MINERAL COMMODITIES LTD — Annual Report 2012

Apr 26, 2012

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Mineral Commodities Limited Annual Report for the year ended 31 December 2011

Contents

DIRECTORS’ REPORT	2
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME	13
CONSOLIDATED STATEMENT OF FINANCIAL POSITION	14
CONSOLIDATED STATEMENT OF CASH FLOWS	15
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY	16
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS	17
DIRECTORS’ DECLARATION	48
AUDITOR’S INDEPENDENCE DECLARATION	49
INDEPENDENT AUDITOR’S REPORT	50
CORPORATE GOVERNANCE STATEMENT	52
ADDITIONAL SHAREHOLDER INFORMATION	56

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Mineral Commodities Limited Statement of Corporate Governance

Statement of Corporate Governance

The Board of Directors of Mineral Commodities Limited (MRC) is responsible for the corporate governance of the Company. The Board guides and monitors the business and affairs of the Company on behalf of the shareholders by whom they are elected and to whom they are accountable.

In accordance with the Australian Securities Exchange (ASX) Corporate Governance Council’s (“CGC”) “Principles of Good Corporate Governance and Best Practice Recommendations” the Corporate Governance Statement must contain certain specific information and must disclose the extent to which the Company has followed the guidelines during the period. Where a recommendation has not been followed, that fact must be disclosed together with the reasons for the departure.

The Company’s corporate governance practices were in place throughout the year and are compliant, unless otherwise stated, with the Corporate Governance Council’s principles and recommendations, which are noted below.

Principle	1.	Lay solid foundations for management and oversight
Principle	2.	Structure the Board to add value
Principle	3.	Promote ethical and responsible decision making
Principle	4.	Safeguard integrity in financial reporting
Principle	5.	Make timely and balanced disclosure
Principle	6.	Respect the rights of shareholders
Principle	7.	Recognise and manage risk
Principle	8.	Remunerate fairly and responsibly

A summary of the corporate governance policies and practices adopted by MRC is set out below.

Role of the Board of Directors

The Board of MRC is responsible for setting the Company’s strategic direction and providing effective governance over MRCs’ affairs in conjunction with the overall supervision of the Company’s business with the view of maximising shareholder value. The Board's key responsibilities are to:

• (a) chart the direction, strategies and financial objectives for MRC and monitor the implementation of those policies, strategies and financial objectives;

• (b) monitor compliance with regulatory requirements, ethical standards and external commitments;

• (c) appoint, evaluate the performance of, determine the remuneration of, plan for the succession of and, where appropriate, remove the Chief Executive Officer if in place or similar person acting in the executive capacity; and

• (d) ensure that the Board continues to have the mix of skills and experience necessary to conduct MRCs' activities, and that appropriate directors are selected and appointed as required.

In accordance with MRCs’ Constitution, the Board delegates responsibility for the day–to–day management of MRC to the Managing Director (subject to any limits of such delegated authority as determined by the Board from time to time). Management as a whole is charged with reporting to the Board on the performance of the Company.

Board structure and composition

The Board currently is comprised of 3 directors, none of which are independent non–executive Directors. Details of each directors skill, expertise and background are contained within the directors report included with the company’s annual financial statements.

Independence, in this context, is defined to mean a non–executive Director who is free from any interest and any business or other relationship that could, or could reasonably be perceived to, materially interfere with the Director's ability to act in the best interests of MRC. The definition of independence in ASX Recommendation 2.1 is taken into account for this purpose.

It is the Board’s intention to increase the size of the Board as the scale of activities develops, and such expansion will see an introduction of independent non-executive directors. In the absence of such scale, the Board does not believe that the existence of further independent non-executive directors would be of benefit to the Company.

Details of directors’ shareholdings are disclosed in the directors’ report and financial report. There are no retirement schemes other than the payment of statutory superannuation contributions.

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Mineral Commodities Limited Statement of Corporate Governance

Statement of Corporate Governance (Cont’d)

Any equity based compensation of directors is required to be approved in advance by shareholders.

Presently, the roles of Chairman and Managing Director have been separated.

The Managing Director is responsible for supervising the management of the business as designated by the Board. This ensures the appropriate independent functioning of the Board and management.

MRCs’ non–executive Directors may not hold office for a continuous period in excess of three years or past the third annual general meeting following their appointment, whichever is longer, without submitting for re–election. Directors are elected or re–elected, as the case may be, by shareholders in a general meeting. Directors may offer themselves for re–election. A Director appointed by the Directors (e.g., to fill a casual vacancy) will hold office only until the conclusion of the next annual general meeting of MRC but is eligible for re–election at that meeting.

Under MRCs’ Constitution, voting requires a simple majority of the Board. The Chairman holds a casting vote.

The Company has procedures enabling any director or committee of the board to seek external professional advice as considered necessary, at the Company’s expense subject to prior consultation with the Chairman. A copy of any advice sought by a director would be made available to all directors.

Board and management effectiveness

Responsibility for the overall direction and management of MRC, its corporate governance and the internal workings of MRC rests with the Board notwithstanding the delegation of certain functions to the Managing Director and management generally (such delegation effected at all times in accordance with MRC’ Constitution and its corporate governance policies).

An evaluation procedure in relation to the Board, individual Directors and Company Executives has not taken place since the inception of the Company. Given the small scale of the Company’s current activities, the performance of the executives and directors is easily monitored and discussed in Board meetings. Once the nature and scale of activities increases, the Company will initiate formal evaluation procedures.

Financial reporting, Internal Control and Risk Management

The Board has overall responsibility for MRC’ systems of internal control. These systems are designed to ensure effective and efficient operations, including financial reporting and compliance with laws and regulation, with a view to managing risk of failure to achieve business objectives. It must be recognized however that internal control systems provide only reasonable and not absolute assurance against the risk of material loss.

The Board reviews the financial position of MRC on a weekly basis. For annual financial statements, the Managing Director and the Company Secretary are required to state in writing that:

• the Company’s financial reports present a true and fair view, in all material respects, of the Company’s financial condition and operational results in accordance with the relevant accounting standards; and

• are founded on a system of risk management and internal compliance and control and the Company’s risk management and internal compliance and control system is operating efficiently and effectively in all material respects.

Management has not formally reported to the Board on the effectiveness of the Company’s management of material business risk. Management and the Board interact on a day to day basis and risk is currently being considered on an informal day to day basis across the financial, operational and organisation aspects of the Company’s business.

Committees of the Board of Directors

The Board has not established any permanent committees, namely an Audit and Risk Committee and a Remuneration and Nomination Committee. The Board and scale of actives is not of a sufficient size to warrant separate committees in this regard.

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Mineral Commodities Limited Statement of Corporate Governance

Statement of Corporate Governance (Cont’d)

In the absence of an audit committee, the entire Board undertakes the function of an audit committee. The duties of this committee include:

• to be the focal point of communication between the Board, management and the external auditor;

• to recommend and supervise the engagement of the external auditor and monitor auditor performance;

• review the effectiveness of management information and other systems of internal control;

• review all areas of significant financial risk and arrangements in place to contain those to acceptable levels;

• review significant transactions that are not a normal part of the Company’s business;

• review the year end and interim financial information and ASX reporting statements;

• to monitor the internal controls and accounting compliance with the Corporations Act, ASX Listing Rules, external audit reports and ensure prompt remedial action where required; and

• review the Company’s financial statements and accounting procedures.

The Company’s auditor is invited to attend the annual general meeting and the Company supports the principle of the auditor being available to answer questions on the conduct of the audit and the content of the audit report.

Timely and balanced disclosure

MRC is committed to promoting investor confidence and ensuring that shareholders and the market have equal access to information and are provided with timely and balanced disclosure of all material matters concerning the Company. Additionally, MRC recognises its continuous disclosure obligations under the ASX Listing Rules and the Corporations Act.

The Company’s shareholders are responsible for voting on the appointment of directors. The Board informs shareholders of all major developments affecting the Company by:

• Preparing half yearly and annual financial reports and making these available to all shareholders.

• Preparing quarterly activity and cash flow reports.

• Advising the market of matters requiring disclosure under Australian Stock Exchange Continuous Disclosure Rules.

• Maintaining a record of significant ASX announcements on the Company’s website.

• Submitting proposed major changes in the Company’s affairs to a vote of shareholders, as required by the Corporation Law.

• Reporting to shareholders at annual general meetings on the Company’s activities during the year. All shareholders that are unable to attend these meetings are encouraged to communicate issues or ask questions by writing to the Company.

The Company has adopted a formal disclosure policy. The Board and management are aware of their responsibilities in respect of identifying material information and coordinating disclosure of that information where required by the ASX Listing Rules.

Ethical and responsible decision–making

Code of Conduct

The Board has created a framework for managing the Company including internal controls, business risk management processes and appropriate ethical standards.

The Board has adopted practices for maintaining confidence in the Company's integrity including promoting integrity, trust, fairness and honesty in the way employees and Directors conduct themselves and MRCs' business, avoiding conflicts of interest and not misusing

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Mineral Commodities Limited Statement of Corporate Governance

Statement of Corporate Governance (Cont’d)

company resources. A formal Code of Conduct has not been adopted for all employees and Directors of MRC due to the total number of employees and director’s only being 5.

Diversity

The Company only consists of 5 employees and directors. Where possible and when the Company expands, the Company will employ a broad mix of individuals reflecting its philosophy of hiring the best candidate for all positions at all levels irrespective of race, religion or gender. In terms of the composition of the Board and Board nominations, the Board will consider the requirements of the Davies Report and the Australian Stock Exchange Corporate Governance Principles as part of the overall Board appointment process of determining the composition of the Board that is the most appropriate for the Group.

At present, the Company does not have a diversity policy and employs 1 female, representing 20% of the total employees and directors.

Securities Trading Policy

A Securities Trading Policy has been adopted by the Board to set a standard of conduct, which demonstrates MRC’s commitment to ensuring awareness of the insider trading laws, and that employees and Directors comply with those laws. The Securities Trading Policy imposes additional share trading restrictions on Directors, the Company Secretary, executives and employees involved in monthly financial accounting processes ("specified persons").

Under the Securities Trading Policy, specified persons are only permitted to buy and sell securities if they do not possess non–public price sensitive information and trading occurs outside of specified restricted periods. These periods are the periods commencing on the first day of the month before the end of the half–year or full year period and ending on the next business day after the announcement of the results for that period. In addition, before a specified person can deal in MRC’s securities they must obtain clearance from the appropriate officer, confirming that there is no reason why they cannot trade.

Other Information

The ASX guidelines also prescribe that the Company should maintain a dedicated corporate governance information section on its website. Such a dedicated information section is not presently available on the Company’s website, although the annual financial report will be posted to the website and the Statement of Corporate Governance can be viewed there.

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Mineral Commodities Limited Shareholder Information

Additional information required by the Australian Stock Exchange Ltd Listing Rules and not disclosed elsewhere in this report. This information is current as at 23 March 2012.

Twenty Largest Shareholders

Rank Name	Shares %IC
1 HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED 2 ZURICH BAY HOLDINGS PTY LTD 3 J P MORGAN NOMINEES AUSTRALIA LIMITED 4 MR KENG HENG GOH 5 MR ANTHONY GRANT MELVILLE & MRS ELAINE SANDRA MELVILLE 6 MISS KATHRYN YULE 7 JP MORGAN NOMINEES AUSTRALIA LIMITED 8 INTERNATIONAL MINING SERVICES LIMITED 9 MR KEVIN ANTHONY LEO & MRS LETICIA LEO 10 MR DAVID GEOFFREY VINCENT & MRS GIUSEPPINA ANTONINA VINCENT 11 IEC INVESTMENTS PTY LTD 12 INTERNATIONAL MINING SERVICES LTD 13 NATIONAL NOMINEES LIMITED 14 MR ROBERT CAMERON GALBRAITH 15 MS KATHRYN YULE 16 MR DAVID GEOFFREY VINCENT 17 MR EMANUEL RICHARD BRIAN DILLON 17 ZURICH BAY HOLDINGS PTY LTD 17 MR WILLIAM DAVIDSON MEEK 17 MR ASHLLEY WALLISS 17 MR IAN THOMPSON 17 KINGARTH PTY LTD 18 MR DONALD BOYD 19 CITICORP NOMINEES PTY LIMITED 20 MR GRANT MENHENNETT	30,778,852 20.07% 20,605,988 13.43% 12,039,402 7.85% 5,175,000 3.37% 5,150,000 3.36% 4,884,500 3.18% 3,794,343 2.47% 3,150,000 2.05% 2,950,000 1.92% 2,170,000 1.41% 2,147,596 1.40% 1,500,000 0.98% 1,476,442 0.96% 1,459,221 0.95% 1,282,500 0.84% 1,036,000 0.68% 1,000,000 0.65% 1,000,000 0.65% 1,000,000 0.65% 1,000,000 0.65% 1,000,000 0.65% 1,000,000 0.65% 900,000 0.59% 852,200 0.56% 763,585 0.50%
	108,115,629 70.48%

TOTAL

Twenty Largest Option Holders

Rank	Name	Options	%IC
1	HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED	7,575,813	13.21%
2	ZURICH BAY HOLDINGS PTY LTD	6,980,396	12.17%
3	J P MORGAN NOMINEES AUSTRALIA LIMITED	4,815,760	8.40%
4	KATHRYN YULE	3,403,000	5.93%
5	CHARLIV INVESTMENTS PTE LTD	3,000,000	5.23%
6	MR CHRISTOPHER VICTOR CARUSO	1,700,000	2.96%
7	MR DAVID GEOFFREY VINCENT & MRS GIUSEPPINA ANTONINA VINCENT	1,626,000	2.83%
8	MR KEVIN ANTHONY LEO & MRS LETICIA LEO	1,565,344	2.73%
9	DR ROSAMUND JULIAN BANYARD & MR PHILLIP STANLEY HOLTEN	1,430,000	2.49%
10	MR EMANUEL RICHARD BRIAN DILLON	1,400,000	2.44%
10	KEVIN LEO	1,400,000	2.44%
10	INTERNATIONAL MINING SERVICES PTY LTD	1,400,000	2.44%
11	JP MORGAN NOMINEES AUSTRALIA LIMITED	1,198,076	2.09%
12	NATIONAL NOMINEES LIMITED	1,107,200	1.93%
13	CHETAN ENTERPRISES PTY LTD	1,000,000	1.74%
14	MR KEVIN ANTHONY LEO & MRS LETICIA LEO	784,833	1.37%
15	MR ROBERT CAMERON GALBRAITH	583,689	1.02%
16	OHS GLOBAL PTY LTD	515,132	0.90%

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Mineral Commodities Limited Shareholder Information

Rank Name		Options %IC
17 MR ROSS NICHOLAIDIS 17 IAN RANDAL THOMPSON 17 ARIE VROLIJK 17 DIRECT MINING SERVICES PTY LTD 18 MR IAN THOMPSON 18 MR WILLIAM DAVIDSON MEEK 18 ZURICH BAY HOLDINGS PTY LTD 19 CHURCHLAND NOMINEES PTY LTD 20 MR ALEXANDER MEARS TOTAL Range of holdings Number of shareholders Number of shares 1 – 1,000 138 42,857 1,001 – 5,000 375 1,303,851 5,001 – 10,000 179 1,498,445 10,001 – 100,000 368 14,106,696 100,001 – and over 123 136,441,172 Total holders 1,183 153,393,021	500,000 0.87% 500,000 0.87% 500,000 0.87% 500,000 0.87% 400,000 0.70% 400,000 0.70% 400,000 0.70% 397,780 0.69% 391,052 0.68% 45,474,075 79.28% Number of option holders Number of Options	500,000 0.87% 500,000 0.87% 500,000 0.87% 500,000 0.87% 400,000 0.70% 400,000 0.70% 400,000 0.70% 397,780 0.69% 391,052 0.68%
		45,474,075 79.28%
	24 12,766 85 234,040 41 297,327 120 5,068,325 59 51,744,750
	329 57,357,208

Marketable Parcels

Number of shareholders holding less than a marketable parcel of ordinary shares is 525.

Voting Rights

Every ordinary shareholder present in person or by proxy at meetings of shareholders shall have one vote for every share held.

Option holders have the right to attend meetings but have no voting rights until the options are exercised.

Substantial shareholders

The following shareholders are considered substantial shareholders:

• M&G Investment Management Limited. 7.7% of the issued ordinary shares

• Mirabaud Investment Limited holding approximately 10.0% of the issued ordinary shares based on their disclosure in their last

• substantial interest notice to the Company.

• Zurich Bay Holdings Pty Ltd holding 13.43% of the issued ordinary shares.

Restricted securities

There are no restricted securities.

Share buy backs

There is no current on market share buy back.

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