Financial Performance - The company reported a loss before tax from continuing operations of HKD 28.3 million, compared to HKD 22.6 million in the previous year, representing a 25% increase in losses [13]. - The after-tax loss from continuing operations was approximately HKD 14.2 million, a decrease from HKD 21 million in the previous year, indicating a 32.8% improvement [13]. - Exploration and evaluation expenses increased, leading to an operating loss of HKD 22.8 million, up 7% from HKD 21.3 million in the previous year [14]. - The total exploration expenditure for the year was HKD 5.5 million, compared to HKD 4.5 million in the previous year, reflecting a 22.2% increase [15]. - The company’s share of losses from iron ore operations was HKD 15.1 million, up from HKD 9.5 million in the previous year, marking a 58.9% increase [15]. - Capital expenditure for the Marillana project was HKD 19,000, down from HKD 137,000 in the previous year, indicating a significant reduction in spending [16]. - The company confirmed a tax credit of HKD 14.1 million, significantly higher than HKD 1.6 million in the previous year, contributing to the reduction in after-tax losses [13]. - The company reported a significant increase in revenue, achieving a total of $400 million, representing a growth of 25% year-over-year [63]. - The company provided an optimistic outlook for the next fiscal year, projecting a revenue growth of 20% and aiming to reach $480 million [63]. Project Development - The company is focused on advancing the Marillana and Ophthalmia projects, with initial development works underway [10]. - The company has established a joint venture with Mineral Resources Limited for the Marillana project, aiming to enhance operational efficiency [10]. - The initial development cost for the Marillana and Ophthalmia projects is estimated at approximately AUD 105 million [26]. - The joint venture will establish a logistics system to transport ore to the Port Hedland stockpile [26]. - The estimated capital cost for developing the Marillana iron ore project is up to AUD 676 million [26]. - The project aims to produce at least 25 million tons of final product annually for export purposes [26]. - The Marillana project has a total estimated iron ore resource of 1.013 billion tons, including 967 million tons of DID ore and 46 million tons of CID ore [33]. - The Ophthalmia project has a total estimated resource of 341 million tons, with an iron grade of 59.3% [36]. Governance and Compliance - The company has fully complied with the corporate governance code of the Hong Kong Stock Exchange and the Australian Stock Exchange as of June 30, 2021 [66]. - The board consists of nine members, with three being independent directors, ensuring a balanced composition [68]. - The company has established various committees, including a nomination committee, audit committee, and risk management committee, to enhance governance [74]. - The company has a structured approach to ensure that all directors receive complete and reliable information prior to meetings [73]. - The company has adopted a nomination policy for the selection of board members and senior management, emphasizing the importance of relevant experience and public company board experience [86]. - The audit committee consists mainly of independent directors, ensuring oversight of the company's financial reporting and internal control systems [104]. - The company has established a committee to monitor sustainability, environmental, health, and safety policies and activities [114]. Environmental, Social, and Governance (ESG) Initiatives - The company is committed to ensuring compliance with sustainability, environmental, health, and safety principles in its operations [114]. - The board of directors retains full responsibility for the company's ESG management and is committed to sustainable development practices [132]. - Key performance indicators (KPIs) are established to monitor the implementation of sustainability goals and outcomes [130]. - The company aims to systematically improve planning, execution, and monitoring of its environmental performance [133]. - The company is dedicated to reducing its carbon footprint and integrating ESG initiatives into its strategic planning [133]. - The ESG report is available on the company's website and the stock exchange website for public access [128]. Employee and Workplace Policies - The company employed 15 full-time employees as of June 30, 2021, unchanged from the previous year [57]. - The female representation in the workplace is 15%, with no female non-executive directors appointed [158]. - The employee turnover rate is 0% in both Australia and Hong Kong, indicating strong employee retention [161]. - The company has implemented a performance appraisal system that incentivizes employees through promotions and salary increases [153]. - The company provides competitive compensation packages, including annual bonuses and employee stock options [153]. - The company has a diversity policy aimed at promoting equal employment opportunities and reducing discrimination [156]. Risk Management - The company has implemented a risk management framework to identify and manage business risks effectively [120]. - The risk management committee is responsible for overseeing the management of risks related to the company's ongoing operations and future actions [116]. - The company emphasizes the importance of internal controls and risk management processes in its operations [116]. - The company has established a framework for independent investigations and appropriate follow-up actions regarding potential misconduct [1]. Shareholder Information - The company reported no distributable reserves available for shareholders as of June 30, 2021 [180]. - The board does not recommend the distribution of dividends for the year [1]. - The company has adopted a dividend policy allowing for distribution through cash or shares, subject to shareholder approval [1]. - Major shareholders included Yuen Hang Group Limited with 2,426,960,137 shares, accounting for 26.15% of the issued share capital [200].
布莱克万矿业(00159) - 2021 - 年度财报