Preliminary Final Report – 2016

Principal activities

The principal activities of the Group during the year were mineral sands mining and processing at the Group’s Tormin Mineral Sands Project (“Tormin” or the “Tormin Project”) in the Western Cape Province of South Africa, undertaking procedures and evaluation for the future development of the Xolobeni Mineral Sands Project (“Xolobeni” or the “Xolobeni Project”) in the Eastern Cape Province of South Africa, and investigations into other mineral resources.

Dividends

During the year ended 31 December 2016, the Directors declared a final unfranked dividend for the year ended 31 December 2015 of 1 Australian cent per ordinary share, for a total distribution of A$4,049,416 based on the number of ordinary shares on issue as at 31 December 2015. As the dividend is unfranked, there are income tax consequences for the owners of the Company relating to this dividend.

Review of operations

The operations and financial position of the Group and its business strategies is set out below. The following key production and sales metrics were achieved by the Tormin Project in 2016.

Production – Full Year 

Mining

1,807,750 tonnes mined at a grade of 45.96% Heavy Mineral Concentrate (“HMC”) consisting of:

  • 29.21% Garnet;
  • 12.97% Ilmenite;
  • 2.78% Zircon;
  • 0.62% Rutile;
  • 0.38% Leucoxene

Production and Processing

658,857 tonnes, including 49,581 tonnes of high zircon content Ilmenite concentrate refeed and 16,109 tonnes of Garnet concentrate refeed, processed through the Garnet Stripping Plant / Secondary Concentrator Plant (“GSP/SCP”) to produce:

  • 270,802 tonnes Garnet concentrate;
  • 211,704 tonnes Ilmenite concentrate;
  • 35,813 tonnes Zircon/Rutile concentrate.

Sales

Full Year: $26.9m

  • Zircon/Rutile concentrate: 38,408 wet metric tonnes
  • Ilmenite concentrate: 4,070 wet metric tonnes
  • Garnet concentrate: 130,308 wet metric tonnes




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