ohhh how i wish id at least taken on board what Heraclitus and rizzla said,
thought bornrite was wrong how wrong I was!
this was in a local rag, I cant sttttttttaaaaaaaand it when people are getting paid well and they think you know what ill set up another business and take a cut like a recuritment company when we hire and pay staff and then get more money!
heaven for bid just being happy with my job, shows the possible mindset some people have?
if all things were fine and you were flat out setting up a mine would you really have time?
orrrrrrrrrrrr did they not want a third party to see??? lets keep it all in house so its only us who know what a @&@^&* up this is.
In its annual report to shareholders, released today, Rex’s chairman outlined the “small is better strategy” that saw the compnay put its large scale development of the Hillside project near Ardrossan on the back-burner.
“The potential to commence production at Hillside for a much lower up-front cost is what we believe to be an important part of maximising the inherent value that you, as shareholders, own with the very large Hillside Mineral Resource and its future potential,” Rex’s chairman David Cartland said.
“… the inclusion of smaller development options may enable the company to tailor a more efficient financing package and allow for either a broader range of possible partners or for the company to ‘go it alone’.
“With the currently constrained capital for new large scale projects comes a lack of future production to deliver into the world’s expanding economies.
“This will, at some stage in the future, lead to a significant shortfall in copper and a period where we will see further pressure and strengthening of the copper price.
“Therefore, looking beyond the near term, we see that commencing production even at smaller scale could prepare the company well for what we see is the inevitable upturn in the copper market.”
Cartland said that while the company waits, overheads will be reduced.
“… we are working to reduce our cost base. This includes lowering overheads, ensuring that contractors either reduce costs or increase efficiencies and reducing discretionary expenditure in areas such as exploration.
“This is an important part of ensuring that we conserve our valuable cash resources and preserve the value of the assets that the company owns.”
Cartland also acknowledged the work of employees and suppliers - some of which he has a hand in.
Cartland and executive director Steven Olsen disclosed “joint entities transactions” in the annual report’s “notes to financial statements”.
The notes stated that Cartland and Olsen “hold positions in other entities that result in them having joint control over the financial or operating policies of those entities”.
“The terms and conditions of the transactions were no more favourable than those available, or which might reasonably be expected to be available, on similar transactions to non-related entities on an arm’s length basis.”
Rex Minerals used the advisory services of BurnVoir Corporate Finance Limited in relation to funding options for the project, a company jointly controlled by Cartland.
Rex also used the advisory services of Cedar River Services Pty Ltd – a company jointly controlled by Olsen – in relation to business development, investor relations, geological services and company secretarial services.
The Burnvoir contract was worth $240,000 and the Cedar contract $450,000.
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