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坛金矿业(00621) - 2021 - 年度财报
00621TAUNG GOLD(00621)2021-07-27 09:14

Gold Price and Market Trends - Gold price increased by approximately 25% in USD terms during 2020, with the South African Rand price per kilogram rising by about 23% compared to the previous year[12] - The global economic recovery is uneven, with COVID-19 and geopolitical tensions expected to support stronger gold prices[18] Jeanette Project Development - The company's Jeanette project is progressing with a phased approach to reduce capital requirements and shorten construction time, with significant progress made in basic design negotiations by Q3 2020[11] - The Jeanette project has a total estimated mineral reserve of 7.12 million ounces of gold in the Basal Reef, as per the pre-feasibility study completed in February 2016[36] - The first phase of the Jeanette project is estimated to have an initial construction capital cost of US523.5million,withatotalcapitalcostofUS523.5 million, with a total capital cost of US646.6 million over the project life[42] - The Jeanette project's first phase is expected to produce 2.89 million ounces of gold over a 22-year mine life, with a post-tax NPV of US509.9millionata5509.9 million at a 5% discount rate and an IRR of 14.1%[42] - The company's capital efficiency for the Jeanette project is estimated at US4,017 per ounce, with a cash operating cost of US471perounceandatotalsustainablecostofUS471 per ounce and a total sustainable cost of US666 per ounce[42] - Jeanette project expenses for the fiscal year ending March 31, 2021: consultants and service providers (1.53 million ZAR), staff (4.04 million ZAR), and indirect expenses (1.10 million ZAR)[49] - The Jeanette project's EPC contract with MCC has a bid amount of 521.546million,withpotentialadjustmentsduetoscopechangesduringbasicdesign[77]−ThecompanyexpectstofinalizethetotalpriceproposalfortheJeanetteprojectbyDecember2021,pendingshareholderapproval[78]EvanderProjectDevelopment−Evanderproject′sKimberleyReefareahasprovenandcontrolledresourcesof19.85milliontonswithanaveragegoldgradeof8.47gramsperton,containing5.41millionouncesofgold[52]−Evanderproject′sprofitabilitystudyestimatestotalgoldproductionof4,113,000ouncesovertheprojectlife,withanannualproductionof309,000ouncesatagradeof6.51gramsperton[53]−InitialconstructioncapitalcostforEvanderprojectestimatedat579.3millionUSD,withtotalcapitalcostovertheprojectlifeat714.7millionUSD[53]−Evanderproject′safter−taxnetpresentvalueata5521.546 million, with potential adjustments due to scope changes during basic design[77] - The company expects to finalize the total price proposal for the Jeanette project by December 2021, pending shareholder approval[78] Evander Project Development - Evander project's Kimberley Reef area has proven and controlled resources of 19.85 million tons with an average gold grade of 8.47 grams per ton, containing 5.41 million ounces of gold[52] - Evander project's profitability study estimates total gold production of 4,113,000 ounces over the project life, with an annual production of 309,000 ounces at a grade of 6.51 grams per ton[53] - Initial construction capital cost for Evander project estimated at 579.3 million USD, with total capital cost over the project life at 714.7 million USD[53] - Evander project's after-tax net present value at a 5% discount rate is 724.8 million USD, with an after-tax internal rate of return of 17.6%[53] - Evander project's cash operating cost is 486 USD per ounce, with a sustainable total cost of 583 USD per ounce and a total cost of 724 USD per ounce[53] - Evander project's peak annual production estimated at 338,000 ounces of gold with a recovery grade of 7.41 grams per ton and a cash cost of 402 USD per ounce[61] - Evander project's payback period is 3.6 years from the date of first production[53] - Evander project's proven mineral resource is 0.11 million tons with a grade of 10.81 g/t, containing 1.09 tons of gold (0.04 million ounces)[70] - Evander project's controlled mineral resource is 19.75 million tons with a grade of 8.47 g/t, containing 167.18 tons of gold (5.37 million ounces)[70] - Total expenditure for the Evander project for the year ended March 31, 2021, was 5.00 million ZAR, including 3.95 million ZAR for staff and 1.05 million ZAR for indirect expenses[68] - Environmental impact assessments for the Evander project require revisions, with production phases expected to begin approximately 6 years after commencement, not impacting the critical path of project construction[85] - The company holds environmental permits for the dewatering and construction phases of the Evander project, along with a water use permit for handling excess mine water[85] - Evander project's remaining work is expected to take 12 to 18 months from the decision to proceed, with key tasks including finalizing binding terms, initiating financing discussions, and awarding contracts[82] Financial Performance and Capital Structure - The company recorded a basic loss attributable to owners of approximately HK526,232,000 or a basic loss per share of HK0.0292forthefiscalyearendedMarch31,2021,comparedtoabasiclossofHK0.0292 for the fiscal year ended March 31, 2021, compared to a basic loss of HK41,359,000 or HK0.0023pershareinthepreviousfiscalyear[24]−ThecompanyhadnorevenueforthefiscalyearendedMarch31,2021,andthenetlossattributabletoequityholderswasapproximatelyHK0.0023 per share in the previous fiscal year[24] - The company had no revenue for the fiscal year ended March 31, 2021, and the net loss attributable to equity holders was approximately HK526,232,000, compared to HK41,359,000inthepreviousfiscalyear[26]−Thecompany′scashandcashequivalentsbalancewasapproximatelyHK41,359,000 in the previous fiscal year[26] - The company's cash and cash equivalents balance was approximately HK163,140,000 as of March 31, 2021, down from HK199,594,000inthepreviousyear[27]−ThecompanyhasnooutstandingbankborrowingsorbankfinancingasofMarch31,2021,andacapitalgearingratioofzero[27]−AsofMarch31,2021,thecompanyhadnodistributablereservesforcashorin−kinddistributionstoshareholders,withasharepremiumaccountbalanceofapproximatelyHKD5.3billion[94]−Thecompanyreportednosignificantchangesinitscapitalstructureduringtheyearanddidnotpurchase,sell,orredeemanylistedsecurities[89]COVID−19MeasuresandOperationalAdjustments−ThecompanyimplementedvariousCOVID−19preventionmeasures,includingsocialdistancing,mandatorytemperaturechecks,andreducednon−essentialtravel,tomaintainoperations[21]−ThecompanycloseditsJohannesburgofficeinSeptember2021andestablishedasmallersatelliteofficeinPretoriaforphysicalmeetings[21]−Thecompanyistransitioningfromagoldprojectdevelopertoagoldproducer,focusingontheJeanetteprojectwhilescalingbackworkontheEvanderprojectduetointernationaltravelrestrictions[11]−Thecompanyreviewedseveralgoldprojectstopotentiallyaccelerateitstransitiontoagoldproducerbutfoundthattheassetsdidnotmeetitsinvestmentcriteria[12]Environmental,Social,andGovernance(ESG)Initiatives−Thecompany′senvironmental,social,andgovernance(ESG)reportcoverstheperiodfromApril1,2020,toMarch31,2021,andfocusesongoldminingoperationsinSouthAfrica[128]−Thecompanyhasimplementedstrategiestoreducegreenhousegasemissions,includingminimizingbusinesstravel,savingenergy,andconservingwater[137]−Thecompany′sminingprojectsareinthepre−productionstage,resultinginminimalenvironmentalimpactandnogenerationofhazardouswasteduringthereportingperiod[137]−TheJeanetteprojectwillhavenetwaterconsumptionduetominimalundergroundfissurewater,whiletheEvanderprojectwillhavenetwaterdischargeduetoexistingundergroundfissurewatersources[140]−Thecompanyhasestablishedahealthandsafetymanagementsystemcalled"TanGoldSafetyRoad"toensureasafeworkingenvironmentforallemployees[150]−Nowork−relateddeathsorinjurieswerereportedduringthereportingperiod,witha0199,594,000 in the previous year[27] - The company has no outstanding bank borrowings or bank financing as of March 31, 2021, and a capital gearing ratio of zero[27] - As of March 31, 2021, the company had no distributable reserves for cash or in-kind distributions to shareholders, with a share premium account balance of approximately HKD 5.3 billion[94] - The company reported no significant changes in its capital structure during the year and did not purchase, sell, or redeem any listed securities[89] COVID-19 Measures and Operational Adjustments - The company implemented various COVID-19 prevention measures, including social distancing, mandatory temperature checks, and reduced non-essential travel, to maintain operations[21] - The company closed its Johannesburg office in September 2021 and established a smaller satellite office in Pretoria for physical meetings[21] - The company is transitioning from a gold project developer to a gold producer, focusing on the Jeanette project while scaling back work on the Evander project due to international travel restrictions[11] - The company reviewed several gold projects to potentially accelerate its transition to a gold producer but found that the assets did not meet its investment criteria[12] Environmental, Social, and Governance (ESG) Initiatives - The company's environmental, social, and governance (ESG) report covers the period from April 1, 2020, to March 31, 2021, and focuses on gold mining operations in South Africa[128] - The company has implemented strategies to reduce greenhouse gas emissions, including minimizing business travel, saving energy, and conserving water[137] - The company's mining projects are in the pre-production stage, resulting in minimal environmental impact and no generation of hazardous waste during the reporting period[137] - The Jeanette project will have net water consumption due to minimal underground fissure water, while the Evander project will have net water discharge due to existing underground fissure water sources[140] - The company has established a health and safety management system called "TanGold Safety Road" to ensure a safe working environment for all employees[150] - No work-related deaths or injuries were reported during the reporting period, with a 0% work-related death rate and no lost workdays due to injuries[152] - The company provided on-the-job training, safety, and first aid courses to employees during the reporting period to promote career development[153] - The company implemented specific educational development programs in communities near its projects as part of its social and labor plan[154] - The company strictly prohibits child labor, forced labor, and any form of coercion or fraud in employment, with no reported cases of violations during the reporting period[156][157] - The company has a supplier selection and evaluation mechanism to ensure compliance with environmental and corporate social responsibility measures, including monitoring BEE scores and carbon emissions of potential suppliers[158] - The company maintains high ethical standards, with strict anti-corruption, anti-money laundering, and whistleblowing policies in place, and no reported cases of violations during the reporting period[162][163] - The company strengthened its social and labor plan during the COVID-19 pandemic, training over 1,100 households in food production to address unemployment and hunger in the Jeanette project area[165] - The company provided training and ongoing support to vegetable producers, including materials for building greenhouses and irrigation systems[166] - The company regularly reviews and monitors its social and labor plan through meetings with local municipal authorities and the Department of Mineral Resources and Energy[166] Corporate Governance and Board Activities - The Board of Directors consists of six members, including three executive directors and three independent non-executive directors[189] - The Board held six regular meetings and two shareholder meetings during the fiscal year ending March 31, 2021[189] - All directors attended 100% of the regular Board meetings, except for one executive director who attended 1 out of 2 other Board meetings[190] - The Audit Committee, composed of three independent non-executive directors, held seven meetings to review the Group's financial performance, internal controls, and risk management systems[199] - The Audit Committee reviewed the annual financial statements for the year ending March 31, 2021, and the interim financial statements for the six months ending September 30, 2020, and found them to be in compliance with applicable accounting standards[199] - The Board has established four committees: Audit Committee, Nomination Committee, Remuneration Committee, and Technical Safety and Environment Committee, each with written terms of reference[196] - The Board is responsible for approving major acquisitions and disposals, annual and interim results, major capital transactions, and changes in share capital[185] - The Board focuses on overall corporate strategy and policy, particularly the company's financial performance[185] - The Board has delegated authority to management for day-to-day operations, but major decisions require prior Board approval[191] - The company has arranged appropriate liability insurance to indemnify directors for liabilities arising from corporate governance activities[195] Shareholder and Share Option Information - The company's shareholding structure shows that Christiaan Rudolph de Wet de Bruin holds 244,650,717 shares, representing 1.30% of the company's issued share capital[109] - The company's 2010 Share Option Plan allows for the issuance of up to 161,924,000 shares, which is 10% of the total issued shares as of January 4, 2010[115] - The updated 2010 Share Option Plan, approved on November 21, 2014, allows for the issuance of up to 1,217,991,569 shares, representing 10% of the issued share capital as of that date[115] - The new Share Option Plan, approved on August 28, 2020, allows for the issuance of up to 1,815,147,198 shares, which is 10% of the issued share capital as of that date[115] - As of March 31, 2021, no share options have been granted under the new Share Option Plan[115] - Total share options outstanding as of March 31, 2021, amounted to 174,933,901, all of which were forfeited during the year[117] - Goldborn Holdings Limited holds 11.03% of the company's issued shares, totaling 2,001,362,075 shares[119] - Mandra Materials Limited holds 4.28% of the company's issued shares, totaling 777,434,722 shares[119] - Gold Commercial Services Limited holds 6.21% of the company's issued shares, totaling 1,126,724,384 shares[119] - The company maintained a public float of at least 25% of its issued shares as required by listing rules[124] Operational and Production Status - The company did not conduct any mining or production activities as of March 31, 2021[32] - No mining or production activities were conducted during the reporting period due to the pre-construction phase of the Evander and Jeanette projects in South Africa[128] - The company is focusing on advancing the Jeanette project, including engineering, procurement, and construction contracts with MCC, and identifying short-term gold mining assets for potential acquisition[31] - The company has not yet commenced any mining or production activities, so product responsibility policies are not applicable at this stage[159] Employee and Community Engagement - The company employed approximately 30 staff in Hong Kong and South Africa as of March 31, 2021, with compensation based on performance, experience, and market conditions[95] - The company has a total of 30 employees, with 16 males and 14 females, distributed between Hong Kong (12 employees) and South Africa (18 employees)[147] - The company engages with stakeholders through various channels, including company websites, shareholder meetings, and community communication meetings[134] - The company provided on-the-job training, safety, and first aid courses to employees during the reporting period to promote career development[153] - The company implemented specific educational development programs in communities near its projects as part of its social and labor plan[154] - The company strengthened its social and labor plan during the COVID-19 pandemic, training over 1,100 households in food production to address unemployment and hunger in the Jeanette project area[165] - The company provided training and ongoing support to vegetable producers, including materials for building greenhouses and irrigation systems[166] - The company regularly reviews and monitors its social and labor plan through meetings with local municipal authorities and the Department of Mineral Resources and Energy[166] Key Performance Indicators (KPIs) and Reporting - The company has disclosed key performance indicators related to emissions, energy consumption, and water usage, though specific data is not applicable at this stage[169] - Total number of employees categorized by gender, employment type, age group, and region[172] - Employee turnover rate categorized by gender, age group, and region[172] - Number and rate of work-related fatalities[172] - Number of lost workdays due to work injuries[172] - Percentage of trained employees categorized by gender and employee category (e.g., senior management, middle management)[172] - Number of suppliers categorized by region[172] - Number of product recalls due to safety and health reasons as a percentage of total products sold or shipped[172] - Number of complaints received regarding products and services and the response methods[172] - Number of concluded corruption cases against the company or its employees during the reporting period[175] - Resources allocated (e.g., money or time) in focused areas such as education, environmental issues, labor needs, health, culture, and sports[175] Audit and Financial Reporting - Deloitte Touche Tohmatsu has audited the financial statements for the year ended March 31, 2021, and is eligible for re-appointment[126] - The Audit Committee reviewed the annual financial statements for the year ending March 31, 2021, and the interim financial statements for the six months ending September 30, 2020, and found them to be in compliance with applicable accounting standards[199] Other Corporate Activities - The company terminated the proposed acquisition of the Pakistan target company, with a refund of HKD 30 million received and an additional HKD 30 million expected by December 31, 2021[73] - The joint venture with Pakistan Frontier Works Organization for the Tanjeel H4 deposit has not progressed due to political delays and COVID-19, with the company retrieving a 15.4 million deposit[74] - The sale of HIL, which holds coal mining rights, is ongoing, with the original potential buyer facing financial difficulties and the company seeking new buyers[86] - The company's independent non-executive directors have confirmed their independence from the company[125]