Intec has released its June 2009 Quarterly Report. Here is an abridged version of the letter from the Chairman and Managing Director & CEO:

"The ‘Global Financial Crisis’ impacted severely on Intec’s operations and strategies during the financial year. The Hellyer assets (including Intec’s strategic shareholding in Bass Metals Ltd) secured Intec’s working capital facility with Macquarie Bank and thus all had to be sold in order to repay that facility when it became due at the end of 2008.

Moreover, the constriction of credit and equity markets during the year caused virtually all developing minerals projects in Australia that relied on external financing to be either shelved or delayed. The minerals processing projects involving Intec were no exception. 

Intec was therefore forced to adjust its near-term strategy for the commercial implementation of the Intec Process via minerals projects, although we have again recently begun to receive numerous enquiries from mining companies around the world as the commodities environment improves.

Instead, Intec has been successful in 2009 in utilising the existing plant and personnel at Burnie for the environmentally-superior recycling of heavy metal-bearing industrial wastes into useful mineral products. The Company has announced a series of contracts under which it has efficiently recycled longstanding waste sludge and filter cake from the automotive industry (itself unfortunately also under financial stress which is now expected to result in further processing fee write-offs by Intec), with the expectation of further contracts from other Australian industries. 

Clearly, the pressure remains to deliver sustainable revenue-producing operations and, after a very difficult year, Intec’s Board and management consider that your Company is now moving closer to this goal. The opportunities both in Australia and overseas (especially in China) for the Intec Process as a clean metals recovery technology remain exciting for us as ‘a little fish in a big pond’, and so we have adopted the Chinese traditional goldfish motif of ‘good fortune’ and ‘wealth’ for the 2009 Annual Report."

To view the 2009 Annual Report, click here