Page 72 - Bauxite Resources Annual Report 2014

70 | Bauxite Resources Annual Report 2014
NOTES TO THE FINANCIAL STATEMENTS
Notes to the Financial Statements cont.
Annual Report 2014 Bauxite Resources 70
Consolidated Group
2014 2013
$ $
Current assets 873,920 1,418,047
Non-current assets 66,781 91,721
Current liabilities 75,939 90,082
Income 9,716 27,564
Expenses 1,905,512 2,976,361
(d) Exploration Commitments
Consolidated Group
2014 2013
$ $
Share of expenditure commitments of jointly controlled entities
Exploration commitments
Payable within one year 552,860 820,816
Payable later than one year but not later than five years 940,522 1,628,870
1,493,382 2,449,686
The commitments above refer to granted tenements as at 30 June 2014. The commitments of the joint ventures are disclosed in note 21.
(e) HD Mining & Investment Pty Ltd
The Group has entered into a Farm-in arrangement with HD Mining & Investment Pty Ltd (HDMI) to carry out exploration on
tenements, and if warranted, to develop and exploit the tenements and carry out mining operations for the purpose of deriving
production of Bauxite from them. HDMI has agreed to fund all costs to earn up to a maximum of 60% Participating Interest.
18. OPERATING SEGMENTS
Segment Information
Identification of reportable segments
The Group has identified its operating segments based on the internal reports that are reviewed and used by the Board of
Directors (chief operating decision makers) in assessing performance and determining the allocation of resources.
The Group is managed primarily on the basis of product category and service offerings as the diversification of the Group’s
operations inherently have notably different risk profiles and performance assessment criteria. Operating segments are therefore
determined on the same basis.
Reportable segments disclosed are based on aggregating operating segments where the segments are considered to have
similar economic characteristics and are also similar with respect to the following:
— the products sold and/or services provided by the segment;
— the manufacturing process;
— the type or class of customer for the products or services;
— the distribution method; and
— any external regulatory requirements
Types of products and services by segment
i. Mining – Direct Shipping Ore
In the 2010 year, the Company exported trial shipments to Chinese customers being three shipments of bauxite totalling
approximately 128,000 tonnes. No further operations have been undertaken since then. The company still holds assets
that were acquired to undertake the shipments of ore.