ANNUAL REPORT
2019/2020
MOUNTAINSIDE
COAL COMPANY
KENTUCKY
CONTENTS | |
Chairman's Letter ................................................................................................. | 2 |
Managing Directors' Report................................................................................. | 4 |
Coal Technology................................................................................................... | 6 |
Coal Mining and Exploration ............................................................................... | 8 |
Directors' Report ................................................................................................ | 14 |
Auditor's Independence Declaration................................................................. | 33 |
Consolidated Statement of Comprehensive Income ....................................... | 35 |
Consolidated Balance Sheet ............................................................................. | 37 |
Consolidated Statement of Changes in Equity ................................................ | 38 |
Consolidated Statement of Cash Flows ........................................................... | 39 |
Notes to the Consolidated Financial Statements ............................................ | 40 |
Directors' Declaration ........................................................................................ | 95 |
Independent Auditor's Report ........................................................................... | 96 |
Shareholder Information.................................................................................. | 104 |
Corporate Information ..................................................................................... | 108 |
PRODUCTION
PLANT
CESSNOCK
RIVER ENERGY | WHITE ENERGY | |
HEAD OFFICE | ||
SOUTH AFRICA | ||
EXPLORATION | BRISBANE | |
SOUTH | ||
AUSTRALIA |
White Energy is a globally diverse ASX-listed company, structured around two core business divisions:
1. COAL TECHNOLOGY | 2. COAL MINING AND EXPLORATION |
Beneficiation and briquetting of | Coal mining at Mountainside Coal. |
thermal and metallurgical coal fines. | Exploration at Mountainside Coal and South |
Upgrading of sub-bituminous coal. | Australian Coal. |
WHITE ENERGY ANNUAL REPORT 2019/2020 // 1
CHAIRMAN'S LETTER
DEAR SHAREHOLDERS
I am pleased to advise that your company continues to pursue opportunities particularly in China and South Africa, to utilise our patented Binderless Coal Briquetting technology (bcb) on bituminous coal fines which due to their size, and often wet nature cannot be sold or handled as a fine coal product.
However we do not propose further work in Indonesia to upgrade their mainly high moisture sub-bituminous coal until we have completed our legal case with PT Bayan Resources
Tbk and Bayan International Pte Ltd and have received just compensation for their repudiation in 2011 of our joint venture with them.
Indonesian export thermal coals are generally very high in moisture and as environmental constraints are applied in receiving countries, these coals lend themselves to upgrading using our bcb technology.
Once the court has determined the damages amount owing to us, your directors will vigorously pursue the recovery of such amount.
I thank the Directors, all staff and shareholders for their support during the past year and I recommend shareholders' approval for the resolutions to be voted on at the 2020 Annual General Meeting which will be held on the Lumi online platform due to COVID-19 restrictions on travel and gatherings.
TRAVERS DUNCAN
CHAIRMAN
RECLAMATION, MOUNTAINSIDE COAL COMPANY, KENTUCKY, USA
2 // WHITE ENERGY ANNUAL REPORT 2019/2020
This is an excerpt of the original content. To continue reading it, access the original document here.