Rusina Mining NL Annual Report 2009
Please note that the report is in the form of a PDF file (3.01MB) and in order to view it you will need to have Adobe Acrobat Reader installed on your computer.
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Rusina Mining NL Annual Report 2009
To view the Annual Report please click the link aboove.
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Rusina Mining NL Annual Report 2008
Please note that the report is in the form of a PDF file (3.23MB) and in order to view it you will need Adobe Acrobat Reader installed on your computer
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Rusina Mining NL Annual Financial Report 2008
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Rusina Mining NL Annual Report 2008 |
Rusina Mining NL Annual Report 2007
Please note that the report is in the form of a PDF file (3.9MB) and in order to view it you will need to have Adobe Acrobat Reader installed on your computer.|
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Rusina Mining NL Annual Report 2007
To view the annual report please click the link above.
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Annual Financial Report 2007
To view the annual financial report please click the link above.
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Rusina Mining NL Annual Report 2006
Please note that the report is in the form of a PDF file (1.5MB) and in order to view it you will need to have Abobe Acrobat Reader installed on your computer.
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Rusina Mining NL Annual Report 2006
To view the annual report please click the link above.
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Chairman's Letter
Dear Fellow Shareholder,
Rusina Mining NL has entered the 2006-2007 financial year with a highly balanced and now tightly focused growth strategy designed to rapidly commercialise over the next two years initially, the potential of our flagship asset, the Acoje platinum, nickel and chromite project in the Zambales Province on Luzon Island, in the Philippines. Significantly, our exploration program entering 06-07 now closely mirrors the emergence in global markets of longer term, higher price demand for the range of commodities which are the subject of your Company’s development focus at Acoje.
Reaching this springboard position has been achieved in the past 12 months only through a determined restructuring process across our corporate, management, organizational and project activities. This process is now complete and has ensured that from balance date, Rusina has the full complement of management, operational and technical skillsets best able to accelerate the timeframes in which Acoje can be brought to fruition through a three stage process.
It is this staged process that your Board and management have begun to implement through the identification and discussion with appropriate equity and project partners, future customers and local landholders, as well as other potential stakeholders.With the restructuring complete, we want our message to be very clear and well understood.
The proposed initial move to mining the chromite resource during 2007 is not our key endeavour at Acoje, but will provide a strong cash flow at low cost and project risk that minimizes our need to dilute shareholder interests through constant capital raisings. The second stage will involve what we see as the real attraction, potential and value-add at Acoje - development of its nickel resource. We plan to do this within an expanded project footprint around Acoje of a nature that secures project ownership, control and long-life mine potential.
The third stage involves the gradual re-assessment and evolvement of a more internationally regarded measured and drilled resource of Acoje’s PGM mineralization and its associated development through partnerships with world-class operators.
Our success over the next 12 months in clearly defining this position, as we move ahead under the restructured entity, has the strong potential to have equity markets favourably re-rate our stock. The restructuring process, which included your Company’s listing on the Alternative Investment Market (AIM) in London late in December, was not without some pain and confusion.
A new Managing Director, highly experienced South East Asian mining engineer, Mr Robert Gregory, was appointed in November 2005. Board resignations for various reasons included Messrs Bob Barras, Garry Hemming, Peter Elliott and (post balance date) Peter Hampshire. Board appointments included Mr David Hands, an Australian based in London and part-time Chief Financial Officer, Mr Julian Tambyrajah, who due to other commitments, has since resigned to allow the Company to appoint a fulltime CFO in line with its expanding exploration and development commitments.
Towards year’s end, requisitions for shareholders meeting(s) were received from interests associated with substantial shareholder, Mr Vladimir Nikolaenko, concerning the proposed removal of several directors. This action raised concerns by a substantial shareholder in London supportive of the Company’s new agenda, and who subsequently made a request for the removal of Director, Mr Rodger Johnston. Post balance date, the shareholder meetings resulted in the defeat of the Nikolaenko proposals. The London-based proposal for the removal of Mr Johnson, was carried however the Board acknowledges his contribution in assisting Rusina to achieve its new-era objectives. A world-class Technical Director, Mr Phil Fillis, has since been appointed to the Board.
In closing, I commented last year upon the strength of commodity prices, the renewed vigor of the Philippine mining sector and the potential for the Company’s operations to expand and accelerate. All of these sentiments have proved correct and I repeat them with renewed enthusiasm for the year ahead. I congratulate our invigorated team for the excellent work it has undertaken, and that which it has embarked on for 06-07. Good people are the essential element in the success of any exploration company and our new team is setting Rusina on the path towards international recognition.
