25,600,767 - - - 25,600,767 25,600,767
------------- --------------- --------------- --------- ------------- -------------
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE HALF YEAR ENDED 31 DECEMBER 2014
NOTE 16: FAIR VALUE MEASUREMENT
Fair value hierarchy
The following tables detail the Consolidated Entity's assets and
liabilities, measured or disclosed at fair value, using a three
level hierarchy, based on the lowest level of input that is
significant to the entire fair value measurement, being:
Level 1: Quoted prices (unadjusted) in active markets for
identical assets or liabilities that the entity can access at the
measurement date.
Level 2: Inputs other than quoted prices included within Level 1
that are observable for the asset or liability, either directly or
indirectly.
Level 3: Unobservable inputs for the asset or liability.
Level 1 Level 2 Level 3 Total
$ $ $ $
Assets
Option foreign exchange
contracts - 62,238 - 62,238
Total assets - 62,238 - 62,238
Liabilities
Amortising interest rate
swaps - 1,079,236 - 1,079,236
Forward foreign exchange
contracts - 425,817 - 425,817
Total liabilities - 1,505,053 - 1,505,053
------------ ------------ ---------- ------------
At 30 June 2014, the Consolidated Entity did not have any assets
or liabilities, measured or disclosed at fair value.
The fair value of financial liabilities is estimated by
discounting the remaining contractual maturities at the current
market interest rate that is available for similar financial
liabilities.
Valuation techniques for fair value measurements categorised
within level 2.
Level 2 hedging derivatives comprise forward foreign exchange
contracts, forward foreign exchange options and interest rate
swaps. These forward foreign exchange contracts have been fair
valued using forward exchange rates that are quoted in an active
market. Interest rate swaps are fair valued using forward interest
rates extracted from observable yield curves. The effects of
discounting are generally insignificant for Level 2
derivatives.
This valuation technique maximises the use of observable market
data where it is available and relies as little as possible on
entity specific estimates.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE HALF YEAR ENDED 31 DECEMBER 2014
31 December 30 June
2014 2014
$ $
NOTE 17: ISSUED CAPITAL
Issued and fully paid shares
Fully paid ordinary shares 226,270,267 226,295,680
226,270,267 226,295,680
============== ==============
Number of
shares $
Balance at the beginning of the period 807,845,616 226,295,680
Shares issued during the period - -
Capital raising costs - (25,413)
-------------- --------------
Balance at the end of the period 807,845,616 226,270,267
NOTE 18: COMMITMENTS
(a) Mine development asset commitments
In order to maintain current rights of tenure to mine
development assets, the Consolidated Entity has the following
commitments up until expiry of leases. These obligations, which are
subject to renegotiation upon expiry of the leases, are not
provided for in the financial report and are payable:
31 December 30 June
2014 2014
$ $
Not longer than one year 171,659 163,208
Longer than one year, but not longer than five
years 773,082 735,024
-------------- ----------
944,741 898,232
============== ==========
If the Group decides to relinquish certain leases and/or does
not meet these obligations, assets recognised in the statement of
financial position may require review to determine the
appropriateness of carrying values. The sale, transfer or farm-out
of the mine development asset to third parties will reduce or
extinguish these obligations.
(b) Lease expenditure commitments
Not longer than one year 92,038 184,064
Longer than one year, but not longer than five
years - -
--------- ----------
92,038 184,064
========= ==========
The Group has entered into the following leases on commercial
terms for office accommodation:
Location Term Expiry
22 Railway Road Subiaco 4 years 19 June 2015
Tamar Science Park, Plymouth Monthly 30 September 2015
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE HALF YEAR ENDED 31 DECEMBER 2014
NOTE 18: COMMITMENTS (CONTINUED)
(c) Other contractual commitments
EPC Contract
In 2013 Wolf Minerals (UK) Limited awarded a GBP75 million ($143
million) Engineer Procure Construct ("EPC") contract for the
Hemerdon tungsten and tin project to GR Engineering Services
Limited.
The fixed price, fixed term EPC contract is for the design,
construction and commissioning of a 3Mtpa tungsten and tin mineral
processing plant plus associated infrastructure, forming the key
component of the Hemerdon project.
As at 31 December 2014, EPC commitments contracted for but not
yet incurred amounted to $27,239,431.
Mining Services Contract
In 2013 Wolf Minerals (UK) Limited awarded a GBP85 million
(A$162 million) Mining Services Contract ("MSC") for the Hemerdon
tungsten and tin project to CA Blackwell (Contracts) Limited.
The MSC is rates based and made up of two parts:
-- Phase 1, Mining pre-strip and Mine development,
-- Phase 2, Mine production.
The MSC term for Phase 1 is 11 months from the commencement
date, followed by Phase 2 which has a five year term from
completion of Phase 1 work. The MSC is able to be terminated by
Wolf at any time with 60 days' notice.
NOTE 19: DIVIDENDS
No dividends have been declared or paid during the half year
ended 31 December 2014.
NOTE 20: EVENTS SUBSEQUENT TO REPORTING DATE
There were no events subsequent to the period ended 31 December
2014 that have significantly affected, or may significantly affect
the Consolidated Entity's operations, the results of those
operations, or the Consolidated Entity's state of affairs in future
financial years.
DIRECTORS' DECLARATION
The Directors of the Company declare that:-
1. The financial statements and notes, as set out on pages 7 to
23 are in accordance with the Corporations Act 2001, and:
(a) Complying with Accounting Standard AASB 134: Interim
Financial Reporting and Corporation Regulations 2001; and
(b) Giving a true and fair view of the Consolidated Entity's
financial position as at 31 December 2014 and of its performance
for the half year ended on that date.
2. In the Directors' opinion there are reasonable grounds to
believe that the Company will be able to pay its debts as and when
they become due and payable.
This declaration is made in accordance with a resolution of the
Board of Directors:
_____________________________
Russell Clark
Managing Director
Dated: 26 February 2015
INDEPENDENT AUDITOR'S REVIEW REPORT
TO THE MEMBERS OF
WOLF MINERALS LIMITED
Report on the Half-Year Financial Report
We have reviewed the accompanying half-year financial report of
Wolf Minerals Limited (the Company) and controlled entities
(Consolidated Entity) which comprises the condensed consolidated
statement of financial position as at 31 December 2014, the
condensed consolidated statement of profit or loss and other
comprehensive income, the condensed consolidated statement of
changes in equity and the condensed consolidated statement of cash
flows for the half-year ended on that date, notes comprising a
summary of significant accounting policies and other explanatory
information and the directors' declaration of the Consolidated
Entity comprising the Company and the entities it controlled at 31
December 2014, or during the half year.
Directors' Responsibility for the Half-Year Financial Report
The Directors of the Company are responsible for the preparation
of the half-year financial report that gives a true and fair view
in accordance with the Australian Accounting Standards and the
Corporations Act 2001 and for such internal controls as the
Directors determine is necessary to enable the preparation of the
half-year financial report that gives a true and fair view and is
free from material misstatement, whether due to fraud or error.
Auditor's Responsibility
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