Kangaroo Resources Annual Report to Shareholders
Perth, April 2, 2012 AEST (ABN Newswire) - Kangaroo Resources Limited (
ASX:KRL) directors present their report on the consolidated entity (referred to hereafter as the group) consisting of Kangaroo Resources Limited (KRL) and the entities it controlled at the end of, or during, the six month period ended 31 December 2011.
Principal Activities
Kangaroo Resources Limited is a resources company with offices in Perth, Australia and in Jakarta, Indonesia and mineral exploration assets in both countries.
The Company continues to leverage off its strong relationships in Indonesia in particular, to continue to add coal and other projects into the Company over time, whilst moving into operations as quickly as possible on the Indonesian assets already within its portfolio.
Operating and Financial Review
Kangaroo Resources Limited (ASX:KRL) has changed its financial year end date from 30 June to 31 December.
Accordingly, the financial year just completed is a transitional one from 1 July 2011 to 31 December 2011 (ie. six months). The consolidated comprehensive loss of the Group for the period ended 31 December 2011 was $7,028,735 (Financial year ended 30 June 2011: $71,327,269).
During the reporting period, the Company continued to lay the foundations for its development as a leading coal producer following the transformational transaction with the leading Indonesian coal conglomerate PT Bayan Resources Tbk ("Bayan").
Key developments during the reporting period included the signing of a key mining contract at the Mamahak Coking Coal Project and the acquisition of direct foreign ownership of key assets within the Pakar Project, the flagship asset acquired by KRL as part of the transaction with Bayan.
Corporate
The Company released its Annual Report to shareholders and held its Annual General Meeting in Perth on 25th November 2011.
The Company has advised ASIC that the Company has changed its financial year end date from 30 June to 31 December. The change of year end allows the Company to align its financial year end date with that of its majority shareholder PT Bayan Resources Tbk and its Indonesian subsidiaries.
To view the complete Kangaroo Resources Annual Report, please refer to the following link below:
http://media.abnnewswire.net/media/en/docs/ASX-KRL-584218.pdf
Contact
Kangaroo Resources Limited
T: +618-6102-6990
F: +618-6109-6993
E: info@kangarooresources.com
WWW: www.kangaroo resources.com.au
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