PROTO RESOURCES & INVESTMENTS LTD ABN 35 108 507 517 __________________________________________________ INTERIM FINANCIAL REPORT 31 DECEMBER 2011 CORPORATE DIRECTORY Proto Resources & Investments Ltd ACN 108 507 517 ABN 35 108 507 517 Incorporated in NSW Registered Office Suite 1901 Level 19 109 Pitt St Sydney NSW 2000 ASX Codes: PRW, PRWO, and PRWOA Share Register Advances Share Registry Ltd 150 Stirling Hwy Nedlands WA 6009 Tel: 08 9389 8033 Fax: 08 9389 7871 Auditor Bentleys Level 1/12 Kings Park Rd West Perth WA 6005 PROTO RESOURCES & INVESTMENTS LTD & CONTROLLED ENTITIES ABN 35 108 507 517 CONTENTS PAGE DIRECTORS’ REPORT AUDITOR’S INDEPENDENCE DECLARATION CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS NOTES TO THE INTERIM FINANCIAL STATEMENTS DIRECTORS’ DECLARATION INDEPENDENT AUDITOR’S REVIEW REPORT 3 17 18 19 20 21 22 37 38 2 PROTO RESOURCES & INVESTMENTS LTD & CONTROLLED ENTITIES ABN 35 108 507 517 DIRECTORS’ REPORT The Directors submit their report together with the half year financial report of Proto Resources & Investments Ltd (“the Company”) and its consolidated entity (referred to hereafter as “the Group”) for the period ending 31 December 2011. Directors The names of Directors who held office during the period and to the date of this report are: • • • • • Ian Campbell (Non-Executive Chairman) Andrew K Mortimer (Managing Director) Lia M Darby (Non-Executive Director) Aziz G Melick (Executive Director) Patricia K Philip (Non-Executive Director) Review and results of operations The net loss of the Group after income tax for the half year ended 31 December 2011 amounted to $1,991,523 (31 December 2010: $641,503). Review of operations 1.
INTRODUCTION The second half of 2011 marked an important period for Proto Resources & Investments Ltd (“Proto”) as the Barnes Hill project moved further through development. A pivotal milestone achieved during the period occurred with the appointment of Caterpillar Inc. (NYSE: CAT) as the equipment supplier and debt financier for the project.
Caterpillar will provide mining equipment and Caterpillar Financial SÀRL (“Caterpillar Financial”) in Zurich will manage the financing of the Barnes Hill project. Also during the period, the Development Application (“DA”) and Development Proposal and Environmental Management Plan (“DPEMP”) for the Barnes Hill project were lodged. In addition, an increased mining rate of 500,000 tonnes per annum was accepted by Proto and joint venture .... |
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