Page 89 - Sundance Resources 2014 Annual Report

SUNDANCE RESOURCES LIMITED ANNUAL REPORT 2014 87
Fiscal Compliance
The Group, including its subsidiaries in Cameroon and Congo are engaged in ongoing discussions with the financial
administrations on customs, indirect taxes and other fiscal administrative matters. The ongoing discussions may or may not
lead to further costs being incurred by the Group.
Mbalam Convention, Cameroon
On 29 November 2012, Cam Iron agreed the terms of the Convention with the Republic of Cameroon and since that date
there have been some revisions to these terms. The Convention underpins the agreement between Cam Iron and the
government outlining the fiscal and legal terms and conditions and commitments to be satisfied for the development and
operation of the Project in Cameroon.
Nabeba Convention, Republic of Congo
On 24 July 2014, Congo Iron agreed the terms of the Convention with the Republic of Congo. The Convention underpins the
agreement between Congo Iron and the government outlining the fiscal and legal terms and conditions and commitments to be
satisfied for the development and operation of the Project in the Republic of Congo.
NOTE 14. CAPITAL AND LEASING COMMITMENTS
2014
$
2013
$
Operating Lease Commitments
Non-cancellable operating leases contracted for but not capitalised in the
financial statements.
Payable minimum lease payments:
- Not later than 12 months 742,692 879,851
- Between 12 months and 5 years 770,148 28,083
- Greater than 5 years - -
1,512,840 907,934
The Company’s premises at Level 3, 24 Outram Street West Perth are leased for a period of three years which expires on
15 November 2016.
The office premises lease of Cam Iron are leased for a period of 36 months to 30 October 2014. The Congo Iron office
premises are leased for a period of 12 months through to 6 November 2014.
Cam Iron provides residential premises for two employees, while Congo Iron provides one. Each of these leases is for 12
months and has the option of being renewed.
NOTES TO THE
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2014