Financial Performance - The company reported a loss before tax from continuing operations of HKD 22.6 million for the fiscal year, compared to a loss of HKD 25.8 million in the previous year, reflecting a cost-saving measure of HKD 3.2 million[14]. - The company recorded a post-tax loss from continuing operations of approximately HKD 21 million, a significant decrease from a profit of HKD 67.6 million in the previous year[14]. - The company reported a loss of HKD 9.5 million from its iron ore business segment, compared to a loss of HKD 4.7 million in the previous year[15]. - The liquidity ratio as of June 30, 2020, is 16.05, an increase from 14.51 on June 30, 2019[56]. - The capital debt ratio is 0.05 as of June 30, 2020, compared to 0.02 on June 30, 2019[56]. - The company reported no distributable reserves available for shareholders as of June 30, 2020[175]. - The board does not recommend the distribution of dividends for the fiscal year ending June 30, 2020[172]. - The company’s financial summary for the past five fiscal years is available on page 93 of the report[177]. Project Development - The total exploration expenditure for the Marillana project was AUD 3 million as of June 30, 2020, with a total exploration expenditure of HKD 4.5 million for the year, down from HKD 7.8 million in the previous year[10][15]. - The feasibility study report for the Marillana project is expected to be completed by the end of September 2020[10]. - The company has made significant progress in iron ore production at the Marillana flagship project, with a focus on infrastructure solutions critical for project success[12]. - The company anticipates that the Marillana project will commence production by the end of the second half of 2022[12]. - The joint venture agreement allows Polaris to acquire a 50% interest in the Marillana project, with development costs expected to be funded by a loan of AUD 300 million[27]. - The project is anticipated to commence production by Q3 2022 following the completion of necessary agreements and infrastructure[25]. - The Marillana project has a mineral resource estimate of 1.404 billion tons with an average iron grade of 42.2%[21]. - The project includes 1.02 billion tons of inferred resources with an average iron grade of 55.6%[21]. Risk Management - The company has implemented appropriate measures to mitigate risks related to COVID-19, although the pandemic has not significantly impacted its operations[14]. - The company faces various market risks, including fluctuations in iron ore prices and exchange rates, which impact the fair value of its mining exploration assets in Australia[61]. - The company has implemented measures to identify and mitigate various risk categories as part of its risk management strategy[112]. - The risk management committee oversees the management of risks related to the company's ongoing operations and future actions[107]. Corporate Governance - The company reported a full-year compliance with the corporate governance code of the Hong Kong Stock Exchange as of June 30, 2020[69]. - The board is responsible for the overall strategic direction of the group, including setting management targets and monitoring their achievement[69]. - The company has established a corporate governance policy to ensure responsible corporate citizenship[69]. - The board consists of 3 executive directors, 3 independent non-executive directors, and 3 non-executive directors, ensuring a diverse skill set[72]. - The board has experience in leadership roles, with 9 members having served as CEOs or in senior management positions[72]. - The company has adopted a nomination policy to establish procedures and criteria for selecting candidates for the board[76]. - The board is committed to ongoing training and development to keep up with regulatory changes[73]. Environmental and Social Responsibility - The company aims to minimize its environmental footprint and is committed to sustainable development practices[135]. - The company has not generated significant hazardous or non-hazardous waste, with waste primarily consisting of printer cartridges and old electronic equipment[127]. - The company encourages employees to use public transportation and carpooling to reduce environmental impact[132]. - The company is focused on compliance with environmental regulations and conducts annual compliance reviews[135]. - The company has established a human resources management function covering all aspects of employment[141]. - The company aims to create a culture of equality, respect, diversity, and mutual support[150]. Employee and Management Information - The company has 14 employees as of June 30, 2020, with 5 located in Australia and 10 in Hong Kong[60]. - The company has exercised 58 million employee stock options during the reporting period[57]. - The percentage of women in the workplace is 15%, down from 24% in 2016[149]. - The percentage of women in senior management is 8%, significantly lower than 38% in 2018[149]. - Employee turnover rate in Australia is 0%, while in Hong Kong it is 10%[151]. - Zero days lost due to work-related injuries in the reporting period[155]. Audit and Financial Reporting - The audit committee consists mainly of independent directors and oversees the company's financial reporting and internal control systems[95]. - The company’s financial statements for the year ended June 30, 2020, were reviewed by the board and audited by Ernst & Young Australia[100]. - The external auditor's total fee for the year ending June 30, 2020, was HKD 1,131,000, which includes HKD 944,000 for the annual audit and HKD 187,000 for non-audit services[112]. - The audit committee evaluates the adequacy of the company's accounting monitoring system and oversees management's responses to any deficiencies[98]. Shareholder Information - Major shareholders included Yuen Hang Group Limited with a beneficial ownership of 2,426,960,137 shares, accounting for 26.15% of the issued share capital[195]. - The company has no provisions regarding preemptive rights in its articles of association or Bermuda law[176]. - The company has sufficient public float as required by the Hong Kong listing rules[198]. - The independent auditor's report for the financial year ending June 30, 2020, was conducted by Ernst & Young[200].
布莱克万矿业(00159) - 2020 - 年度财报