JUPITER MINES LIMITED 2
CONTENTS | |
PAGE(S) | |
Directors' Report | 2 |
Auditor's Independence Declaration | 4 |
Consolidated Statement of Profit or Loss and Other Comprehensive Income | 5 |
Consolidated Statement of Financial Position | 6 |
Consolidated Statement of Changes in Equity | 7 |
Consolidated Statement of Cash Flows | 8 |
Notes to the Financial Statements | 9-17 |
Directors' Declaration | 18 |
Independent Auditor's Review Report | 19-20 |
3
Your Directors submit the financial report of Jupiter Mines Limited ('Jupiter' or the 'Company') and its controlled entities ('the Group') for the half-year ended 31 August 2015.
The names of Directors who held office during or since the end of the half-year are:
Mr B P Gilbertson Non-Executive Chairman
Mr P R Murray Independent Non-Executive Director Mr A Bell Independent Non-Executive Director
Mr P Thapliyal Executive Director
Mr S C Shin Non-Executive Director
Directors were in office since the start of the period unless otherwise stated.
During the half year period, Jupiter continued to focus on the development of its manganese projects in pursuit of its Long Term Steel Feed Corporation Strategy. The Tshipi Borwa mine in South Africa continued production, shipment and sale of manganese ore.
A loss has been recognised from Jupiter's investment in Tshipi for the half year period. The six months since the year end has seen a fall in the manganese price from US$2.83 to US$2.21 per dry metric tonne unit (37% price FOB Port Elizabeth), and this decreased continues. The South African Rand has also depreciated by 12.4% over this period. The management of Tshipi Borwa has engaged in an aggressive cost cutting exercise in order to compensate for these external factors.
The Mount Ida Magnetite and Mount Mason DSO Hematite projects remain in care and maintenance.
The consolidated result for the half-year was $5,133,049 loss after tax (2014: profit of $4,520,490 after tax).
Set out below are the announcements and activities of the Company in the period:
4 June 2015 | The Company released the Notice of 2015 Annual General Meeting |
26 June 2015 | The Company released the Annual Report 2014 |
28 July 2015 | The Company announced 'Results of the 2015 Annual General Meeting' and 'Jupiter Mines AGM Presentation' |
7 August 2015 | The Company announced the 'Sale of Klondyke Gold Project' |
4
The lead auditor's independence declaration under Section 307C of the Corporations Act 2001 is set out on the following page for the half-year ended 31 August 2015.
This report is signed in accordance with a resolution of the Board of Directors.
Dated this 26th day of November 2015
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