INTEC LTD
2008 Annual Report
INL - Annual Report - Mr Philip Wood, MD & CEO
Wed, 1 Oct 2008 10:30AM
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Mr Phillip Wood
Wed, 1 Oct 2008
10:30AM Australia/NSW
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INTEC LTD (INL)
ASX code: INL
Website: http://www.intec.com.au/
Industry: Materials
Principal Activities:
Commercialisation of its patented hydrometallurgical processes.
Address:
, 2 Elizabeth Plaza, Level 3,
NORTH SYDNEY
NSW
Phone: (02) 9925 8170
Fax: (02) 9925 8110
Executives & Directors
Mr Trevor A Jones , Chairman, Non Exec. Director
Mr Philip Ronald Wood , Managing Director, CEO
Mr Anthony John Moyes , Director
Mr James R G Bell , Non Exec. Director
Mr Kieran G Rodgers , Finance Director, CFO
Mr Brian Banister , Chief Op. Officer
Mr Robert John Waring , Company Secretary
Company Podcasts
Company ASX Announcements
Company ASX announcements can be viewed on the ASX website.
Announcements from the preceding six months are shown below.
Please refer to the relevant stock exchange if any of the above information is incorrect
INTEC LTD (INL) Events
Australia/NSW
INTEC LTD (INL)
| Response to Price Query | Mon, 29 Jun 2009 |
| Share Purchase Plan and Placement Results | Fri, 19 Jun 2009 |
| Appendix 3B | Fri, 19 Jun 2009 |
| Appendices 3Y | Fri, 19 Jun 2009 |
| Operations and Capital Raising Update | Tue, 9 Jun 2009 |
| SPP - Letter to Shareholders and Application Form | Fri, 8 May 2009 |
| Share Purchase Plan details to Shareholders | Fri, 8 May 2009 |
| Commercial Waste Treatment Agreement | Wed, 6 May 2009 |
| Intec - Ausmelt MOU | Fri, 1 May 2009 |
| AET: Ausmelt`s TSL Business Continues to Perform Profitably | Fri, 1 May 2009 |
Please note: This company appears on this website as a result of its listing on the Australian Securities Exchange. Boardroom Radio does not claim any association with any company listed on this site.
INTERVIEW WITH MR. PHILIP WOOD, MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER OF INTEC LTD (INL)
“Annual Report”
http://www.brr.com.au/event/51917
WEDNESDAY, OCTOBER 1, 2008, 10:30 AM.
BRR This is Boardroom Radio and today we’ve got Philip Wood, Managing Director and CEO for Intec Ltd on the line.
10
How’re you going there, Philip?
INL Very well, (inaudible). Thank you very much.
BRR Intec’s 2008 Annual Report came out overnight, can you give us some of the
15 highlights?
INL Certainly, it’s been a challenging year for Intec as has been evident by the necessity after the completion of the financial year to suspend operations at our Hellyer Zinc Concentrate Project. That has been the dominating activity of the company over the last 12 months. However, during that time, our
20 operations at Hellyer improved at all measurable levels, however, we were adversely affected by plunging Australian dollar denominated zinc and lead prices and by a relentless rise in mine site cost inputs and the Board, therefore, reluctantly had to come to the view in early September that the operation there was no longer sustainable in the current price regime, and so
25 we have suspended operations at Hellyer. Having said that, the mill is first class by any standards and remains ready to commence re-operation and there are a number of potential feedstocks to which it might be applied inclusive of the tailings, although the tailings alone would only be reactivated as a program in a much higher price regime. We’ve also got the success
30 nearby, our Bass Metals in which Intec owned a 23.2% stake and they have just, yesterday in fact, announced the first JORC based resource delineation of the Fossey Zone and combined with the remnants of the Hellyer Mine and also the Que River that it got something in the order of 2.5 million tonnes of medium to high-grade ore, and we view that development by Bass Metals
35 very positively. So, whilst Hellyer has been difficult, there remains ample scope for optimism going forward.
Turning to our technology, our principal focus has been on developing the Intec process in relation to the Intec Metals Recycling Project. We received
40 our first reports from GHD Australia earlier this calendar year and have since been revisiting the flowsheet with a view to improving the economics beyond of what was substantially attractive economics at that time and that has also recently been supplemented by an opportunity in relation to the Metals Recycling Project that we are currently developing as far as thus we possibly
45 can.
Also in the last year, we have done substantial (inaudible) testwork or a Compass Resources in particular, of which, I’m a Board Member, and also for other third parties notably in Russia, in Sardinia, and in Iran and all of those highlighted in our Annual Report.
The bottom line for the Annual Report has been a relatively modest operating
5 profit for the year. However, there have been impairments to the carrying value of both our stake in Bass Metals. The share price of which has declined in line with a general market decline and also the impairment in the value of the Zeehan slag residues which also have been used in value in line with the decline in metal price. So, what was a marginal operating profit for
10 the year and has spent into an overall accounting loss of $4 million. The other corporate matter of interest during the year was of course a very successful, albeit small scale, a renounce of a right to do capital raising into June which was (inaudible) 30th of June financial yearend, and that I think, gives you a summary of the Annual Report.
15
BRR Well, with the 2008 Annual Report aside, what can shareholders look forward to in the coming year?
INL Well, as I’ve said earlier, the assets at Hellyer remained in our view of considerable strategic and operational value, the activities of Bass Metals
20 continue to excite us and we view the next year, both at Hellyer and in relation to Bass Metals activities, very positively. We can only hope for a more positive metal price regime than we’ve had in the past year.
In terms of our technology, as I’ve said earlier, we are currently pursuing an
25 opportunity in relation to the Metals Recycling Project which I am hopeful of being able to publicly announce during this month and I think that the market will see that as a very positive step forward in relation to the commercialisation of our technology. You’ll see in our Annual Report, we actually focused quite strongly on the merits of our technology and you know,
30 as we enter into the 21st century, I think it’s timely to remind all of our stakeholders that Intec is the world leader in chloride hydrometallurgy that we have strong strategic partnerships with company such as Outotec and that our technology holds every prospect of being commercialised successfully, both in Australia and overseas, notably in China where we have a
35 representative office that is highly active at the moment and applied in relation to a wide range of feedstocks residues and applied for the production of a wide range of bass and precious metals. So, we look forward this year to continue the dynamic growth in terms of the Intec process itself and in terms of our operating assets.
40
BRR Thank you, Philip.
Investors should note that Boardroom Radio will be broadcasting live audio from Intec’s Annual General Meeting this year. To receive news about this
45 event and other updates about Intec’s activities, listeners should register for this free service at Intec’s website, www.intec.com.au.
Thank you again, Philip Wood, Managing Director and CEO for Intec Ltd.
INTERVIEW CONCLUDED
Contact brr@brr.com.au for more information
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