SACOME Annual Report 19-20


South Australian Chamber of Mines and Energy

Annual Report 2020



President’s Report 4



Strategy 7

– South Australian Resources

Sector 2024Vision

– 2024Vision Benchmark Research

– 2024Vision Media Campaign

– 2020 Policy Plan

– 2020 External Affairs Plan


COVID-19 10

– COVID-19 Advocacy & Communication

– COVID-19 Website

– COVID-19 Industry Leader Video Series

– COVID-19 Recovery | Webinar Series


Policy Submissions 14

SACOME Code of Conduct 15

Committees 16

Committee Survey 17

Membership Survey 18

SACOME Events 19

– Flagship Events

– Sponsored Events

Community Engagement 21

Member Communications 23

Publications 24

– Information guides

Media Coverage 25

Opinion pieces 26

Sponsorship 30

Financial Report 34

– Profit and loss comparison

– Balance sheet comparison


The South Australian Chamber of Mines and Energy (SACOME) is the leading

industry body representing companies with interests in the minerals, energy,

extractive, oil & gas and renewables sector in South Australia (SA); including

those who provide services to them.

SACOME, a not-for-profit, non-government organisation, drives debate, facilitates

opportunity, brings stakeholders together and advocates for change; ensuring the many

benefits of South Australia’s resources sector are recognised.

SACOME is grateful to the Councillors, who have volunteered their expertise and time

during the 2019/20 year.

SACOME Councillors left to right back row:

Matt Sherwell (Santos) – Petroleum, Gabrielle Iwanow (OZ Minerals) – Minerals, Varis Lidums

(Minotaur Exploration) – Exploration, Sarah Clarke (Piper Alderman) – Service Industry, Nicholas

Mumford (Mumford Commercial Consulting) – Service Industry, Laura Tyler (BHP) – Industry General

Left to right front row:

Mark Dayman (FYFE) – Service Industry, Wendy Roxbee (Senex Energy) – Energy, Rebecca Knol

(CEO, SACOME), Greg Hall (Rex Minerals) – Industry General,

Absent: Hamish Little (Iluka Resources) – Industry General

Annual Report 2020 3

president’s report

It is fitting that in its 40th Year,

SACOME has played such a large part

in a number of critical areas for our

industry, our people, our State and

our Country.

The Department for Energy and Mining

(DEM) progressed drafting Regulations

to support the implementation of

the Mining Act Amendments. This

involved wide ranging engagement with

stakeholders. The Minister and DEM are

to be congratulated on this. SACOME

established a Mining Regulations Working

Group comprising significant member

expertise in all relevant areas. This group

extensively engaged with DEM, and

comprehensively reviewed the draft

legislation, with this input informing

SACOME’s full submission.

The impacts of the COVID-19 pandemic

were, and continue to be, wide ranging.

SACOME has provided much needed

coordination and provision of information

between industry and Government.

With many aspects of the State’s service,

hospitality and tourism industry impacted,

it showed the absolute importance of

having a diverse primary industry base

within the State to ensure a resilient

economy at such times. It reinforces the

mantra that all industries need to coexist to

support each other.

Excellent gains have been made in

bolstering our State’s energy generation

over several years, with some subsequent

price reductions. However, we still need to

pay close attention to the frequency and

inertia management of our electricity grid

system – particularly after many years of

various Government policies supporting

rapidly added renewable generation which

can feed into the grid in an uncontrollable

manner. We now have the situation where

we can have too much power generation

during the daytime which can destabilise

the frequency and the grid, and increase

the risk of power blackouts.

As outgoing SACOME President, I have

thoroughly enjoyed working closely with

the various Councillors and members

during my tenure. The range of

knowledge, skills, contacts and expertise

within our industry is staggering, and

is an excellent resource for our many

stakeholders to engage with and draw on.

I thank Rebecca Knol and her team for their

ability to adapt their work direction and

styles this year, and for the absolute support

for our resources industry. It has been a

genuine pleasure to work with you all.

Greg Hall


4 South Australian Chamber of Mines and Energy


2020 marked SACOME’s 40th year

of advocating for our industry. The

COVID-19 pandemic impacted all of

us and highlighted the importance of

industry associations during a time of

turmoil. SACOME provided leadership

and guidance to the resources sector

throughout the pandemic, keeping

members connected as the sector

navigated a scale of disruption never

encountered in our 40 year history.

This included the provision of time critical

information to members, liaison with state

and national counterparts to develop

emergency and operational protocols,

liaison with government to develop a

path for our sector to addresss border

restrictions, co-ordinating economic

recovery initiatives, and importantly

ensuring connectivity between members.

Our sector has a long history of strength

and resilience and is well versed in

managing risk. The sector was quick to

respond, collaborate and implement new

ways of working.

Building on the launch of the 2024Vision

in 2019, SACOME undertook research

to guage community perceptions of our

sector. This research highlighted that over

70% of South Australians knew ‘very little’

or ‘nothing at all’ about our sector.

This led to a partnership with NewsCorp

and the launch of Resourceful South

Australia – a targeted general knowledge

media campaign that promotes our future

focussed and technology driven sector.

Policy development, driven by our

member committees, has continued to be

a powerful factor influencing government

and the platform for informed submissions

on a broad range of issues. During the

year SACOME built on its record of

progressing major infrastructure outcomes

which are now reflected in the State’s 20

year Infrastructure Strategy. SACOME

continues to call for outcomes that will

drive economic development in South

Australia and unlock South Australia’s

mineral and petroleum wealth.

SACOME welcomed OZ Minerals, BHP

and Rex Minerals as signatories to our

Code of Conduct which seeks to drive

continuous improvement in our sector.

Our annual membership survey reflected

a further improvement in both value

and satisfaction ratings and this was also

echoed in membership retention.

Our thanks to President Greg Hall and the

SACOME Council who have continued to

provide strategic leadership to future proof

our association.

Rebecca Knol

Chief Executive Officer

Annual Report 2020 5


In February 2020 SACOME launched the celebration of its 40th Anniversary year.

Established as the South Australian Chamber of Mines in 1980 by founding companies –

Western Mining Corporation (now BHP & SIMEC Mining), Adelaide Brighton Cement (now

AdBri), Homestake Gold & Quarry Industries, it later became the South Australian Chamber

of Mines & Energy when joined by Santos. The Association has been successfully advocating

on behalf of the resources sector for 40 years.

Much of the Chambers early advocacy focussed on uranium and nuclear energy with antimining

and anti-nuclear activists being the primary opponents. The Olympic Dam discovery

and subsequent indenture ratification in 1982 was described by then SACOME President,

John Roberts as “a pivotal point in the development of mineral resources in South Australia.”

In 2020 it is hard to imagine South Australia without Olympic Dam.

1980 2020

Employment 7,000 12,800

Production Value $1.03b $6.4b

Exports $25m $5.8b

Royalties $22m $299m

1980 values in real terms

Over this 40 year period there has been staggering growth of our sector; employment has

doubled; production value has increased 6 fold; exports have increased 200 fold from the

equivalent of $25million to $5.8 billion; and, royalties have increased 13 fold, now returning

$299m to the State government annually. The financial contribution of our sector to South

Australia is enormous and has significantly contributed to the development of this vibrant

State; its schools, roads, hospitals and services.

Our historical achievements are now documented on our website Our History | 40 Years


South Australian Chamber of Mines and Energy


South Australian Resources Sector 2024Vision

In 2019 the SACOME Council developed a five-year vision

for the South Australian Resources Sector to provide a

roadmap for future growth and prosperity.

The document highlights the strengths and shared

challenges of the sector, while providing a selection of case

studies and examples of best practices within the South

Australia resource sector.

The vision was launched at SACOME’s 2019 Annual

Resources Sector Dinner event, published on the SACOME

website and has been distributed to SACOME member

companies more widely throughout the year.

2024Vision Benchmark Research

Following the release of the 2024Vision, SACOME engaged JWS Research to conduct

benchmark research in both metropolitan and regional areas to gauge community

perceptions of our sector.

The results highlighted that 73% of respondents recognise the sector as a major contributor

to the state economy; 68% recognise the sector as a major employer in regional

communities; and 61% recognise the benefits of the sector to all South Australians.

However, a total of 72% of respondents knew ‘a little’ or ‘nothing at all’ about the sector.

While there is majority support for the sector, there was a high neutral/undecided opinion

amongst women and young adults.

2024Vision Media Campaign

Responding to the 2024Vision Benchmark Research, SACOME developed a print and digital

media campaign in collaboration with NewsCorp. Supported by member companies BHP,

Santos, SIMEC and OZ Minerals, the campaign seeks to address the knowledge gap that

exists in the South Australian community about the resources sector to engage a youth


Issue 1 of Resourceful South Australia will launch in July 2020, with a further issue in

September 2020.

Annual Report 2020 7


2020 Policy Plan

The Policy Plan for 2020 sets out activity required to progress SACOME’s organisational

strategy as outlined in the 2024Vision.

The Plan builds on the structural framework established in 2017, namely the ‘Four Strategic

Pillars’ of State Economic Development, Infrastructure, Energy and Legislation & Regulation.

These pillars continue to operate as organising principles in structuring policy development,

stakeholder engagement and advocacy output.

The Plan provides a summary of strategic priorities identified through internal planning and

member feedback in Committee and Member Surveys conducted in December 2018.

Committees remain the central point of liaison between SACOME and members with

issue-specific working groups and workshops being convened as required to facilitate more

detailed consultation and policy development.

2020 External Affairs Plan

The External Affairs Plan outlines SACOME’s communications and external affairs activities

required to support SACOME’s business plan and the 2024Vision. It identifies the tactics

required to deliver SACOME’s strategic investments, to support our key visions:

To be recognised as an industry of the


To positively impact and support

regional communities

To have strong support of both

Government and community

To provide continued social and

environmental responsibility

To be a sector of choice for


To be profitable and resilient for the

benefit of all South Australians

To be a recognised contributor to the

South Australian economy

The four key objectives of SACOME’s external affairs function are; membership; advocacy;

education; communications & public perception.


South Australian Chamber of Mines and Energy


Friends of the Resources Sector

Parliamentary Forums

Building on the success of SACOME’s

‘Parliamentary Friends of the

Resources Sector’ forum series in

2018/19, SACOME continued to host

forums with the objective of fostering

education and providing a greater

understanding of the resources sector

for South Australian Parliamentarians.

The events were open to attendance by

Parliamentary staffers, minor party and

independent Members of Parliament.

SACOME held two forums in 2019/20 prior to COVID-19 when the parliamentary series was


• Friends of Parliament Forum | Gambler’s Game | 2 July 2019

This forum informed guests about exploration in South Australia and the challenges

faced by modern mining and exploration companies. Experts discussed the technical

and economic aspects of exploration and dug deeper into land access issues for the

resources sector in South Australia.

• Friends of Parliament Forum | Natural Gas | 25 September 2019

This forum demystified the natural gas market by providing an insight into the whole of

the natural gas life cycle. This covered the history of gas production in South Australia as

well as a discussion around the pipelines and transport of gas through to the gas market

and export.

Annual Report 2020 9


COVID-19 Advocacy & Communication

In response to the COVID-19 pandemic, SACOME worked closely with industry,

Federal and State Governments to ensure the resources sector was able to

respond effectively.

SACOME member companies reduced inbound FIFO movements by 85% within two weeks,

in response to the need to reduce cross border movements, providing leadership to all

industries and comfort to government.

With input from member companies, SACOME actively contributed to national solutions

including development of template checklists to support the National Protocols, transit letter

templates, a temperature screening policy and pre-approval templates for planned and

emergency maintenance.

We were integral in advising and supporting the sector throughout the COVID-19

pandemic by providing member companies with timely, up-to-date information via regular


SACOME welcomed the South Australian Government’s announcement to defer costs linked

to exploration and licence fees for the minerals and petroleum sectors, to alleviate the

impact of COVID-19 on this part of the sector.

Supported by the NSW Minerals Council and the Minerals Council of Australia, SACOME

initiated a statewide TV, radio and digital campaign highlighting the industry’s practical

commitment to safe workplaces and communities.

SACOME has worked collaboratively with the State Government to navigate cross border

restrictions which have dominated the national response.

COVID-19 Webpage

In seeking to keep members

connected throughout the pandemic

disruption, SACOME developed a

dedicated COVID-19 page on our

website to access Federal, State and

industry resources.


South Australian Chamber of Mines and Energy

COVID-19 Industry Leader Video Series

In March, SACOME launched an Industry Leader video series to provide an opportunity for

all members to hear how our leaders were responding to the pandemic. These included:

• Andrew Cole, Managing Director and CEO of OZ Minerals

• Laura Tyler, Chief of Geoscience and Asset President of Olympic Dam – BHP

• Hon Dan van Holst Pellekaan, Minister for Energy and Mining

• Ian Davies, Managing Director and

CEO, Senex

• Steve Masters, Chief Executive,


• Nick Miller, Chief Executive Officer,

Adelaide Brighton

• Stewart Lammin, Chief Executive

Officer, Flinders Ports

COVID-19 Recovery Webinar Series

In May 2020, SACOME hosted a three-part webinar series for members which investigated

the health, economic and political considerations for our sector in a post COVID-19 recovery.

The webinar series provided members with a unique opportunity to hear from key State and

Federal decision makers as the sector navigated a transitional path forward

1. Health Webinar

- Professor Nicola Spurrier, Chief Public Health Officer, SA Health

- Dr Paul Heithersay, Chief Executive, Department for Energy and Mining

2. Economy Webinar

- The Hon. Rob Lucas MLC, Treasurer of South Australia

- Darryl Gobbett, Visiting Fellow, South Australian Centre for Economic Studies

3. Resources Sector & the Path to Recovery Webinar

- The Hon. Keith Pitt MP, Minister for Resources, Water and Northern Australia

- The Hon. Dan van Holst Pellekaan MP, Minister for Energy and Mining

- Mr. Neville Power, Chairman | National COVID-19 Coordination Commission (NCCC)

Annual Report 2020 11



SACOME continues to build on its record of progressing major infrastructure

outcomes and during 2019-20 has undertaken significant work in advocating for

infrastructure development to support the South Australian resources sector.

This has included ongoing liaison with Infrastructure SA (ISA) and the Minister for

Infrastructure advancing the request for near-term infrastructure funding on regional road

maintenance to improve productivity and safety for our sector; and longer-term economic

development measures including regulated infrastructure corridors to enable faster project


These ideas have been welcomed by the South Australian Government and incorporated in

SA’s 20 Year State Infrastructure Strategy. SACOME continues to call for outcomes that will

drive economic development in South Australia and unlock South Australia’s mineral and

petroleum wealth.

SACOME has also worked closely with other industry associations to advocate for overall

increases in road maintenance spending by the South Australian and Commonwealth

Governments. We have partnered with the SA Freight Council, the Royal Automobile

Association of South Australia, Primary Producers SA, Grain Producers SA and the Local

Government Association of SA to drive cross-sector outcomes for industry. This coalition of

industry associations continues to highlight the importance of road maintenance to major

industry sectors reliant on road transport for the efficient transport of goods.


South Australian Chamber of Mines and Energy

Land Access Guidance

SACOME has progressed development of Land Access Guidance, recognising that land

access is key policy priority for member companies.

This work has drawn on the expertise and experience of member companies, using the

best examples of landholder engagement to set an expected minimum standard for

accessing land. Early engagement, respect and regular communication are consistently

put forward by SACOME members as fundamental principles for reaching agreement.

SACOME has also sought input from the agricultural sector in preparing this guide to

better understand landholder concerns and expectations around land access. In doing so,

we have worked to provide our member companies with useful advice on how to establish

and maintain constructive relationships with landholders.

The SACOME Land Access Guides 2020 provide checklists for use in the field to assist

explorers work through their responsibilities and obligations to landholders; as well as

advice on understanding landowner concerns and questions ahead of time to assist in

best practice engagement. In undertaking this work, SACOME aims to provide updated

guidance that reflects contemporary industry practice and expectations around securing

social acceptance.

Annual Report 2020 13


Environmental Protection and

Biodiversity Conservation Act Review


Submission to Australian Government

Productivity Commission

Draft Far North Water Allocation Plan

Prescribed Wells Area Submission

PIRSA Pastoral Act Review 2019


National Radioactive Waste

Management Facility Submission

Infrastructure South Australia (ISA) 20

Year Infrastructure Strategy Submission

Hi-Tech Sector Submission

Terramin Bird in Hand Gold Project


2020/21 State Pre-Budget Submission

Regional Development Strategy

Discussion Paper Submission

Designated Area Migration Agreement


Stronger Partners, Stronger Futures

Discussion Paper 1 Reform Options


Native Title Legislation Submission

Stronger Partners, Stronger Futures

Discussion Paper 2 Reform Options


Sustainably Growing Energy & Mining

in SA Submission

Stronger Partners, Stronger Futures

Discussion Paper 3 Reform Options



South Australian Chamber of Mines and Energy


SACOME’s Code of Conduct provides a framework for resource companies

to improve their practices in areas such as ethical governance, sound risk

management, stakeholder engagement, health and safety, employee rights,

community development and environmental management.

The voluntary Code has been adopted from the Minerals Council of Australia’s Enduring

Value Framework for Sustainable Development and offers a framework for companies to

manage performance and demonstrate commitment to sustainable development.

This year BHP, OZ Minerals and Rex Minerals joined SIMEC Mining as signatories to the

Code of Conduct.

Annual Report 2020 15


SACOME’s committees provide a vehicle for consultation, feedback and assistance

in guiding SACOME’s policy work and advocacy priorities.

SACOME’s committees are:

Mining & Extractives



Legislation & Regulation


Economics & Tax


External Affairs

Industry committees assist SACOME to:

• Identify and address priority issues for the resources sector;

• Encourage and advocate for the improvement and development of the sector;

• Prepare submissions to Government departments, institutions and statutory bodies;

• Influence and work with the relevant Government departments to advance the sector;

• Identify and promote ‘leading practice’ strategies; and

• Provide a forum for the exchange of relevant information and resources.

Committee members’ expertise and technical understanding materially informs SACOME’s

policy agenda and is invaluable in ensuring the views of the South Australian resources

sector are accurately represented.


South Australian Chamber of Mines and Energy


The 2019 Committee Member survey was conducted to source feedback on

the effectiveness of the committee platform to help inform our policy agendas

and ensure the views of the South Australian resources sector are accurately


There was a further improvement in both committee attendance indicating that the

committee restructure initiated in 2017 and modified over time is both relevant and useful to


Highlights include:

• 97% of respondents feel our committees offer sufficient opportunity to discuss relevant

issues. This is a rise from 84% in 2018.

• 77% of respondents consider the meetings contain the expertise, experience and

diversity to make them effective.

• 91% of respondents think SACOME delivers on commitments it makes to committee


• 74% of respondents consider committee meetings are valuable to them or their


There is sufficient opportunity for members to discuss relevant issues.

Answered: 35 Skipped: 0

Strongly agree






0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Annual Report 2020 17


The 2019 Membership Survey was conducted to provide SACOME with

a snapshot of how members feel about the way SACOME operates and

communicates. The results will assist SACOME in improving our offering and

value of membership.

Highlights include:

• SACOME’s communication over the last year has been well received and 94%

of members are either satisfied or very satisfied by the quality of information

communicated. This is a steady year-on-year rise from 79% in 2017 and 89% in 2018.

• 84% of members felt that our networking opportunities are appropriate to their

organisation’s need – this is a slight rise on the 82% from 2018.

• 79% of SACOME members felt SACOME adequately promoted and advocated on

behalf of the sector, this was a slight rise from 77% last year.

• 76% of members feel either satisfied or very satisfied with the value they receive from

being members of SACOME, a rise from 69% in 2018 and 57% in 2017.

• Overall, 88% of members are satisfied or very satisfied with SACOME. This is a rise

from 81% in 2018 and 67% in 2017.

Overall satisfaction with SACOME









Very satisfied Satisfied Neutral Unsatisfied Very Unsatisfied

2017 2018 2019


South Australian Chamber of Mines and Energy


SACOME held the following events in 2019/20. In response to the COVID-19

pandemic the events program was suspended from March 2020.

Flagship Events

AGM Lunch

SACOME hosted its annual AGM lunch on Thursday 14 November 2019 at Adelaide Oval.

Highlights included a keynote presentation on transformational leadership by Santos

CEO and Managing Director Kevin Gallagher and a lively interview discussion facilitated

by student petroleum engineers Katarina Kosten and Dharshana Navaratnam from the

University of Adelaide. A video address was provided by the Minister for Resources and

Northern Australia Senator, the Hon Matthew Canavan.

40th Anniversary Launch

On 17 February, over 100 industry professionals celebrated the launch of

SACOME’s 40th Anniversary Year.

Breakfast Series - Pairing with the Parliamentary Series

SACOME’s Breakfast Series explored topics such as the challenges faced by modern mining

and exploration companies as well as demystifying the natural gas market with insight into

the natural gas life cycle.

Annual Report 2020 19


Thought Leadership Series

SACOME’s Thought Leadership Series continued in 2019/20, showcasing world-class

presenters and business leaders, along with extensive networking opportunities. Topics


• Tax

• Battery Supply Chain

• Energy Transition

Unearth your Future

SACOME in collaboration with the University of Adelaide and the Playford Trust, hosted the

Unearth your Future event for Year 12 Students interested in studying Petroleum or Mining

Engineering at BHP’s new offices. At the event a $2 million scholarship partnership between

the resources sector, the South Australian Government and the Playford Trust for students

enrolling in mining and petroleum engineering was announced.

Sponsored Events

In addition to SACOME’s event series, SACOME provided support to several

additional events strategically aligned to SACOME’s priorities and principles.


SACOME was a silver sponsor of the 15th GMUSG & SACOME Conference & Trade Expo in

August 2019. The event is one of the largest regional industry events in South Australia, with

over 450 delegates coming together to hear from an impressive line-up of industry experts.

BusinessSA 2019 Export Awards

SACOME was a sponsor of the Minerals, Energy and Related Services Award at the Business

SA Export Awards in October 2019. Winner of the award, Zonge Engineering and Research

Organisation, was recognised as being a leading innovator in the geographical surveying

and mining industries.

South Australian Exploration & Mining Conference

SACOME is proud sponsor of this annual event which collaboratively brings together both

the exploration and mining sectors in South Australia. It is an opportunity for active mineral

explorers and miners to present technical updates of their activities on their flagship South

Australian mines and exploration projects.


South Australian Chamber of Mines and Energy


Bushfire Relief Campaign

South Australia’s resources sector actively supported communities impacted by

bushfires in our state. SACOME members responded generously to bushfire relief

and recovery efforts, and we recognised their contributions on our website.

Santos committed $300,000 to the State Government’s Bushfire Relief fund, $250,000 to

Lifeline Australia’s Community Recovery Project and $50,000 to Adelaide Koala Rescue.

Flinders Ports Holdings made a $50,000 donation to the State Government’s SA Bushfire

Appeal. BHP added to its $2 million donation to the Australian Red Cross with another

$500,000 to be evenly distributed between Zoos Victoria and the WIRES Australian Wildlife

Rescue Organisation. GFG Alliance Executive Chairman Sanjeev Gupta made a personal

donation of $250,000 to the Wollondilly Mayoral Fund. In addition to financial donations,

Cleanaway donated bins and services to support clean-up efforts and provided support to

customers and employees impacted by the fires.

In the field Alexander Symonds, CavPower and Fyfe volunteered on weekends, removing

kilometres of damaged farm fences and laying irrigation pipe to damaged vines at the

Barristers Block Winery, Tilbrook Estate, Mount Torrens and Golding Wines in the Adelaide

Hills. This team of 25 SACOME member volunteers fast-tracked the bushfire recovery

process for these property owners who lost so much in the fires.

SACOME member Nature Foundation partnered with National Parks and Wildlife Service

to establish the Wildlife Recovery Fund. Within a week of launch, donations and high

probability pledges amounted to more than $200,000.

The resources sector nationally was an important source of funding and our sector

continues to find ways to help local landholders, scientists and communities to sustain


Annual Report 2020 21


Playford Trust Scholarships

A partnership between the resources sector, the State Government and the Playford Trust

is providing over $2 million in scholarships for students enrolling in mining and petroleum

engineering at the University of Adelaide over the next five years.

This industry and government initiative recognises the growing demand nationally for

mining and petroleum engineers.

A total of 20 two-year scholarships will be awarded annually. For each industry-funded

scholarship, the State Government will match a scholarship of equal value. Each scholarship

is valued at $20k for the two-year term.

The scholarships will be administered by the Playford Trust, which supports high-achieving

South Australian students working in areas of strategic importance to the State. Ten

scholarships were awarded in 2020.







South Australian Chamber of Mines and Energy


SACOME’s communication channels are designed to provide timely, clear and

relevant information to our membership. SACOME has responded to feedback

and has refined the channels to offer further value to members.

1. Front & Centre: Monthly eNewsletter summarising SACOME policy priorities,

submissions, events, news, media and industry updates

2. SACOMember News: Monthly summary of ASX and major announcements from

members, providing an overview of developments within the South Australian resources


3. SACOMedia: Media Releases

4. SACOMEvent: Event invitations

5. SACOMeAlert: Important sector announcements

6. SACOME Vantage: Publication of opinion pieces

7. SAcomms: Special edition news

8. SACOME Resource Sector Update: News for MP’s & SA Government Employees

Annual Report 2020 23


Information guides

SACOME’s information guides provide members and the general public with

informaton on specific issues in the South Australian Resources Sector.

The following guides were published in 2020:

• Mineral Exploration

• Natural Gas

November 2019

Mineral Exploration - The challenge of discovery


Exploration is the term used to describe a wide range of activities aimed at searching for

minerals or determining the extent of a discovery or deposit. It includes activities such as soil

and rock chip sampling, geophysical surveys, airborne surveys and dri ling under an exploration


Mineral exploration is a low impact activity - it is not mining. The process of exploration can be

split into several phases. Largely it begins with historical data co lection and assessment to

identify discovery prospects. The next phase of exploration involves co lection of new data. For

mineral deposits this data is co lected through low cost sampling, and geophysical and airborne

surveys to identify potential exploration targets. Considerable value can be added to the

research data in this phase.

Armed with the required data, the next phase requires significant financial investment to dri l

the target which is the only way to determine the existence and extent of the potential mineral



In 1841 at Glen Osmond South Australia , Australia’s first metal was mined (Lead). Within ten

years exports of Copper and Lead from South Australia earned more than the whole of

Australia’s wool and wheat export industry put together.

However, much of our resources wealth lies hundreds of metres underground and undiscovered.

The risk and cost of unearthing these resources can be prohibitive to junior exploration


“Exploration Investment in South Australia rose 55 per cent to $85

million in 2018/19 - well above the national growth rate of 19 per cent.”


Exploration begins over a

wide area with low-impact

surveys and using

high-technology to map

the geological story of the

land. Land is rarely walked

on a thi stage.


As the geological story

becomes clearer,

explorers na row their

search using


airborne and roadside


South Australian exploration company Hi lgrove

Resources began exploring 490 sq km of land.

Airborn and roadside surveying reduced the site

of interest down to 50 sq km. Dri ling took place

on 0.5 sq km. The final mine site covers 4.4sq km

(440 hectares) and has generated over $200

mi lion to the local community.

Walking ground

magnetics are

measured to

further na row the

land search

Dri l holes







Although challenging, mineral exploration is often successful when the ‘critical evidence’ is at the surface. When the

evidence of mineral deposits is buried deep underground, exploration is difficult, expensive and time consuming.

80% of South Australia’s land mass is classified as ‘deep cover’.


Minerals are the property of the Crown in South Australia and are managed on behalf of all South Australian’s.

Access to the minerals is controlled through the Mining Act 1971 and the Mining Regulations 2011. Any person

wishing to prospect, explore or mine for minerals in South Australia must be authorised under the Mining Act.

Landowners have rights in relation to an explorer entering their land. Before entering, the explorer must either

issue a detailed ‘notice of entry’ form to enable the landowner to make an informed decision. The alternative is

for the explorer to negotiate an agreement with the landowner.

“The increase of publically shared geological data, new drilling technologies and

survey equipment means exploration companies are becoming increasingly

more accurate with their predictions.”


Rehabiliation of any land disturbed through exploration is an important part of the process. Revegetation,

access road upgrades and ensuring no or minimal loss of land-use is all discussed with land-holders before

exploration begins.


New technology, such as South Australia’s own invention, the Roxplorer, is inproving

drilling techniques and making exploration more efficient and affordable for young

exploration companies.


South Australia currently accounts for 0.5% of

global exploration spend.

There is only a 1 in 137 chance of success.

It takes 2-3 companies on average 12 years

to make a discovery.

Less than 50% of discoveries become mines.

4 new mines in South Australia would bring

2,200 jobs and USD $1700M.

November 2019

Natural Gas


The use of gas has been synonymous with the history of South Australia since 1861 when the

South Australian Gas Company was incorporated by legislation. The company pioneered

coal-gas manufacture and gas was produced in a coal-fired gas works at Brompton – leading to

its initial use in 1865 to light Adelaide’s streets.

Major gas discoveries were made at Gidgealpa in 1963 and at Moomba in 1966 - at the time,

these fields expected to contain sufficient reserves to satisfy Adelaide’s future demands until

1991 but were later amended to 1987. The generation of the bulk of South Australia’s electricity

from natural gas ensured the economics of the construction and operation of the

Moomba-Adelaide pipeline and gas was subsequently supplied to Adelaide in 1969.

The Katnook gas field was discovered in 1987 and was the first commercial discovery in the

South Australia part of the Otway Basin. Raw gas production commenced from the Cooper Basin

in 1969 with commercial gas supply starting in 2004.

South Australia is not currently meeting its own gas needs with 20% now being sourced from

Victoria. With the Gippsland Basin in decline, this position is set to worsen.


Production Transportation


The South Australian gas industry comprises production, transmission, distribution and retailing

sectors. These sectors take natural gas from the point of extraction – the we l head – to the

point of consumption – the burner tip.

Gas is transported from the production fields by means of 39,000 kilometres of transmission

pipelines. These transmission pipelines transport large volumes of gas under high-pressure.

Today, there are two major transmission pipelines in South Australia: the Moomba-Adelaide

pipeline, which transports gas from the Cooper Basin to Adelaide and the SEAGas pipeline,

which transports gas from the Otway and Bass basins to Adelaide.

Gas is transported - at lower pressures and sma ler volumes - by the transmission pipeline

feeds into the distribution pipe network. This network transports the gas to residential and

business customers at which point the gas is metered and the pressure reduced as appropriate

at entry to premises.


60 per cent of Australia’s natural

gas is used for transportation.

Energy retailers sell natural gas

differently to ‘end user’


Unlike electricity retailers who

buy electricity through the

National Electricity Market, gas

retailers operate in a “contract

carriage market” where they

must have contractual

arrangements in place for

purchase with gas producers

(e.g. Santos), transmission (e.g.

Epic Energy) and distribution

(e.g. Envestra).

The wholesale gas prices, and

conditions of supply are

governed by these agreements.


Conventional natural gas occurs in underground porous sedimentary rock. Sedimentary rocks are formed from

pre-existing rocks or pieces of once-living organisms. They form from deposits that accumulate on the Earth’s


Gas measurement units are complex, but the basic unit of energy is the joule. The common energy unit is the

megajoule (MJ) or one million joules. One petajoule is equivalent to filling up a car with a fuel tank capacity of

55 litres of petrol around 532,000 times.

“South Australia’s electricity market has more installed gas fired generation per

capita than any other state in the National Energy Market (NEM). Further, we

also have proportionally the largest installed capacity of intermittent renewable

generation – wind and solar – than any other region in the NEM. So, for our

state, access to an affordable and a reliable source of gas – a natural

complement to renewables - is vital.”


South Australian Chamber of Mines and Energy


Throughout 2019-20, SACOME’s key messages have received national media

coverage across print, radio and online.

SACOME has consistently been sought out as a commentator for breaking news, further

establishing its position as a thought leader in the South Australian resources sector.

Annual Report 2020 25


SACOME published three opinion pieces throughout 2019/20. These articles were

published on the SACOME website.

The Gambler’s Game

Hidden beneath South Australia’s enviable landscape is a

treasure trove of precious resources awaiting discovery.

Finding these valuable resources is not a game, but

remains a gamble for the companies willing to explore.

The resources industry provides a third of South Australia’s

annual exports at a colossal value of $4 billion and

contributes $237 million in royalties for future state

growth. But the development of a mine can take up

to 12 years. Without a pipeline of new discoveries, the

wealth the resources sector brings to the South Australia

economy could be dramatically impacted.

Although globally there are around 10,000 active

exploration projects, history tells us that only 73 of these

will result in discovery. Finding these resources is a gamble

for exploration companies with a 1-in-137 chance of

success. ​

​South Australia’s land is unique. A large portion of the

State’s mineral resources are buried under ‘deep cover’.

Having to explore deeper under the surface to locate

higher grade deposits increases technical and financial

risk. Add into the mix remote locations and complex

land access issues, it is no surprise that there has been a

decline in exploration activities in recent years.

​Once a deposit is discovered, global data indicates

that less than half are developed into operating mines.

However, knowing what lies beneath our resource rich

states surface and the prospect of high-reward keeps

our tenacious explorers on task – particularly in South

Australia. The Australian Bureau of Statistics reports that

exploration investment in our State rose 55 per cent to

$85 million in 2018-19 – well above the national growth

rate of 19 per cent.

Mineral exploration is a low impact activity on the land

and it is not mining. The increase of publicly shared

geological data, new drilling technologies and survey

equipment means exploration companies are requiring

less access to land and are becoming increasingly more

accurate with their predictions. Community engagement

and communications are also helping land-owners

better understand the process of mineral discovery.

Despite the great wealth at risk, our State only accounts

for 4 per cent of Australia’s exploration spend. Further,

the Fraser Institutes Annual Survey of Mining Companies,

2018 reports that South Australia has dropped to 24th

out of 83 in its investment attractiveness investment

index; citing ‘poor and flawed legislation relating to the

Mining Act (1971) is a major concern for investors’. It is

also reported that 50 per cent of the survey respondents

said that transparency in South Australia was a deterrent

to investment.

Following ongoing lobbying for Incentivised Mineral

Exploration the South Australian Chamber of Mines and

Energy welcomed the South Australian Government’s

mid-year announcement of a $10 million ‘Accelerated

Discovery Initiative’ to support exploration in our State.

However, there is more work to be done. In the

exploration and development phases of a mine life

streamlining of legislation and regulation is required to

ensure it is fit for a modern mining industry. If South

Australia is to achieve an ambitious 3% growth target

impediments to discovery and development must be

addressed. The future prosperity of South Australia

depends on it.


South Australian Chamber of Mines and Energy

Hillgrove Exploration - Case Study

When companies communicate well, they build trust with

their audiences.

This disturbed 2 square kilometres of land. The results

from this drilling assessed a mining operation as being

economically viable and in the best interest of the State.

Hillgrove Resources’ Kanmantoo Copper Mine is a good

example of excellent communication and community

consultation. Nestled in the Adelaide Hills, less than

an hour out of Adelaide, Hillgrove has demonstrated

how new technologies and open communication

within communities can deliver results – not just for the

company, but the whole community.

Starting with an exploration licence spanning 490 square

kilometres that hosted around 2,900 land allotments,

Hillgrove narrowed their search for copper using airborne

magnetics. Helicopter electro-magnetic studies were then

used to further refine their search before rock samples

were taken from 50 square kilometres - around 10 per

cent of the original area.

Landowners were contacted to engage in conversation

and explain the process to establish if Hillgrove’s proposed

activities were of interest to them. Activity was modified as

community feedback requested.

All applicable landowners were personally contacted

prior to entry to establish their entry conditions and gain

approval. Following the work’s competition all applicable

landowners were personally surveyed for feedback.

The next scope of work was a walking, non-disturbance

activity that measured the ground magnetics over a

25 square kilometre area. Again, all landowners were

personally contacted prior to entry. As a result, a ground

area of 10 square kilometres became the exploration focus

and its electrical conductivity was measured. A completion

meeting with landowners finished off this stage of the

exploration project.

After evaluating the data collected from the original

490 square kilometres of land to the 10 square kilometre

electrical conductivity tests, Hillgrove identified specific

locations to test drill the rocks. With timings for drilling

and drill hole location modified to align with landowner

expectations, Hillgrove were given permission for drilling

activities to commence.

Affected areas were reduced to 0.1 per cent of the original

area surveyed. There was no loss of land-use reported as

a result of Hillgrove’s drilling.

The results of the Exploration Drilling located a mineral

deposit which lead to a large number of drill-holes in

a small area being completed over a 4-year period.

The Kanmantoo Mine has generated

significant benefit for rural communities

despite its small 4-square kilometre footprint.

Hillgrove’s Mining Operation has directly paid around

$200 million to local employees and contractors within

one hour’s drive of Kanmantoo Mine – supporting its

local community.

This high level of respect continues to run throughout

Hillgrove’s business. The company has continued to put

the wishes and concerns of the community at the heart

of their operations.

The company instigated the formation of a consultative

committee to engage with the Kanmantoo Action Group

on behalf of local residents. One of the main issues was

dust, and a Working Party was established to monitor

dust and measure impacts on health and lifestyle.

Samples were recorded and all the data was sent

independently to the committee and Hillgrove,

engendering trust within the community and paving the

way for further collaborative projects.

The company has stated in the past that they will

not enter land where they do not have landowner

permission, despite their legal entitlements. They are a

company that places great value in earning trust from

their landholders, peers and stakeholders.

Annual Report 2020 27


Economics of Drilling in the Great Australian Bight

What is the economic benefit to South Australia of drilling

in the Great Australia Bight? That was the question that

consistently underpinned opposition to exploration and

potential development of the Great Australian Bight.

The perception that all the wealth will flow to a rich

multinational and the Federal Government, with the

crumbs falling to South Australia.

This sentiment is reminiscent of the opposition to the

proposed copper uranium mine at Roxby Downs in the

early 1980’s– again, the perception that uranium would

be for the benefit of others, the risks of production

unacceptably high, and the dollars flowing to South

Australia miniscule.

Fast forward 30 years and today, BHP’s operation at

Olympic Dam has a 4000 strong workforce, procures

services from more than 50 companies and contributes

$100 million to the State, year on year, in royalties. It is

hard to imagine the State of South Australia without the

economic contribution of BHP.

Next door, in Victoria, the Bass Strait has been an

economic powerhouse for 50 years. According to

consultants ACIL Allen, the Gippsland Basin Joint Venture

- by far the biggest producer in Bass Strait - produced 4.7

billion barrels of oil and 8 trillion cubic feet of gas between

1967 to 2015. It has directly employed on average 1,000

people, generated gross revenues of more than $144

billion and paid more than $89 billion in Australian

excises, royalties and taxes making it one of the largest

Commonwealth revenue sources in history.

Federal Government over a 40-year period. It is easy

to dismiss the flow of Federal funds to South Australia,

however, in 2018/19 alone, South Australia received over

$11 billion of Federal funding.

There is further suggestion that these ‘imaginary’

numbers are dwarfed by South Australia’s $1 billion

tourism industry and $442 million fishing industry in

coastal regions raising the suggesting an ‘either/or’


As demonstrated in Bass Strait, Western Australia and

elsewhere in the world, development of oil is not an

exclusive activity. A coexistence framework is a welltrodden

path, with tourism and fishing industries having

prospered together in Scotland and along Norway’s

west coast, as they have done in Victoria and Western

Australia’s offshore oil and gas regions.

This was an opportunity for South Australia to benefit

from a combined $2 billion of wealth which would

contribute to public services such as roads, schools and

hospitals. Like Olympic Dam production in the Bight

could have been a much needed game changer for a

state pursuing an ambitious 3% growth target. Instead it

has become a lost opportunity with investment dollars

flowing elsewhere. Meanwhile, late last year, a mere

100km north east of Tasmania, a multinational company

drilled a well deeper than that proposed by Equinor and

without opposition.

Opponents to drilling in the Bight Basin suggest that

the estimated economic benefits are ‘imaginary’. In the

context of our near Basin neighbour and Olympic Dam

it would appear the estimate of just under 1,000 jobs in

South Australia is quite reasonable.

Of the $1.7 billion Australian governments would receive

annually it again, seems comparable to Bass Strait.

Approximately $2 billion would flow directly to the South

Australian Government and a further $68 billion to the


South Australian Chamber of Mines and Energy

Natural Gas - SA’s transitional key

Australia is a leading global LNG exporter with gas

representing over half of Australia’s total exports, second

only to iron ore, and is predicted to earn a jaw-dropping

$282 billion this year.

Our large natural gas reserves are capable of sustaining

production and exports throughout the 21st Century.

Assessments indicate that Australia has around 144 trillion

cubic feet of natural gas, well over 100 times annual

domestic consumption. However, more than 90 per cent

of these reserves are located offshore from northwest

Western Australia and in the Timor Sea to the north.

Closer to home - in the north-east of South Australia,

the Cooper Basin has been producing oil and gas for

50-years. This basin supplies the bulk of domestic eastern

Australian gas markets and is an economic cornerstone

for South Australia.

In 2013 the gas market was booming but a global

commodity price crash resulted in escalating gas and

electricity prices. Compounded by announcements of

future domestic gas shortages gas export controls were

introduced. This harmed the gas industry on multiple

fronts and lost public trust.

In addition to the imposition of moratoria and gas

reservation, in the past decade there have been 13

inquiries in Australia into environmental safety of the

onshore gas industry, including hydraulic fracturing.

These enquiries serve to create investment uncertainty

and regulatory confusion. All inquiries concluded that the

risks can be properly managed.

Amid negative gas sentiment, gas remains of critical

importance to our electricity mix. Close to half of South

Australia’s total electricity is generated from gas sources

on our doorstep.

South Australia’s electricity market has more installed

gas fired generation per capita than any other state

in the National Energy Market (NEM). We also have

the largest installed capacity of intermittent renewable

generation – wind and solar – than any other region in

the NEM. For South Australia, access to an affordable

and a reliable source of gas – a natural complement to

renewables - is vital.

Globally, the International Energy Agency expects

natural gas to grow more than any other energy type by

2040 to a market share of more than 25% of all global

energy demand. Gas will also play a key role in the

decarbonisation of our future.

State and Federal governments have a conflicting

narrative - on the one hand implementing schemes

to incentivise gas exploration, on the other, imposing

moratoria and gas reservation policies. However, progress

is being made at a federal level, where the gas security

mechanism imposed in 2017 is now ear marked for review.

The gas industry continues to support the view that a

focus on increasing supply is more beneficial than market

interventions. What is needed now and into the future is

access to new gas supply sources.

Today Australia has approximately 70 years of supply

from identified resources. If prospective resources

were developed there would be enough gas for many

hundreds of years.

South Australia’s gas pipeline infrastructure is now

50 years old and requires significant investment in

maintenance, upgrades or in some cases replacement

for ongoing efficiency. Renewing gas pipeline

infrastructure and improving capacity will help to

alleviate high gas prices and enable new gas supply.

However, these long-term investment decisions, require

policy certainty.

As we celebrate the 50-year anniversary of safely and

sustainably delivering natural gas to Adelaide; and South

Australia’s leading position as a net exporter of energy;

natural gas remains a key component in our transition to

a low carbon economy.

Annual Report 2020 29


SACOME sponsorship is a member-only opportunity that enables strategic

engagement across the resources sector. It is financial recognition of SACOME

over and above membership.

In 2019-20 the South Australian Chamber of Mines & Energy

is proudly supported by












South Australian Chamber of Mines and Energy


BHP’s Olympic Dam is one of the world’s largest ore bodies with significant deposits of copper,

gold, uranium and silver. Employing around 4,000 people, the scale of the Olympic Dam

orebody means it is a cornerstone of the resource industry and a multi-generational resource

for South Australia. Through significant investment in infrastructure and with a move into the

high-grade Southern Mine Area, the Olympic Dam operation will underpin jobs and economic

development in South Australia into the future.

Heathgate is an innovative mining and exploration company committed to operational success,

environmental sustainability and growth. Its uranium initiative at Beverley in the northern Flinders

Ranges is Australia’s first In-Situ Recovery (ISR) mine and is recognised as among the world’s

best. Heathgate is proud of its 20-plus-year association with SACOME and almost 30 years of

continuing investment in South Australia mining. More than 220 people work for Heathgate at

Beverley and its Adelaide headquarters and, consistent with its commitment to success and local

sustainability, it maximises job opportunities for Adnyamathanha people in the northern Flinders

Ranges. Heathgate is committed to expanding its Australian mining operations beyond uranium

with a focus on energy and energy related commodities.


OZ Minerals is a copper-focused, global, modern mining company based in South Australia.

Listed on the Australian Securities Exchange (ASX100) OZ Minerals has a growth strategy

focused on creating value for all stakeholders. In South Australia, it owns and operates

the copper-gold mine at Prominent Hill and the copper-gold mine at Carrapateena. The

company has a pipeline of earn-in agreements with experienced exploration companies

in Australia and internationally. It also has an operating mine and a significant pipeline of

development and exploration opportunities in the Carajás and Gurupi provinces in Brazil.

Annual Report 2020 31



Iluka Resources is an international mineral sands company

with expertise in exploration, mining, development,

processing, marketing and rehabilitation. The company has

operations in Western Australia, South Australia and Sierra

Leone. Iluka is the largest producer of zircon globally and a

major producer of titanium dioxide feedstocks.


Since 1932, Alexander Symonds has been delivering highquality,

innovative surveying and spatial solutions to the

Mining, Energy and Resources sector. We pride ourselves on

developing strong professional relationships and are driven

by the success of the projects we work on. Our qualified

team are committed to achieving our clients’ goals with

solutions tailored to each unique project.

Cavpower is one of SA’s largest privately-owned companies

and has been the dealer for the supply, service and

maintenance of Caterpillar® equipment in South Australia

and western New South Wales since 1972. They support

various industries, including mining, construction, agriculture,

government, power generation, oil and gas, on-highway

trucks and more. Cavpower can provide the equipment and

product support solutions to suit any mining operation.

Exact Contracting is a leading agriculture, civil and mining

contractor with operations Australia wide. Exact Contracting

works for both government and private clients across

Australia delivering projects associated with; civil earthwork,

contract crushing, contract mining, road construction,

pipelines and other water infrastructure projects. As a leader

in the industries, Exact Contracting has proudly developed

and nurtured a positive safety culture that underpins our

‘Total Commitment to Safety’.


South Australian Chamber of Mines and Energy


Fyfe is an Australian professional project services firm delivering

value through integrated engineering, environment, planning

and survey. We employ the best people to deliver high value

projects that build our client prosperity in the defence, energy,

resources, property, and infrastructure sectors. As we approach

our fifth decade, we acknowledge the vital importance of the

lasting partnerships we have developed with our clients. Our

success has come about due to an unswerving commitment to

delivering value through integration.

Finlaysons Lawyers is a long-term supporter of SACOME and

a leading full service commercial law firm with its head office

in Adelaide. Finlaysons has nationally-recognised Resources,

Energy, Native Title and Environment teams with in-depth

knowledge and specialist expertise in relation to the minerals

and energy sector in addition to strong networks throughout

industry and government. They have positioned us as an

industry leader and the firm of choice for resources clients.


IOR Terminals (Port Bonython) Pty Ltd is one of the largest

suppliers of quality diesel, tank infrastructure, and fuel

logistics services to the mining industry in South Australia.

Piper Alderman is a leading, national law firm who provides

practical, commercial legal advice to clients across the energy

and resources sector.






The University of Adelaide is proudly ranked in the top one

percent of universities among the world’s elite. Their focus

centers on discovering new knowledge, pursuing innovation

and preparing the leaders of tomorrow.

Hillgrove Resources Limited is an Australian mining company

focused on developing its flagship Kanmantoo Copper Mine

and associated regional exploration targets, located less than

55km from Adelaide in South Australia.

Annual Report 2020 33


For the year ended 30 June 2020

SACOME has continued to maintain a focus on cost control and returned a profit

of $232,219 for the financial year ended 30 June 2020. This is compared to a

$138,612 profit for the corresponding period ended 30 June 2019.

The impact of the COVID-19 pandemic is ongoing and while it has been financially

advantageous for SACOME up to 30 June 2020 it is difficult to predict the impact in the

coming financial year.

Membership revenue decreased slightly offset by an increase in sponsorship and grant

income (JobKeeper & Cash Boost). Total revenue increased from $1,474k to $1,586k.

Consulting costs increased reflecting a return to consulting support rather than staff

positions in the external affairs function and increased policy consultant expenditure.

Total expenses remained steady reflecting a continued focus on cost control and

streamlining of operations and staffing.

Profit and Loss Comparison

Profit and Loss FY20 FY19 % change

$ $

Membership Revenue 1,052,212 1,123,425 (6.3%)

Sponsorship Revenue 180,000 165,000 9.1%

Grant Revenue 201,000 0 n/a

Other Revenue 153,560 185,980 (17.4%)

Total Revenue 1,586,772 1,474,405 7.6%

Employee Benefits (684,600) (738,733) 7.3%

Consulting Costs (258,504) (177,818) (45.4%)

Depreciation and Amortisation (13,777) (14,457) 4.7%

Finance Costs (1,934) (2,618) 26.1%

Rental Expenses (104,363) (123,918) 15.8%

Other Expenses (291,375) (278,249) (4.7%)

Total Expenses (1,354,553) (1,335,793) (1.4%)

Profit for the year 232,219 138,612 67.5%

(Red %) = Unfavourable

Black % = Favourable


South Australian Chamber of Mines and Energy

Balance Sheet Comparison

Total cash on hand is $1.026 million as at 30 June 2020 as compared to $1.062 million at the

end of 30 June 2019.

At the end of the financial year SACOME’s total equity has increased from $879k to $1,111k as

a result of a successful net profit for the year.

Leasehold improvements undertaken in relation to a new office fit-out totalling $207k were

recognised on the balance sheet at 30 June 2020.

SACOME’s current asset ratio has decreased to 3.87 compared to 4.3 in the corresponding


Balance Sheet FY20 FY19 % change

$ $

Total Current Assets 1,215,272 1,128,808 7.7%

Total Non-Current Assets 687,304 17,744 3,773.4%

Total Assets 1,902,576 1,146,552 65.9%

Total Current Liabilities 333,855 253,162 (31.9%)

Total Non-Current Liabilities 457,365 14,253 (3,108.9%)

Total Liabilities 791,220 267,415 (195.9%)

Net Assets 1,111,356 879,137 26.4%

Total Equity 1,111,356 879,137 26.4%

Annual Report 2020 35

Image: ‘Toxic Beauty’ by Alex Ham

(08) 8202 9999

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