ANNUAL FINANCIAL REPORT
31 DECEMBER 2016
Board of DirectorsNelson Chen Chairman
Gregory Jones Non-Executive Director
Ivo Polovineo Non-Executive Director
Gou Qing Lou Non-Executive Director
Executive OfficersGraeme Kininmonth Acting Chief Executive Officer
Riccardo Vittino Chief Financial Officer
Susan Hunter Company Secretary
ASX Code MOL Principal & Registered Office50 Kings Park Road PO Box 8215
West Perth, WA, 6005 Subiaco East, WA, 6008
Telephone: +61 8 9429 3300
Email: info@molymines.com Website: www.molymines.com
ASX Share RegisterComputershare Investor Services Pty Ltd Level 11 / 172 St Georges Terrace
Perth, WA, 6000
Telephone: +61 8 9323 2000
1300 850 505 (investors within Australia)
Fax +61 8 9323 2033
Web www.computershare.com
AuditorDeloitte Touche Tohmatsu Tower 2, Brookfield Place 123 St Georges Terrace Perth, 6000, Australia
Telephone +61 8 9365 7000
Fax +61 9365 7001
Web: www.deloitte.com.au
The Directors present their report together with the financial report of Moly Mines Limited ("Moly Mines" or the "Company") and of the consolidated entity, being the Company and its controlled entities (the "Group") for the year ended 31 December 2016, and the auditor's report thereon.
In this report and the financial statements, references to:
"Hanlong" are to Hanlong Mining Investment Pty Ltd.
"Sichuan Hanlong Group" are to Sichuan Hanlong Group, a private company incorporated in China.
"Hanlong Group" are to the Chinese companies controlled by Sichuan Hanlong Group, including Hanlong and Sichuan Hanlong Group itself.
The names and details of the Company's Directors in office during the year and until the date of this report are set out below. Directors were in office for the entire year unless otherwise stated.
Director | Qualifications, Experience and Other Directorships | Committee Membership |
Nelson Chen Non-Executive Chairman | Appointed 31 May 2013. Appointed Chairman 20 December 2013. Mr Chen is a Director of Hanlong (Australia) Resources Pty Ltd and a Chartered Accountant in Australia. He holds postgraduate degrees in finance and accounting. Prior to joining Hanlong, Mr Chen spent over 11 years with PricewaterhouseCoopers, Sydney office in their audit and M&A advisory practices. Mr Chen has served on the board of Australia China Business Council, NSW branch for over 7 years. Details of Mr Chen's other listed public company directorships over the past three years are:
| Material Investment, Remuneration. |
Gregory Jones Non-Executive, independent | Appointed 22 August 2014. Mr Jones is a geologist with 35 years' exploration and operational experience gained in a broad range of metalliferous commodities both within Australia and overseas. Mr Jones has held senior positions in a number of resource companies including Western Mining Corporation and Sino Gold Limited. His experience spans a wide spectrum of activities from grass-roots exploration through to resource definition and new project generation, project assessment and acquisition, as well as mine geology, ore resource/reserve generation and new mine devel opment. Mr Jones is currently Managing Director of Variscan Mines Limited. Details of Mr Jones's other listed public company directorships over the past three years are:
| Audit and Risk Management (Chairman), Remuneration (Chairman, from 1 July 2016), Material Investment. |
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Gou Qing Lou Non-Executive | Appointed 22 August 2014. Mr Lou is the Managing Director of Hanlong Group. He was formerly the president of China Construction Bank, Panzhihua Municipality branch in Sichaun province and has over 27 years of experience in credit management and financial investment. Mr Lou holds a Bachelor of Economics degree from Wuhan University and a Postgraduate Diploma in business administration from Sichuan University. Mr Lou is a Board nominee and director of Hanlong. Details of Mr Lou's other listed public company directorships over the past three years are:
| Audit and Risk Management, Material Investment. |
Ivo Polovineo Non-Executive, Independent | Appointed 13 March 2017 Mr Polovineo has over 40 years' experience in corporate accounting, finance and company secretarial work for a diverse range of companies. He spent the past 30 years in senior management roles in the resources sector including seven years as Company Secretary (and five years as CFO) of Sino Gold Mining Limited (a former ASX 100 company) until December 2009 and played an instrumental role in that company's dual listing on the Hong Kong Stock Exchange in 2007. Mr Polovineo was with Sino Gold for 12 years forming part of the executive team that built the company from a market capitalisation of A$100m in 2002 to its acquisition by Eldorado Gold Corporation in December 2009 for approximately $2.4 billion. Mr Polovineo is currently Company Secretary of Variscan Mines Limited, Lynas Corporation Ltd, Thomson Resources Ltd and Silver City Minerals Ltd. Details of Mr Polovineo's other listed public company directorships over the past three years are:
| Nil |
Anthony Martin Non-Executive, independent | Appointed 22 August 2014, resigned 13 March 2017. Mr Martin is a Perth-based geologist with over 30 years' technical and corporate experience in the junior mining sector. He is currently an executive director (non corporate) of the London-based advisory firm Northcott Capital and manages their Australian-based technical team. Northcott performed advisory work for Moly Mines during the year. His experience covers a wide range of commodities including precious metals, base metals and bulk commodities throughout the Asia Pacific region and southern Africa. He is the former CEO of ASX -listed companies Queensland Mining Corporation Limited, Sihayo Gold Limited and Westgold Resources Limited. In the past five years he has also worked as a technical consultant for a number of Chinese companies seeking investments in mining projects owned by Australian-based companies. He has been a member of AusIMM since 1991. Mr Martin has not been a director of any other listed public companies in the last three years. | Material Investment (Chairman), Remuneration, Audit and Risk Management from 1 July 2016 until 13 March 2017. |
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