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Annual Report 2015 25
Financial and commodity markets
generally and, in particular, USD
base metal prices have deteriorated
significantly in recent months
highlighting the cyclical nature of
the natural resources industry.
Despite risk mitigation strategies
such as hedging, these external
conditions remain largely beyond
our control. What remains constant
is the Board and management’s
continued focus on creating value for
shareholders through cost control,
improvements in productivity, resource
optimisation, innovation, discovery and
development.
IGO has for the first time published a
Sustainability Report which reflects
positively upon the organisational
capability and growing maturity of the
Company. Of note is the significant
improvement over the past two years
in the Company’s safety performance. I
commend the report to shareholders.
On 24 December 2014, Kelly Ross
announced her retirement as a director
after 13 years of dedicated service. Kelly
played an important role in the listing
of the Company in 2002 and
management of the Company up to
2011 as an executive director and then
non-executive director. I would like to
acknowledge and thank Kelly for her
significant contribution to IGO and wish
her all the best in a well-deserved
retirement.
In December 2014, the Board appointed
respected resources executive and
geophysicist, Keith Spence, as a director.
Keith has a broad range of experience
in the natural resources industry in
Australia and internationally including
senior executive roles at Woodside and
Shell. This experience adds considerable
diversity to the Board and I would
like to welcome Keith to IGO and look
forward to his contribution in the
coming years.
Following completion of the Sirius
acquisition, former Sirius directors,
Mark Bennett and Neil Warburton
have joined the Board. Mark and Neil
are, respectively, very experienced
exploration and mining executives
and directors with track records of
considerable achievement and I
welcome their active involvement.
I also wish to acknowledge our most
important asset, our people. 2015 has
been a year of considerable change
and achievement which has only been
possible with the focus and hard work
of our employees, contractors and joint
venture partners. I thank you all.
On behalf of the Board, management
and employees, I also thank you,
our shareholders, for your continued
support.
Your Board of Directors is looking
forward to the coming years with
optimism, enthusiasm and a real
sense of purpose.
Peter Bilbe
Chairman