Financial Statements & Annual Report 2015
Adelaide, Sep 29, 2015 AEST (ABN Newswire) - Rum Jungle Resources Ltd (
ASX:RUM) are pleased to provide the Company's Financial Statements and Annual Report 2015.
Mission Statement
Rum Jungle Resources Ltd's (RUM) strategic intent is to create shareholder value through the discovery, development and operation of fertiliser and industrial mineral projects, located in close proximity to existing transport infrastructure, with a primary focus on the Northern Territory of Australia.
Rum Jungle Resources Ltd's portfolio of projects includes the global scale Ammaroo Phosphate Project, a portfolio of Sulphate of Potash projects and the Dingo Hill Silica Project. The Ammaroo Phosphate project is a potential large scale, higher capital, global scale industrial project that with the participation of a fertiliser industry partner, could be realised in the medium term. The Karinga Lakes Sulphate of Potash Project and potentially the Dingo Hole Silica Project offer opportunities to potentially develop small scale, low capital start-up operations that could enable operating cash flows for the company over the nearer term.
Chairman's Letter:
Transforming an idea into an industrial reality is always an extraordinary journey for those involved. The consolidation of the phosphate resource at Ammaroo in the Northern Territory and completion of a PFS is now a reality; the international recognition of this world-class resource is firmly established.
Many have joined us on this journey over the last year. Whether you are a shareholder, future customer, supplier, financier, or a part of our local community, we look forward to continuing this journey with you over the coming years.
Over shadowed by the many turbulent issues surrounding us today there is one positive and consistent political and social theme that emerges. That is the recognition for the growing need for food and effective fertilisers.
Whilst most phosphate raw materials for fertilisers are finite resources in many countries, not many such countries offer the stability of Australia. With that said, at this point in time, there are challenges in attracting capital to Australia to underpin the development of large green-field projects. International concerns about Australia's industry costs, over-reach with environmental regulation and land access challenges are recurring themes. However, in reality, a significant drop in the Australian dollar, real reductions in industry costs as the mining boom winds down may make the next few years the best time in Australia's recent history to develop the next generation of projects. Furthermore, most of the world's phosphate supply comes out of Northern Africa and the Middle East where certainty of supply remains questionable under a number of realistic scenarios. I am confident that the broader global community will realise, in due course, the potential of Australia's undeveloped phosphate resources which could make the Ammaroo Phosphate project a reality. The Prefeasibility study completed by WorleyParsons at Ammaroo clearly demonstrates that a major project could be feasible. The challenge is to find willing partners prepared to take risk at this time. To this end we have been closely working with Melbourne based advisors, Flagstaff Partners.
The growing use of fertilisers translates into an outlook for strong continued growth in demand into the foreseeable future. We will continue to market our project into an international field, which sooner or later must look favorably upon Australia.
During the year we also gained considerable international experience in the Sulphate of Potash (SOP) business, highlighted by the completion of a scoping study by the giant government Chinese group, CICCC targeting SOP production at our Karinga Lakes project in the Northern Territory. The positive aspects of this study have led us to acquire for further evaluation, the biggest tenement portfolio of salt lakes with SOP potential in Australia.
A frequent bonus in conducting mineral exploration, exploring for one commodity often leads to the discovery of another. Such was the case at the Ammaroo phosphate project where our attention was diverted to a large, white outcrop of chalcedony which, on further investigation, is a form of silica that may be convertible to high purity quartz, which can be of extreme value. Experts in Germany are currently conducting processing test-work on a small bulk sample to ascertain whether or not high purity quartz can be produced.
Whilst there is current doom and gloom in the Australian mining industry, the current pricing and outlook for fertilser minerals remains positive. We will continue to move forward with the development of a small scale start-up in either sulphate of potash or silica (if viable) in order to provide operating cash flows to the company over the nearer term. Furthermore, we will continue to engage the global and regional fertilizer industry with a view of establishing an industry joint venture to advance the global scale Ammaroo phosphate project toward development. We will continue to create the opportunity for shareholder value by achieving our development milestones and work within our budgets as determined by the capital you have provided us.
Finally, I would like to thank all staff and the new CEO, Chris Tziolis, for progressing the company through several milestones in this difficult time.
David Muller
Chairman
To view the Annual Report, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-RUM-430621.pdf
About Verdant Minerals Ltd
Verdant Minerals Ltd's (ASX:VRM) strategic intent is to create shareholder value through the discovery, development and operation of fertiliser and industrial mineral projects, located in close proximity to existing transport infrastructure, with a primary focus on the Northern Territory of Australia.
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