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For the year ended 30 June 2021 ABN: 33 114 400 609
For personal use only
Corporate Directory
Directors
Ms Alice Wong, Non-Executive Chairperson
Mr Alistair Stephens, Deputy Chairperson, Managing Director and CEO Mr William Hayden, Non-Executive Director
Mr Ricky Lau, Non-Executive Director
Mr Bo Tan, Non-Executive Director
Company Secretary
Mr Michael Fry
Principal & Registered Office
Unit 1, 26 Elliott Street
Midvale WA 6056
Telephone: (08) 6118 7240
Facsimile: (08) 6323 0418
ABN: 33 114 400 609
Auditors
Australia:
Ernst & Young
11 Mounts Bay Road
Perth WA 6000
Malawi:
Ernst & Young
Apex House
Kidney Crescent
Blantyre
Malawi
Share Registrar
Automic Group
Level 2, 267 St Georges Terrace
Perth WA 6000
Telephone: 1300 288 664
Securities Exchange Listing
Australian Securities Exchange
(Home Exchange: Perth, Western Australia)
Level 40
Central Park
152-158 St Georges' Terrace
Perth WA 6000
Code: GBE
Bankers
Westpac
109 St Georges Terrace
Perth WA 6000
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Table of Contents
Chairperson's Address
Review of Operations
Annual Financial Report
Directors' Report
Remuneration Report - Audited
Auditor's Independence Declaration
Consolidated Statement of Profit and Loss and Other Comprehensive Income
Consolidated Statement of Financial Position Consolidated Statement of Changes in Equity Consolidated Statement of Cash Flows Notes to the Financial Statements Directors' Declaration
Independent Auditor's Report
ASX Additional Information
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Chairperson's Address
For the year ended 30 June 2021
Dear shareholders and interested persons,
On behalf of the Board of Globe Metals & Mining Limited ("Globe" or "the Group"), it is my pleasure to present to you the 2021 Annual Report.
As you will have read in the Company's ASX announcement of 19 August 2021, Globe's wholly owned Malawian subsidiary company, Globe Metals & Mining (Africa) Limited, has now been granted a Mining Licence for the Kanyika Niobium Project.
Grant of the mining licence is a significant step for the Group and reflects tireless work by the Company's executive team, not least of all, Mr Neville Huxham who has been the primary person responsible for the interface with the Malawian Government, tribal leaders, local government, the Kanyika Community, and a range of other interested groups and persons.
Congratulations to the team. Individually and as a group they should be extremely proud of achieving the grant of the first mining licence under the new Mines and Minerals Act of Malawi.
As at the date of writing, we are yet to receive an executed copy of the Kanyika Mine Development Agreement. It is an important document that outlines the fiscal regime under which the project will operate and sets out the terms upon which the Company is able to develop the minerals contained in the project. Further delay in the Mine Development Agreement will likely delay project funding and off-take arrangements and as such it is critical that this is resolved promptly.
Our efforts in project development are ramping up. Our focus has shifted to off-take and financing as we work towards becoming the first new niobium mine into production in over 50 years. To this end, the Company has recently recruited several senior personnel with specialist skills and high-levelexperience to assist the Company in these respects. Whilst each has only been with Globe for a short period of time, their expertise, know-howand professionalism are evident for all to see and will assist Globe in making progress on resolving outstanding matters and ultimately move towards our goal of production.
The timing could not be better from Globe's perspective. Niobium demand is growing each year and its range of uses is expanding rapidly as scientists and manufacturers discover new and exciting applications for niobium. Its unique characteristics make it critical to many past, present and future technologies. These include its military, aerospace and space applications, its use in medical imaging, wind turbines, CERN's Large Hadron Collider, ITER's magnetic fusion project, and more recently its importance in quantum electronics, in the manufacture of semiconductors and in batteries for the electrical vehicle industry.
The Kanyika Niobium Project will be an important project, it will employ and train thousands of local staff over its life, and through the many community programs envisaged, it can be expected to improve the lives of the Kanyika community and help contribute to a better Malawi. The Project will usher in a new age in Malawi utilising state-of-the art technology for a state-of-the art metal. Recently, we have applied for a novel patent covering metallurgical technology for the recovery of pyrochlore which allows simpler beneficiation with greater recovery and lower OPEX.
For the Kanyika community, this is a vitally important development. At last, there can be real conversations about the timelines to development, and the initiatives that the Company can implement in its social responsibility programs.
In closing, I thank all shareholders, board of directors, and employees for their support of the Group in the year past and I am looking forward to their continued support in the year to come.
Yours sincerely,
Alice Wong
Chairperson
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Review of Operations
For the year ended 30 June 2021
Niobium transforms materials into smarter materials to build greener structures, help make energy cleaner and mobility more sustainable.
Niobium is a metal. When pure, it is soft, ductile, and highly resistant to corrosion. Niobium (Nb), atomic number 41, belongs to the transition metals group and is the second element of the fifth column - Group 5. Niobium products are obtained from metallurgy processes and because Niobium enhances properties and functionality, it is used in a wide range of materials, such as alloy steel and oxides, and applications in sectors like mobility, energy and construction.
Uses
Approximately 90% of all niobium used is consumed as ferroniobium in the production of High Strength Low Alloy (HSLA) steels which contain on average about 0.03%Nb.
HSLA steels are used extensively in the construction and automotive industries, and also in the manufacture of high pressure gas and oil pipelines. The remaining 10% of niobium goes into a wide range of smaller-volume but higher-value applications, such as high-performance alloys (which include superalloys), carbides, superconductors, electronic components and functional ceramics, and into various new-age technologies.
Niobium is a key component in new generation superalloys vital to aerospace, construction,
transportation, oil & gas, wind turbine, military equipment industries
Although the unit consumption of niobium in steel is very small-fractions of a percent by weight of a tonne of finished steel-the benefits are large. Niobium additions in steel significantly increases strength, so less steel is required overall, which can reduce cost substantially.
This has been the basis for the development and growth in its use in steels over the last few decades and should remain the driver in the years to come. Niobium intensity of use is relatively low in several large, steel-producing nations, such as China, but also India and Southeast Asia.
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Globe Metals & Mining Limited published this content on 25 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 July 2022 11:03:01 UTC.