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CI subsidiary takes feds to court

THE Clive Brown-chaired Phosphate Resources Ltd has taken court action against the federal government as it seeks to overturn a ban on the expansion of phosphate mining on Christmas Island. Listed Perth company CI Resources Ltd, also chaired by Mr Brown, is the major shareholder in Phosphate Resources, which is Christmas Island’s largest employer. Environment Minister Malcolm Turnbull surprised the company in May when he blocked a proposed expansion of phosphate mining on the Indian Ocean island to protect its unique flora and fauna. Phosphate Resources is fighting the ruling in the Federal Court in Perth, saying the move would be catastrophic for the tiny community. The company says none of the fauna the minister seeks to protect lives on the blocks of land it proposes to mine. It believes Mr Turnbull made “numerous findings of fact not supported by evidence” when making his decision not to grant the application for new leases. Phosphate Resources human resources manager Choy Lan Seet said that: “If mining were to close permanently on the island, it would have a dire impact on our community.” Ms Seet’s comments came as Justice Robert French set down February 5 and 6, 2008 to hear the arguments in the Federal Court.

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CI Resources (CII)

Share Price

Closing price for the last 90 trading days
Source: Morningstar

Total Shareholder Return as at 29/06/18

1 year TSR5 year TSR
87thRed 5145%-33%
155thTroy Resources86%-38%
164thMedusa Mining79%-20%
324thCI Resources24%31%
484thAlkane Resources-2%-5%
722 WA (and selected non WA) listed companies ranked by 1 year TSR relative to other companies with similar revenue
Source: Morningstar

Share Transactions

03/06/15
$32k Bought
03/05/15
$115k Bought
23/04/15
$7k Bought
Total value as at the date of the transaction
Source: Morningstar

Revenue

25th↓CI Resources$151.7m
28th↓Medusa Mining$130.0m
29th↑Alkane Resources$117.9m
32nd↑Troy Resources$92.2m
35th↓Red 5$69.6m
507 listed resources companies ranked by revenue.
Source: Morningstar

Remuneration from CI Resources

44thAh Hong Lai$1.108m
271stElizabeth Lee$421k
617thClive Brown$199k
Ranked by total remuneration from all listed WA companies

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