This past financial year has been a pivotal one for your Company in which we have achieved significant progress on multiple fronts. In a historic step for your Company, TinCom Chairman, Thang van Luong and I signed what we believe is the largest trade deal between a Victorian and a Vietnamese company on June 25, 2010. The ground-breaking deal was witnessed by a senior Vietnamese trade delegation, led by Vietnam’s Minister for Planning and Investment, H.E. Vo Hong Phuc and Australia’s Federal Minister for Trade, Hon. Simon Crean.
The license agreement was signed with Victoria Coldry Pty Ltd, the special purpose vehicle created by ECT and TinCom to finance the construction of the world’s first commercial Coldry plant in the Latrobe Valley, Victoria. Black coal equivalent Coldry pellets from the plant will be exported to Vietnam, helping to underpin the energy security of that country’s rapidly growing economy.
Understandably, this deal has been the major focus of our small management team and its achievement is tribute to a high level of commitment and hard work over many months. Fortunately these types of infrastructure projects, with their long lead times and high capex requirements are an area in which our Chief Executive, Kos Galtos excels. Meticulous planning, step-by-step implementation and follow through are the hall marks of our business models for both Coldry and MATMOR, which are outlined later in this report. We are confident they will be successfully executed under Kos’ stewardship.
Our financial position is sound and we are on track to achieve key objectives in the 2011 financial year that will consolidate the commercial prospects of our core technology platforms. I‘d like to thank you, our loyal shareholders for your support, and my fellow directors for their highly valuable contribution to the ongoing success of the Company.
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