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2002 Annual General Meeting - Chairmans Address

31 October 2002

Welcome to the Annual General Meeting for the company. In this report I will cover the highlights of the past year and go into more detail on events since 1 July 2002. I also want to talk about the outlook for the current year and our corporate objectives beyond then.

Strategic Objectives

Before I go into the detail of operations, I think it is useful to reiterate how we are planning to add significant value for shareholders. This is a long-term plan, a work in progress which has been going on for some years. There are two major objectives.

1. To establish the Gympie Goldfield as a long-term major gold producer (the target is to demonstrate the substance behind our estimates of the potential to discover more than 6 million ounces). To do this, operations are being developed to provide cash flow and, importantly a knowledge base for an exploration program that is being expanded to be the largest gold exploration program in Queensland - a $25 million program with $7 million to be spent in 2002-2003.

2. To build Southland Coal into consistently producing at least 1.5 million tonnes per annum, at which point it becomes a substantial profit and cash generator for the group.

The full achievement of either of these objectives will add substantial value for shareholders. We are, of course, working to achieve both.

  • Download the entire Chairmans Address (100KB) [ pdf ]
  • Download the Managing Directors presentation (2.0MB) [ pdf ]
  • Outcome of AGM resolutions (100KB) [ pdf ]

  •   Latest Releases
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    25 November 2003:
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    05 November 2003:
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    Last Modified: Thursday, 05-Dec-2002 11:35:14 EST