SACOME Annual Report 2006-07

South Australian Chamber of Mines and Energy Inc.
2007 ANNUAL REPORT
sacome: representing, promoting and protecting the resources industry in South Australia
2007 South Australian Chamber of Mines and Energy Annual Report 1

Image courtesy of Oxiana
sacome: the peak industry association for the resources industry in South Australia
* influencing government policy and regulation * lobbying and advocating for resources companies
* maintaining networks of influential government and community contacts * providing
information of relevance to resources companies and the community * facilitating opportunities
for resources companies to be consulted on matters of importance * hosting social and
networking opportunities * promoting the resources industry * progressing strategies
designed to achieve and maintain a safe, sustainable and profitable resources industry.

contents
2 President’s Report
3 Chief Executive’s Report
4 Working For Members
6 Indigenous Relations
7 Future Workforce
8 Industry Development
10 Members
Financial Report between pages 6 and 7
2007 South Australian Chamber of Mines and Energy Annual Report 1

President’s Report
The 2006-07 financial year has been outstanding for South
Australia’s mineral resources industry. Mineral exploration
drilling in the State increased by 53% from the previous period
and overall mineral exploration spending reached record levels.
I must commend the South Australian Government and its Plan
for Accelerating Exploration (PACE) launched in 2004, which has
resulted in achieving its target for annual exploration expenditure
in South Australia well ahead of the original target date.
Concomitant with the above activities, the Chamber has also been
very busy and membership has reached record levels with 195
members in all categories as at 30 June 2007.
“I firmly believe South Australia
is realising its natural mineral
endowment rather than
experiencing a relatively
short-lived resources boom.”
Amongst its various activities, the Chamber has been very busy and
successful in advocacy initiatives for a range of issues including our
education and Indigenous relations activities.
One of the great achievements of the year for the Chamber has
been the development of the Petroleum Conjunctive Indigeneous
Land Use Agreement (ILUA), which resulted in acceptance by one
of the largest Aboriginal claimant groups in the Cooper Basin in
February 2007. This has aroused a great deal of excitement within
the sector across Australia with Australian Petroleum Production
and Exploration Association (APPEA) reporting in its April issue of
Flowline that ‘APPEA congratulates the leadership shown by the
SA Government, Indigenous communities and the SA Chamber of
Mines and Energy in achieving this landmark decision and looks
forward to the announcement of further agreements in other parts
of South Australia and the rest of the country.’ The Chamber,
in close association with a very supportive petroleum sector, is
currently in negotiation with two other claimant groups in the
Cooper Basin. Read more on page 6.
As a result of the mineral discoveries following from the increased
and successful exploration activities in the State, SACOME became
concerned that planning necessary to develop commercial mineral
discoveries should be coordinated and have industry input and
joint participation with the relevant government agencies. To better
assess the scale of the challenge, the Chamber was the proponent of
an infrastructure study very professionally put together by Chamber
members; Ron Ely and his team from Connell Wagner and Scott
Mackay from SCM Advisory. Read more about this on page 7.
During the year under review, our Chief Executive for six years, Mr
Phil Sutherland tended his resignation to accept a management
position in the mineral resources industry. On behalf of the Council
and membership, I would like to record our very sincere appreciation
to Phil who led and directed a period of unprecedented growth
and visibility. For and on behalf of the Chamber, I wish him well in
his new endeavours.
In April 2007, we were very fortunate to appoint Mr Jason Kuchel
as the Chamber’s new Chief Executive. Jason was Executive
Director of the Electronics Industry Association of South Australia
for fi ve years prior to joining the Chamber. Jason has hit the ground
running, quickly grasping issues and is continuing the Chamber’s
growth and increasing its effectiveness.
I cannot let this opportunity pass without commenting on the
widely held perception of South Australia’s current mining ‘boom’.
The very word ‘boom’ implies a following ‘bust’. While there is no
doubt that commodity prices will fl uctuate in the future, I suspect
this will be off a higher base because of the real, underlying
increased demand related to the unstoppable requirements of
developing economies. In addition, the quality of a number of
recent South Australian discoveries are ‘world class’ – and by that
I mean high grade or large – or both – and thus will enjoy low
unit costs. Lower costs provide a large hedge against commodity
price fl uctuations. I fi rmly believe South Australia is realising its
natural mineral endowment rather than experiencing a relatively
short-lived resources boom.
Finally, I would like to thank our various committees and their
chairmen for their invaluable work and on behalf of the Council
and our members, extend my very sincere appreciation to our small
staff for their outstanding efforts during a very busy year under the
leadership of Jason Kuchel.
Mr John B Roberts
President
2 2007 South Australian Chamber of Mines and Energy Annual Report

Chief Executive’s Report
This period has been a time of change, not just for me, in my
first months as Chief Executive, but for the resources industry
and SACOME. This financial year has seen a record level of
exploration expenditure, leading to many exciting new projects.
In addition to mineral discoveries, extensive work is being
undertaken on the development of geothermal energy in South
Australia and its potential has many in government and the energy
sector taking notice.
We are also seeing the beginnings of a mining ‘boom’ with four
new mining licences approved, which will take the number of
mines in South Australia to nine. Indications from members are that
we should have 23 mines by 2015 and it would be reasonable to
expect quite a number more by 2020. According to the respected
independent Canadian mining authority the Fraser Institute, South
Australia has moved from eighteenth to fourth place in world
mineral potential. Additionally, the petroleum potential for the
state is considered to be at least as signifi cant as discoveries made
to date.
With the rapid changes in industry, the Chamber has also started
to reposition itself to provide better and new services to members.
In the last few months of the fi nancial year, the Chamber has
commenced a restructure to meet the industry’s new and expanding
needs. This structure will be implemented from 1 July 2007. This
will be accompanied by:
- new premises for expanded member services
- a new team-based approach with regular sharing of
information
- improvements to information management systems
- a revision of the constitution to streamline and improve
business practices.
The Chamber is also positioning itself to work with Government
on the many issues of importance to the industry. With respect to
the infrastructure study, key Ministers have responded that they
found SACOME’s approach so refreshing they anticipate much
greater levels of cooperation between the Chamber and the State
Government in the future.
Just prior to the end of the fi nancial year, we embarked on a
review of our industry strategic plan, quickly realising that with
the changes to our industry, much of the plan will be new. We
look forward to your input over the coming year, as this plan will
be comprise priorities for the industry and will guide much of our
activities over the coming few years.
“We are excited about future of this
industry and the Chamber over the
next year and beyond.”
This year has seen a modest improvement in the Chamber’s
fi nancial strength with retained earnings improved from $54,400
to $82,200. In addition, double digit membership growth will see
our retained earnings position improve nearly two fold in the next
fi nancial year.
Quite a number of cost cutting measures have also been recently
introduced with more to come in 2007-2008, giving the Chamber
the ability to provide the extra services that our members need,
without requiring immediate increases to membership fees.
In looking forward, I speak for the whole team (the Council and
staff) in saying that we are excited about the future of this industry
and the Chamber over the next year and beyond.
Jason Kuchel
Chief Executive
2007 South Australian Chamber of Mines and Energy Annual Report 3

Council
Mr John Roberts,
Chair SACOME Council
(Mithril Resources Ltd)
Mr Derek Carter,
(Minotaur Exploration Ltd)
Mr George McKenzie ,
Vice President (Finalysons)
Mr Robin English
(Santos Ltd)
Mr Tino Guglielmo,
Vice President
(Stuart Petroleum Ltd)
“Guiding the South Australian Chamber of Mines and Energy is a dedicated
and experienced council. Councillors take an active interest in the industry, its
members and SACOME activities. The strength and integrity of the industry is at
the forefront of their minds.”
Working for Members
Many members take advantage of the services and high profile networking opportunities
SACOME provides. Less visible to members is the work that goes on behind the scenes to
contribute to a healthy resources sector.
Secretariat
From left to right: Bev Janssan,
Director Member Services; Andy
Becis, Manager Careers Promotion;
Margaret Donaldson, Reception
and Administration Officer; Jason
Kuchel, Chief Executive; Stephanie
Walker, Director Indigenous
Relations; Graeme Gatley, Manager
Skills Development; (Debbie Boyd,
not pictured).
Those working behinds the scenes run various programs for the benefit of the industry, organise events and represent members’
interests.
SACOME would like to thank Mr Phil Sutherland for his energetic service and commitment to the resources sector during his time as Chief
Executive and thank Mr Andrew Blue, Former Senior Industry Advocate and acting CEO for his contribution to SACOME.
4 2007 South Australian Chamber of Mines and Energy Annual Report

Mr Roger Higgins
(BHP Billiton Ltd)
Mr Joseph Mazzone
(Adelaide Brighton Ltd)
Mr Mark Milazzo
(HWE Mining Pty Ltd)
Mr Hans Umlauff
(Iluka Resources Ltd [SA])
Mr James White
(OneSteel Ltd)
Membership levels have
been increasing and the
chart reflects the high level
of interest from the service
sector. SACOME recognises
the synergies between the
core industry members and
the service sector.
number
200
180
160
140
120
100
80
60
40
20
0
SACOME membership
2004-5 2005-6 2006-7
year
service sector
industry sector
Events
Members can learn about current issues and explore opportunities
to develop their businesses by attending a range of events held by
SACOME.
The corporate function program is popular for the networking
opportunity it provides and is supported by our member sponsors.
During the 2006-2007 year, we held eleven luncheon and breakfast
seminars with an average of 147 quests at each one. Speakers
gave interesting presentations on projects and issues relating to
the resources sector.
The SACOME annual gala dinner, held in conjunction with the
SA Resources and Energy Investment Conference, was the main
event of the year, showcasing South Australia as a destination
for exploration and production to the interstate and overseas
delegates.
Members also enjoyed friendly competition at the annual St
Barbara Day’s celebration barbeque featuring dragon boat
racing.
Other important events on the calendar were the annual SA
Explorers’ Conference held jointly with other parties.
SACOME maintained a high profi le in the media during the year and
had a presence at a range of seminars and conferences such as the
Southern Innovation Forum and Paydirt’s Uranium Conference.
Creating links for members
The SACOME Annual Services Directory is a valuable tool for
creating links between members to help grow their businesses.
Also, SACOME improved its online presence during the year by
upgrading the website. Now more comprehensive information can
be presented to members, stakeholders and the general public.
Online registries allow SACOME to solicit contact from job seekers
and schools interested in its programs.
Advocate for industry
SACOME addresses issues affecting the resources sector and
works on its behalf, collaborating with stakeholders, making
recommendations to policy makers or other parties. For instance,
SACOME prompted a review of WorkCover classifi cation for ten
explorer companies this year. As a result, all ten explorer companies
had their WorkCover fees reduced.
SACOME made numerous submissions during the year on
issues such as the State Government’s climate change Bill, the
Environmental Protection Agency’s new guidelines and pricing
mechanisms, and the Natural Resources Committee’s enquiry on
mining.
Working with ETSA has resulted in signifi cant powerline
improvements. Given the growing demand for their services, this
will be of notable benefi t to the sector.
2007 South Australian Chamber of Mines and Energy Annual Report 5

Indigenous Relations
Indigenous land use agreements
The court system does little to build relationships between the parties who have an
interest in the land. Increasingly, claims are resolved by an indigenous land use agreement
(ILUA) between the parties. Building relations between the resources sector and Indigenous
communities remains a high priority for SACOME.
The Statewide ILUA Negotiating Team is now called the South
Australian Native Title Resolution team, which refl ects both its focus
as well as the State’s objective to have 75% of Native Title resolved
by 2014. The team is currently negotiating further petroleum
conjunctive ILUAs as well as several minerals exploration ILUAs.
This year the Chamber reached a signifi cant land-access milestone
with the development of the Petroleum Conjunctive Indigenous
Land Use Agreement template document and its subsequent
acceptance by the Yandhruwandha/Yawarrawarrka peoples. This
represents a valuable step forward in negotiations for the benefi t
of all parties. The parties to the agreement also include the State
Government, the Aboriginal Legal Rights Movement (ALRM) and
SACOME acting on behalf of the sector. It was signed in February
2007 by SACOME, the Mineral Resources Development Minister
Paul Holloway and the Attorney-General Michael Atkinson on behalf
of the State. Negotiations will now proceed with the Dieri and the
Wangkangurru/Yarluyandi peoples which, if successful, will cover
the bulk of the Cooper Basin.
This precedent is an important step in streamlining the processes
towards the granting of licences for petroleum exploration and
production, while also protecting rights that fl ow from Native
Title. This gives increased confi dence to the communities and the
petroleum exploration and production sector.
Government commitment to Indigenous land use issues is imperative
for successful agreements and industry growth, yet SACOME is
disappointed at the variable support from both levels of government.
The State Government declared its intention to withdraw about one
million dollars from the ILUA process in 2007-08, which is likely
to compromise the effectiveness of the negotiating team and to
jeopardise the State’s aim to resolve 75% of all claims by 2014.
The management of funding by the Federal Attorney-General’s
Department also remains problematic, impacting negatively on
both the role SACOME plays in representing the industry and on the
ability of the statewide negotiating team to meet its targets.
SACOME is also concerned about the management of information in
the register of heritage sites maintained by the Aboriginal Affairs and
Reconciliation Division of the Department of Premier and Cabinet.
The Memorandum of Understanding (MoU) between SACOME on
behalf of industry, the State Government, ALRM and the Congress
of ALRM arising from the forum of May 2006 (see previous annual
report) is expected to be fi nalised by December 2007. The MoU aims
to support and encourage the growth of partnerships that will foster
Indigenous education, training and employment in the resources
industry.
Indigenous education, training and employment
P
roviding the right opportunities to indigenous Australians for meaningful and long-term
employment can contribute to the workforce and can reduce the gap between Aboriginal
and non-Aboriginal Australians in terms of health and general well being. The benefits are not
just for the individuals and their employers, but whole communities. Increasing numbers of
Indigenous Australians are employed by the South Australian resources sector.
In partnership with government and non-government agencies,
SACOME actively encourages education and training for Indigenous
South Australians within the resources industry and its contractors.
Resources Industry – Employment and Economic Development
for Indigenous South Australians: A Strategic Project, funded by
the Department of Education, Training and Employment (DETW)
is managed by SACOME’s Director of Indigenous Relations. The
program director is building relationships between the stakeholders
to develop training and employment opportunities for Indigenous
South Australians.
Liaison between industry members, State Government and Aboriginal
communities around Port Augusta has seen the establishment and
intake into the Graham (Polly) Farmer Centre (after hours study
centre for Aboriginal students to year 12) in February, 2007.
6 2007 South Australian Chamber of Mines and Energy Annual Report

South Australian Chamber of Mines and Energy Inc
SUMMARISED FINANCIAL REPORT
FOR THE YEAR ENDED 30 JUNE 2007
sacome: representing, promoting and protecting the resources industry in South Australia

South Australian Chamber of Mines and Energy Inc
SUMMARISED FINANCIAL REPORT
FOR THE YEAR ENDED 30 JUNE 2007
contents
ii
iii
iv
v
vi
vii
viii
ix
x
Report of the Council Members
Income Statement
Balance Sheet
Statement of Changes in Equity
Cash Flow Statement
Discussion and Analysis
Notes to the Financial Statements
Statement by Council Members
Independent Audit Report
8 i 2007 2006-2007 South South Australian Australian Chamber Chamber of Mines of Mines and Energy and Energy Annual Summarised Report Financial Report

Report of the Council Members
The Council members present their report on the
summarised financial report of the Chamber for the year
ended 30 June 2007.
The fi nancial statements and specifi c disclosures included in
the summarised fi nancial report have been derived from the
full fi nancial report of the Chamber for the year ended 30 June
2007. The summarised fi nancial report cannot be expected to
provide as full an understanding of the fi nancial performance,
fi nancial position and fi nancing and investing activities of the
Chamber as the full fi nancial report.
Further fi nancial information can be obtained from the
Chamber’s fi nancial report, which is available free of charge
on request.
The following persons hold offi ce as Council members as at
the date of this report:
Mr Derek Carter
Mr Robin English
Mr Tino Guglielmo
Mr Roger Higgins
Mr Joseph Mazzone
Mr George McKenzie
Mr Mark Milazzo
Mr John Roberts
Mr Hans Umlauff
Mr James White
MATTERS SUBSEQUENT TO THE END OF THE
FINANCIAL YEAR
No matter or circumstance has arisen since 30 June 2007 that
has signifi cantly affected or may signifi cantly affect:
(i) the operations of the Chamber;
(ii) the results of the operations; and
(iii) the state of affairs of the Chamber.
COUNCIL MEMBERS BENEFITS
During the fi nancial year:
(i) no Council member of the Chamber;
(ii) no fi rm in which a Council member is a member;
and
(iii) no body corporate in which a Council member has a
substantial interest,
has received or become entitled to receive a benefi t as a
result of a contract between the Council member, fi rm or body
corporate and the Chamber and no offi cer has received either
directly or indirectly from the Chamber any payment or other
benefi t of a pecuniary value, with the exception of a Council
member, who is a partner in a legal fi rm which receives fees
indirectly provided on behalf of the Chamber on normal
commercial terms.
Signed at Adelaide this 31st day of October 2007, in
accordance with a resolution of Council Members.
ACTIVITIES
The principal activities of the Chamber during the year were to
represent the minerals and energy industry in South Australia
and to promote the interests of the industry within the state.
Mr John Roberts
RESULTS
The net result of operations was a surplus of $27,756 (2006:
surplus of $14,852).
Mr George McKenzie
SIGNIFICANT CHANGES
There were no signifi cant changes in the state of affairs of the
Chamber during the fi nancial year.
2007 South Australian Chamber of Mines and Energy Annual Report 9
2006-2007 South Australian Chamber of Mines and Energy Summarised Financial Report ii

Income Statement
for the Year ended 30 June 2007
2007 2006
$ $
Revenues from Ordinary Activities 1,114,707 864,504
Employee benefi ts expense (553,612) (363,013)
Depreciation and amortisation expense (16,122) (30,258)
Finance Costs (4,035) (5,562)
Other expenses (513,182) (450,819)
_________
_________
Operating Surplus 27,756 14,852
Retained Earnings at the Beginning
of the Financial Year 54,461 39,609
_________
_________
RETAINED EARNINGS AT THE
END OF THE FINANCIAL YEAR $82,217 $54,461
_________
_________
10 iii 2007 2006-2007 South Australian South Australian Chamber Chamber of Mines of Mines and Energy and Energy Annual Summarised Report Financial Report

Balance Sheet as at 30 June 2007
ASSETS 2007 2006
$ $
CURRENT ASSETS
Cash and cash equivalents 414,513 139,695
Trade and other receivables 48,781 143,391
Other current assets 1,730 2,942
_________
_________
TOTAL CURRENT ASSETS 465,024 286,028
_________
_________
NON CURRENT ASSETS
Property, Plant & Equipment 46,580 73,155
_________
_________
TOTAL NON CURRENT ASSETS 46,580 73,155
_________
_________
TOTAL ASSETS 511,604 359,183
_________
_________
LIABILTIES
CURRENT LIABILITIES
Trade and other payables 420,746 258,569
Short-term fi nancial liabilities - 7,252
Short-term provisions 8,641 9,491
_________
_________
TOTAL CURRENT LIABILITIES 429,387 275,312
_________
_________
NON-CURRENT LIABILITIES
Long-term fi nancial liabilities - 18,942
Long-term provisions - 10,468
_________
_________
TOTAL NON CURRENT LIABILITIES - 29,410
_________
_________
TOTAL LIABILITIES 429,387 304,722
_________
_________
NET ASSETS $82,217 $54,461
EQUITY
Retained Earnings 82,217 54,461
_________
_________
TOTAL EQUITY $82,217 $54,461
2007 South Australian Chamber of Mines and Energy Annual Report 11
2006-2007 South Australian Chamber of Mines and Energy Summarised Financial Report iv

Statement of Changes in Equity
for the Year Ended 30 June 2007
Retained Earnings
Total Equity
$ $
Balance at 1 July 2005 39,609 39,609
Surplus attributable to members 14,852 14,852
Balance at 30 June 2006 $54,461 $54,461
Surplus attributable to members 27,756 27,756
Balance at 30 June 2007 $82,217 $82,217
12 v 2006-2007 2007 South South Australian Australian Chamber Chamber of Mines of Mines and Energy and Energy Annual Summarised Report Financial Report

Cash Flow Statement
for the Year Ended 30 June 2007
2007 2006
$ $
Cash fl ows from Operating Activities:
Infl ows
(Outfl ows)
Infl ows
(Outfl ows)
Receipts from Members and Customers 1,383,483 949,618
Payments to Suppliers and Employees (1,048,718) (890,786)
Interest Received 21,212 12,136
Net GST Refunded by ATO / (Paid to ATO) (57,626) (40,432)
Finance Expenses and Borrowing Costs (4,035) (5,562)
_
_________ _________
Net Cash fl ows provided by Operating Activities 294,316 24,974
_________ _________
Cash fl ows from Investing Activities:
Proceeds from Sale of Plant, Equipment and Motor Vehicles 15,932 -
Payments for Plant, Equipment and Motor Vehicles (9,236) (21,103)
_________ ________
Net Cash fl ows provided by (used in) Investing Activities 6,696 (21,103)
_________ _________
Cash fl ows from Financing Activities:
Repayments of Borrowings (26,194) (6,674)
_________ _________
Net Cash fl ows (used in) Financing Activities (26,194) (6,674)
_________ _________
Net Increase (Decrease) in cash held 274,818 (2,803)
Cash at the beginning of the year 139,695 142,498
Cash at the end of the year $414,513 $139,695
2006-2007 South Australian 2007 South Chamber Australian of Mines Chamber and Energy of Mines Summarised and Energy Financial Annual Report vi 13

Discussion and Analysis
for the Year Ended 30 June 2007
INCOME STATEMENT
The Chamber’s revenues from ordinary activities increased in
2007 by 28.94% to $1,114,707
(2006: $864,504), which included Chamber function fees of
$121,522 (2006: $53,264) Uranium project management of
$50,000 (2006: $54,487), Education program reimbursements
of $6,369 (2006: $75,476), Sponsorship of functions of
$100,518 (2006:$ 54,225), Subscription revenue of $623,713
(2006: $482,093) and interest revenue of $21,212 (2006:
$12,136).
Total expenditure increased in 2007 by 27.93% to $1,086,951
(2006: $849,652), which included function and project
expenses of $216,530 (2006: $140,944), rent expenses of
$48,814 (2006: $47,209), marketing expenses of $41,398
(2006: $51,044) travel expenses of $28,314 (2006: $48,575),
employee benefi ts of $553,612 (2006: $363,013) and
depreciation expenses of $16,122 (2006: $30,258).
The operating surplus from ordinary activities increased in 2007
by $12,904 to $27,756; from a surplus in 2006 of $14,852.
CASH FLOW STATEMENT
Net cash in fl ows provided by operating activities in 2007 were
$294,316 (2006: $24,974), which represents an increase of
$269,342 in cash provided by operating activities.
During 2007 receipts from members and customers increased by
$433,865 and payments to suppliers and employees increased
by $157,932.
The net cash fl ows provided by investing activities were $6,696.
This was represented by payments for plant, equipment and
motor vehicles of $9,236 which was a decrease of $11,867
from the prior year, and proceeds from the sale of plant,
equipment and motor vehicles of $15,932, which was an
increase of $15,932 from the prior year.
The net cash fl ows used in fi nancing activities were $26,194
(2006: $6,674). These outfl ows represent the repayment of
interest bearing liabilities in 2007.
The Chamber’s cash increased by $274,818 during the year to
$414,513 (2006 decrease of $2,803).
BALANCE SHEET
The Chamber’s net assets increased by 50.96% in 2007 to
$82,217 (2006: increased by 37.5% to $54,461). This increase
of $27,756 refl ects the Chamber’s operating surplus for 2007.
Total assets in 2006 increased by $152,421 or 42.43%
to $511,604 (2006: increased by $106,591 or 42.20% to
$359,183). Cash holdings increased during the period by
$274,818, trade and other receivables decreased by $94,610
and property, plant and equipment decreased by $26,575.
Total liabilities in 2007 increased by $124,665 or 40.91%
to $429,387 (2006: decreased by $91,739 or 43.1% to
$304,722). Grants received in advance increased by $31,316,
sponsorship in advance increased by $46,536, income received
in advance decreased by $26,105, subscriptions in advance
increased by $25,885, trade payables increased by $21,847,
other creditors and accruals increased by $62,698 and interest
bearing liabilities decreased by $26,194.
14 vii 2007 2006-2007 South Australian South Australian Chamber Chamber of Mines of Mines and Energy and Energy Annual Summarised Report Financial Report

Notes to the Financial Statements
for the Year Ended 30 June 2007
1. BASIS OF PREPARATION OF SUMMARISED FINANCIAL
REPORT
The summarised fi nancial report has been prepared in
accordance with Accounting Standards, Australian Accounting
Interpretations, other authoritative pronouncements of the
Australia Accounting Standards Board and the requirements of
the Associations Incorporation Act 1985.
The fi nancial report covers The South Australian Chamber of
Mines and Energy Inc (Chamber) as an individual entity. The
Chambers is an Association incorporated in South Australia
under the Associations Incorporation Act 1985.
The summarised fi nancial statements and specifi c disclosures
have been derived from the Chamber’s full fi nancial report for
the fi nancial year. The summarised fi nancial report does not,
and cannot be expected to, provide as full an understanding of
the fi nancial performance, fi nancial position and fi nancing and
investing activities of the Chamber as the full fi nancial report.
The Financial report of the Chamber is an individual entity
complies with all Australian equivalents to International
Financial Reporting Standards (AIFRS) in their entirety.
The summarised fi nancial report has been prepared on an
accruals basis and is based on historical costs modifi ed by
the revaluation of selected non current assets and fi nancial
assets and fi nancial liabilities for which the fair value basis of
accounting has been applied.
The accounting policies have been consistently applied, unless
otherwise stated.
4. EVENTS AFTER THE BALANCE SHEET DATE
(a) There have been no signifi cant events which have occurred
subsequent to 30 June 2007.
(b) The fi nancial report was authorised for issue on 31st
October 2007.
5. FUNDING AND SOLVENCY
The ability of the Council to provide services at the current
level of operations is dependent upon the Association
maintaining and increasing the existing membership
subscription levels, sponsorship funding, grant funding and
other additional sources of funding.
2. SEGMENT REPORTING
The Chamber operates within the minerals and energy industry
to promote and protect the interests of the industry in South
Australia.
3. CONTINGENT LIABILITIES
The Chamber had no contingent liabilities as at 30 June 2007
(2006 Nil).
2006-2007 South Australian 2007 South Chamber Australian of Mines Chamber and Energy of Mines Summarised and Energy Financial Annual Report viii 15

Statements by Council Members
In the opinion of the Council members of The South Australian Chamber of Mines an Energy Inc, the summarised fi nancial report
comprising the Income Statement, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and the attached notes:
a) present fairly the fi nancial position of the Chamber as at 30 June 2007 and its performance for the year ended on that date
in accordance with Australian Accounting Standards, mandatory professional reporting requirements and other authoritative
pronouncements of the Australian Accounting Standards Board; and
b) are consistent with the full fi nancial report of the Chamber for the year ended 30 June 2007; and
c) at the date of this statement, there are reasonable grounds to believe that the Chamber will be able to pay its debts as and when
they fall due.
Signed this 31st day of October 2007 in accordance with a resolution of the Council Members.
John Roberts
President
George McKenzie
Vice President
16 ix 2006-2007 2007 South South Australian Australian Chamber Chamber of Mines of Mines and Energy and Energy Annual Summarised Report Financial Report

2006-2007 South Australian 2007 South Chamber Australian of Mines Chamber and of Energy Mines Summarised and Energy Annual Financial Report 17 x

18 xi 2006-2007 2007 South South Australian Australian Chamber Chamber of Mines of of Mines and Energy and Annual Energy Annual Report Summarised Report Financial Report

Industry Development
Exploration spending reached $100 million by the start of 2007, a full year ahead of schedule and this
is now translating into new mine developments. Earnings from mining accelerated so fast in South
Australia in 2006 that the record $1.849 billion in exports was almost $500 million higher than for
2005. As growth of the sector increases, there are many things that need to go right and SACOME
is working to help ensure the State and industry are equipped to realise the full potential.
Infrastructure
Image courtesy of Eagle Bay Resources
Adequate and carefully planned infrastructure will be crucial
for South Australia to successfully realise its energy and mineral
potential. To this end, SACOME commissioned Connell Wagner and
SCM Advisory to prepare an interim infrastructure plan to present to
the State Government.
It is hoped the study will lead to a comprehensive infrastructure plan,
helping to avoid unintended duplication and ensuring that effi cient
infrastructure investment is made where clusters of emerging mining
operations have been established.
Image courtesy Port of Melbourne
The study considers ports, rail, road, air, utilities (power and gas),
water and skills and captures the estimated infrastructure demands
of 23 resource companies for fi ve, ten and twenty year periods,
including some 26 projects. At a minimum, the 23 companies
interviewed forecasted they will spend and aggregate of $20 billion
on infrastructure needs in order to expand existing mines or convert
new mineral discoveries into operating mines.
The worth of the study was reinforced by the fact that our
participating member companies expressed a philosophy of sharing
and collaboration. This should allow for the application of an
infrastructure needs template to facilitate broader infrastructure
coordination and planning.
Mineral exploration expenditure
Source: ABS
The study reinforced SACOME’s concern that from an industry
perspective, the development of an effective working model for
facilitating the mineral resources sector to reach its full potential
in this state will require a collaborative effort with both State and
Federal Governments.
The study was initially presented to Minister Holloway and Treasurer
Foley and then to State Cabinet on 10 April 2007. The establishment
of an appropriate government/industry planning body is well
advanced. SACOME anticipates the plan will be publicly released
in late 2007.
* Department for Trade and Economic Development (DTED), 2007
2007 South Australian Chamber of Mines and Energy Annual Report 7

Future Workforce
The mining and energy sector is facing unprecedented demand for skilled labour. There are
currently around 11,000 people directly employed in the South Australian mining sector and
demand for skilled labour is expected to double by 2013. Demand for tertiary and skilled
tradespeople is expected to increase from 3,760 to 7,600 by 2010 and will peak at 8,900 by
2011-12.* SACOME is working with other stakeholders to forge pathways to careers in mining
and energy in South Australia to help address the skills shortages.
Employment Pathways Project
Concerns about skills shortages led to the Unearthing Australia’s
Potential Skilled Workforce for the Resources Industry (UAPSWRI)
Project or Employment Pathways Project. Coordinated by the
Manager Skills Development, SACOME is collaborating with the
Department of Education and Children’s Services (DECS) and TAFESA
delivering seamless training and career pathways from school to
TAFE and to employment in the mining, resources and infrastructure
industries. The project is funded by the Federal Department of
Education, Science and Technology.
The result is a pilot program, which is successfully introducing
students from the Port Augusta Secondary School to the mining
and resources sector and to the skills they will require to gain
employment.
The program incorporates TAFE vocational training in the school’s
curriculum. This allows students to complete their South Australian
Certifi cate of Education (SACE) while developing the practical skills
(initially with a focus on engineering) that can lead to productive
careers.
In 2007, 15 students from the school commenced the Certifi cate
I in Manufacturing Industry (Pathways) course. The students had
been identifi ed as at-risk (both socially and educationally, however,
there are encouraging indicators of the progam’s success, such
as school attendance rates, which increased from barely 60% to
92%. Furthermore, several of the students have already secured
apprenticeships in the mining, energy or infrastructure sectors.
Similar programs are being trialled in other schools, including the
Mid North Schools Education Cluster, and the high level of interest
in the program indicates more schools are likely to follow. While the
project is due to fi nish at the end of 2007, the program’s success
means that the schools will continue the connections with TAFE and
industry.
* SA Centre for Economic Studies, 2007
8 2007 South Australian Chamber of Mines and Energy Annual Report

Workforce planning: special briefing
Where will the people come from to support the projected growth of the resources industry in South Australia? This was the subject of a special briefi ng
held by SACOME and the South Australian Government on 28 July 2006. Projections of demands for labour, skills development, overseas skills and
Indigenous employment were some of the matters considered.
Education key for future workforce
Encouraging students as young a primary school age to study maths
and sciences will help prepare our future workforce for careers in
the mining and energy sectors. The SACOME Education and Careers
Program is delivered by geologist Andy Becis, who visits schools
and provides informed and specifi c information about minerals and
resources. This popular program is intended to opens students’ minds
to the wide range of possibilities for learning - and later, working in
these sectors.
School visits over the past year have reached 8,996 students (5,917
primary and 3,079 secondary) and 476 teachers. There have also
been site visits to mines and quarries. Professional development
for teachers and trainee teachers is another feature of the program.
Printed resources have been sent to various education programs,
including all South Australian schools to raise awareness of
the options. Feedback on the presenter, content, resources and
professional development aspects have consistently been rated good
to excellent. The Minerals Council of Australia discontinued funding
for this and similar interstate programs, which caused uncertainty for
the program. Fortunately, BHP Billiton provided enough funding to
secure the programs immediate future. Additional funding is being
sought to make fi eld trips to mining and energy production sites by
students and educators possible.
SACOME:
• organised a highly successful seminar for senior secondary students to coincide with the APPEA Conference.
• was involved in the planning and implementation of “Unearth your Future”. This program involved a group of
selected senior secondary students being exposed to Geoscience education and training as well as first-hand
mine site visits with a view to them undertaking resources industry training programs upon graduation.
• is an active partner in the SEED (Science Engagement and Extension at a Distance) program to assist regional
schools with the promotion of Geoscience curriculum
2007 South Australian Chamber of Mines and Energy Annual Report 9

Membership
“Our membership continues to grow and SACOME would like to thank our
members for their support during the year. As at 30 June 2007, our members were
as follows:”
Core Industry Members
Adelaide Brighton Ltd
Adelaide Resources Ltd
Afmeco Mining & Exploration
Australian Zircon
Avoca Resources Ltd
Beach Petroleum Ltd
BHP Billiton Pty Ltd
Deep Yellow Ltd
Dominion Mining Ltd
Enterprise Energy
EPIC Energy (Dry Creek)
Euro Exploration Services
Flinders Diamonds Ltd
Geodynamics Ltd
Green Rock Energy Pty Ltd
Havilah Resources
Hillgrove Resource
Hindmarsh Resources Ltd
HWE Mining Pty Ltd
Iluka Resources Ltd
Innamincka Petroleum Ltd
InterMet Resources
Lakes Oil
Lincoln Minerals Ltd
Marathon Resources Ltd
Maximus Resources Ltd
Minotaur Resources Ltd (now Minotaur Exploration)
Mithril Resources Ltd
Newcrest Mining Ltd
Newmont Australia
NRG Flinders (now Flinders Power)
OneSteel
Oxiana Prominent Hill
PepinNini Minerals Ltd
Perilya Ltd
Petratherm Ltd
Rio Tinto Exploration
RMG Services Pty Ltd
Roma Petroleum
Santos Ltd
Scopenergy Ltd
Southern Gold Ltd
Southern Quarries & Direct Mix Group
Southern Uranium Ltd
Stellar Resources Ltd
Strike Oil Ltd
Stuart Petroleum Ltd
Tasman Resources
Tawana Resources
TeckCominco Australia Pty Ltd
Terramin Australia Ltd
Toro Energy
Uranium Equities Ltd
Uranium Exploration Australia Ltd
Uranium One
Uranium SA Ltd
Zinifex Port Pirie Smelter
10 2007 South Australian Chamber of Mines and Energy Annual Report

Service Industry Members
Adelaide Control Engineering
Adelaide Electric Motors
Adelaide Energy Ltd
Ahrens Group Pty Ltd
Air South Charter
Alexander & Symonds
Alleasing Finance Ltd
Amdel Ltd
Aon Risk Services Ltd
Artcraft Pty Ltd
Asiaworld Shipping Service
ATS Workforce
Australia Huima Investment Co Ltd
B L Shipway & Co
Bemex Corporation Pty Ltd
Boart Longyear Pty Ltd
Bostech Drilling Pty Ltd
BP Australia Pty Ltd
Budget Car & Truck Rental
Built Environs Pty Ltd
Cablecontrols
Cameco Australia Pty Ltd
Cavill Power Products Pty Ltd
Centrex Metals Ltd
Century Resources
Chandler & MacLeod Ltd
Chubb Fire Safety
Citygroup Concrete Services Pty Ltd
Citystate Machinery
Civil Skills & Technology Centre
Commercial Laundry Equipment Pty Ltd
Complete Personnel Pty Ltd
Corporate Conversation
Coventry Fasteners
D G Lucas Earthmovers Pty Ltd
Dare Sutton Clarke Pty Ltd
Data at a Touch
DMAW Lawyers
Economos Australia Pty Ltd
Electranet
Emerson Process Management Australia Pty Ltd
Ernst & Young
Extrastaff Recruitment Pty Ltd
Extreme Machining Australia
Festo Pty Ltd
Finlaysons
Flinders Ports
Fugro Airborne Surveys Pty Ltd
Fyfe Pty Ltd
Genesee & Wyoming Australia
Geoscience Associates (Australia) Pty Ltd
GHD Pty Ltd
Glenjen Haulage
Global Tough Alloys Pty Ltd
Grundfos Pumps Pty Ltd
Gryphon Partners Pty Ltd
Health Safety Environment (Australia) Pty Ltd
Heathgate Resources Pty Ltd
Heavy Transport Engineering
Hunt & Hunt
Indigelink Pty Ltd
Integrated Logistic Solutions Pty Ltd
Intico Pty Ltd
James Gall & Associates
John Holland Pty Ltd
John Nitschke Drilling Pty Ltd
Kellogg, Brown & Root Pty Ltd
Kelly & Co
KJM Contractors
KPMG
Linke Contracting Pty Ltd
Ludowici Mineral Australia Ltd
MacMahon Holdings Ltd
Macquarie Financial Services
Macweld Industries Pty Ltd
Mayfi eld Engineering Pty Ltd
(now Leighton Contractors)
McDonald Steed McGrath
2007 South Australian Chamber of Mines and Energy Annual Report 11

Service Industry Members
(cont.)
Mercury Firesafety
Migration Solutions
Millbank Publications Pty Ltd
Mining & Construction Safety Specialists
Minter Ellison Lawyers
Monax Mining Ltd
MTU Detroit Diesel Australia
National Australia Bank
O’Loughlins Lawyers
OAMPS Insurance Brokers Ltd
Parsons Brinckerhoff
PayDirt Media Pty Ltd
Piper Alderman
Pirtek (Adelaide) Pty Ltd
Port of Melbourne Corporation
PricewaterhouseCoopers
Procontrol Systems
Proto Resources & Investment
Qantas Airways Ltd
Rexco People Pty Ltd
Scimitar Resources Ltd
Shell Australia Ltd
Simply Containers
South Australian Farmers Fuel Pty Ltd
Sparke Helmore
Stramech Engineering
Strange Drilling
TAD Technical Careers & Contracts
The TESA Group Pty Ltd
Thiess Pty Ltd
Tindall Gask Bentley Solicitors
Trafford Resources Ltd
Training Materials Consultation
Tyco Flow Control Pacifi c Pty Ltd
United Group
Westpac Banking Corporation
Whitham Media Australia Pty Ltd
Wilson People Management
Workpac Central Pty Ltd
World-Link International
Worley Parsons Services Pty Ltd
Associates
Active Bobkats
Bradshaw, Peter
Ecological Associates Pty Ltd
EP Quarry Consultants
Farrington, Victor
Gale, Shane
Getz, Arnold
Goldsworthy, Roger
Hardy, AO, Barbara
Jackson, Norton
John Fargher Consulting Pty Ltd
JLC Exploration Services
Kennedy, Sean
Madden, Charlie
Marlow Communications
Mellor, Barbara
Northern Regional Development Board
Teena Coppin
Thomas, Dave
Tonkin, David
12 2007 South Australian Chamber of Mines and Energy Annual Report

SOUTH AUSTRALIA'S RESOURCES
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PIRSA 203481_002
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Current 14th May 2007
Image courtesy of PIRSA

SACOME would like to thank the following sponsors for their support during the past year.
Without their assistance we would not have been able to deliver the range and standard of events and services:
G R O U P P T Y L T D
“Your HR Specialists”
Images courtesy of Oxiana and Minotaur Exploration
South Australian Chamber of Mines and Energy Incorporated - Level 1, 4 Greenhill Road, Wayville SA 5034