with global vision.The same holds true for drilling and mining.Western mining investors prefer longer drillingprograms to identify the best method to developa resource. However, in China, where manpowercosts are low and provision of local employment is agovernment imperative, mining concerns must movequicker to the extraction phase. Sino Prosper seeksa middle ground by applying international practicesof exploration adopted by global financial marketswith a phased approach to mine development thatsupports employment and maintains work forceloyalty that is consistent with Chinese practice andlegal requirements.Aohan BannerOne important result of the China style, globalvision approach is the Aohan Banner RegionalCooperative Agreement (Cooperative Agreement).This key initiative is the direct result of thesuccess of the strategy deployed in the first phaseof development at Sino Prosper’s Aohan Qi GoldMine. The execution of the Sino Prosper vision torapidly develop mining assets with global capitaland approaches proved so favorable that thelocal government agreed to a wider cooperationframework so that Sino Prosper can provideassistance in the ongoing development of the localresource industry. We highlight this Agreement asan example of the best China style combined withglobal vision.Essentially, the Cooperative Agreement is apartnership between Sino Prosper and localgovernment. The Cooperative Agreementproposes that Sino Prosper act as a consolidatorof the local gold and copper resource assets aswell as handle exploration and development ofcopper, gold, jade and gemstone resources. SinoProsper will undertake preliminary explorationof unencumbered prospects and work toestablish new production facilities.Sino Prosper State Gold Resources Holdings Limited
Chairman’s MessageFor its part, Aohan Banner will provide SinoProsper access to exploration opportunities,priority land use rights for processing facilities,waive administrative fees at the Banner level andlevy the lowest possible municipal administrativefees. In addition, Aohan Banner will fast-trackapprovals, environmental evaluations, miningprojects, development plans and processingplants for the Group.To execute this Cooperative Agreement, SinoProsper will use it preferential treatment toset up project companies to invest in AohanBanner. Following the overall direction of Groupmanagement on all projects, Sino Prosper will useits global vision to introduce capital, internationalmanagement techniques and advanced technologyto enhance resource production. The end result is awin-win situation for all.ConclusionSino Prosper enters the coming year of operationas a precious metals mining enterprise that isready to accelerate its development strategy. Wewill endeavor to ensure that shareholders andstakeholders see the results of our approach incombining a unique China style with a tailoredglobal vision. These results will derive from theexecution of a comprehensive approach to Chinamining and business development as discussed inthis Annual Report.We would like to extend our appreciation to allshareholders, directors and employees for theirpatience and support as we move forward togetherto become a leading listed Chinese precious metalsmining concern.Annual Report 2011
Page 1: Sino Prosper State Gold Resources H
Page 4 and 5: Year in Review2010-2011April 2010HK
Page 7: Chairman’s MessageOver the course
Page 11 and 12: Management Discussion & AnalysisAft
Page 13 and 14: Management Discussion & AnalysisInv
Page 15: Management Discussion & AnalysisTar
Page 19 and 20: Management Discussion & AnalysisDur
Page 21 and 22: Directors’ and Management Profile
Page 23 and 24: Directors’ and Management Profile
Page 25 and 26: Corporate Governance ReportDIRECTOR
Page 27 and 28: Corporate Governance ReportREMUNERA
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Page 31 and 32: Directors’ ReportMr. Cai Wei Lun
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Page 39 and 40: Consolidated Statement of Financial
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Notes to the Consolidated Financial
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Financial SummaryFor the year ended
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Annual Report 2011 - QuamIR

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