2000 Annual Report - Heron Resources Limited
2000 Annual Report - Heron Resources Limited
2000 Annual Report - Heron Resources Limited
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Directors’ <strong>Report</strong><br />
4.0 Continued page 41<br />
Ken Hellsten was appointed as a Director on 17 September 1999. Mr Hellsten was the Centaur Nickel Pty <strong>Limited</strong> and Centaur<br />
Mining & Exploration <strong>Limited</strong> ("Centaur") nominee to the Board pursuant to the Strategic Alliance Agreement between <strong>Heron</strong> and<br />
Centaur. Mr Hellsten resigned on 26 May <strong>2000</strong> following which Peter James Lee was appointed as Centaur’s nominee pursuant<br />
to the Strategic Alliance.<br />
PRINCIPAL ACTIVITIES<br />
The principal activities of the economic entity during the year were:<br />
a) Lateritic nickel mineral exploration and development; and<br />
b) Various non-nickel mineral exploration activities, often implemented through farm-out.<br />
There has been no significant change in the nature of these activities during the year.<br />
OPERATING RESULTS<br />
The consolidated loss of the economic entity for the <strong>2000</strong> financial year after income tax of nil (1999 : nil) was $535,636<br />
(1999 : $5,680,473).<br />
DIVIDENDS<br />
No dividends were paid during the year and the Directors do not recommend the payment of a dividend.<br />
OPERATIONS REVIEW<br />
The detailed Operations Review of the economic entity for the year is contained in Section 2.0 of this <strong>Annual</strong> <strong>Report</strong>.<br />
SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS<br />
Other than noted below there were no significant changes in the state of affairs of the economic entity during the year.<br />
On 17 September 1999 the Company entered into a Strategic Alliance Agreement with Centaur Mining & Exploration <strong>Limited</strong>.<br />
The Alliance supports the planned Stage II expansion of the Cawse Nickel Project to a production level of more than 40,000<br />
tonnes per annum of LME grade nickel. Pursuant to the Agreement the Company received $3,132,000 and granted Centaur<br />
Mining & Exploration <strong>Limited</strong> an option, at no additional cost, to call for the issue of 10,440,000 Shares in the Company.<br />
On 28 September 1999 Centaur Mining & Exploration <strong>Limited</strong> called for the issue of the 10,440,000 Shares, which Shares have<br />
since been issued.<br />
There were no significant changes in the state of affairs of controlled entities during the year.<br />
MATTERS SUBSEQUENT TO THE END OF THE FINANCIAL YEAR<br />
Other than mentioned below at the date of this <strong>Report</strong> there is no matter or circumstance which has arisen since 30 June <strong>2000</strong><br />
that has significantly affected or may significantly affect:<br />
a) The operations, in the financial years subsequent to 30 June <strong>2000</strong>, of the economic entity;<br />
b) The results of those operations; or<br />
c) The state of affairs, in the financial years subsequent to 30 June <strong>2000</strong>, of the economic entity.<br />
In June <strong>2000</strong> Optionholders of the Company exercised 10,000,000 Options at 25 cents each which were to expire on 30 June<br />
<strong>2000</strong> and 150,000 Options at 25 cents each which were to expire on 15 December 2001. Shares were allotted and issued to<br />
Optionholders on 13 July <strong>2000</strong>.<br />
<strong>Heron</strong> <strong>Resources</strong> NL <strong>Annual</strong> <strong>Report</strong> <strong>2000</strong>