29/10/2007 - Nickel producer Jubilee Mines says there are plenty of opportunities for further discovery of the sought-after metal at its project areas near Leonora in Western Australia.
"We're very well set for the future and if anything bad happens, we'll be the last ones standing with our low cash costs and high nickel grades," chief executive Kerry Harmanis told shareholders at the company's annual general meeting on Friday.
Jubilee's 2007 financial year result was its strongest yet, with a net profit of $173.1 million comparing favourably to a net profit of $103.4 million for the previous corresponding period.
The strong result for the 12 months to June was achieved with a lower level of nickel production but a stronger nickel price.
Jubilee has no debt, is unhedged, and has a strategy of internally funded organic growth.
The meeting was well attended by shareholders who heaped praise on the company, especially as they received a total dividend payout of 67 cents per share for the 2007 fiscal year.
This compared to an annual payout to shareholders of 40 cents per share in the 2006 financial year, in line with Jubilee's policy of returning half of its profit to shareholders.
All resolutions were passed at the meeting including an increase in the maximum aggregate fees payable to non-executive directors.
The total payable was previously $400,000 per annum and is now $600,000 per annum.
The increase in fees was sought to enable the appointment of additional independent directors to the board in future.
Harmanis said one or two additional directors would be hired in due course.
Harmanis said the $2.2 billion company had the smallest board for a firm of its size.
He said the 20-year-old company had not yet commenced an executive search but he had an individual in mind who was currently employed for another company and might be approached in the first half of next year to become a director.
Source: AAP NewsWire
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