Dear Shareholder,
It is with pleasure that the Directors present the 2010 Annual Report of ASF Group Limited and its controlled entities. The Group during 2010 has further developed its existing assets and expanded its activities through acquisition and entry into new markets.
The Group is growing beyond its earlier operations of property, travel and mineral exploration and has now moved into the export of coal with the introduction of ASF Energy Pty Limited and a new focus on investment in China with the acquisition after the end of the financial year of a 75% shareholding interest in Balmoral Capital Pty Limited, which holds an Australian Financial Securities Licence and which is now known as ASF Balmoral Pty Limited.
ASF Energy Pty Limited will increase its activities in trading available Australian minerals to the growing markets of China. After the group's first trial shipment of coal other opportunities are being developed that are designed to bring long term revenue flows to the Group.
ASF Balmoral Pty Limited will specialise initially in representing a select number of well performing Asian Funds, managed by Hong Kong and mainland China based Fund Managers in the Australian institutional and high net worth investor markets. Our differentiation in the market is our expertise and focus on selecting high quality China (and Greater China) Funds for Australian investors coupled with the experience brought into ASF Balmoral by our recent recruitment of an experience Investment Manager.
In relation to our exploration activities we have been seeking to add further value to the Group's mineral tenements through ASF Resources Pty Limited, particularly those in the Canning Basin of Western Australia.
In Tasmania, ASF Resources Pty Limited has three granted tenements within the Cambrian, Mount Read Volcanics which host several world class polymetallic mines, In April 2010, ASF Resources entered into a Co-Operation Agreement with China Coal Geology Engineering Corporation, under which China Coal intends to spend A$1.6 M on exploration intially with the exploration to be managed by an ASF/China Coal joint venture company.
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