1 July 2005 whereby the only requirements are for the Audit Committee to comprise of a majority of non-executive directors and at least one member of the Audit Committee must be independent. 

The Audit Committee is also responsible for: 

• Ensuring compliance with statutory responsibilities relating to accounting policy and disclosure; 

• Liaising with, discussing and resolving relevant issues with the auditors; 

• Assessing the adequacy of accounting, financial and operating controls; and 

• Reviewing half-year and annual financial statements before submission to the Board. 

## 8. External Auditors 

The Company’s current external auditors are Ernst & Young. As noted in the Audit Committee charter, the performance and independence of the auditors is reviewed by the Audit Committee. 

Ernst & Young’s existing policy requires that its audit team provide a statement as to their independence. This statement was received by the Audit Committee for the financial year ended 30 June 2004. 

Ernst & Young has a policy for the rotation of the head audit partner. As a result of this policy, the head audit partner will be rotated at the conclusion of the audit for the year ended 30 June 2007. 

## 9. Continuous Disclosure 

In accordance with ASX Principle 5, the Board has an established disclosure policy which is available on the Company website. 

The Company is committed to: 

• Ensuring that stakeholders have the opportunity to access externally available information issued by the Company; 

• Providing full and timely information to the market about the Company’s activities; and 

• Complying with the obligations contained in the ASX Listing Rules and the Corporations Act relating to continuous disclosure. 

The CEO and the Company Secretary have been nominated as the people responsible for communication with the ASX. This involves complying with the continuous disclosure requirements outlined in the ASX Listing Rules, ensuring that disclosure with the ASX is co-ordinated and being responsible for administering and implementing the policy. 

## 10. Shareholder Communication 

In accordance with ASX Principle 6, the Board has established a communications strategy which is available on the Company website. 

The Board aims to ensure that the shareholders, on behalf of whom they act, are informed of all information necessary and kept informed of all major developments affecting the Company in a timely and effective manner. Information is communicated to the market and shareholders through: 

• The annual report which is distributed to all shareholders. 

• Half yearly, quarterly reports and all ASX announcements which are posted on the entity’s website. 

• The annual general meeting and other meetings so called to obtain approval for Board action as appropriate. 

• Continuous disclosure announcements made to the Australian Stock Exchange. 

Further, the Company has a policy of encouraging auditor attendance at the annual general meeting which provides shareholders the opportunity to question the auditor concerning the conduct of the audit and the preparation and content of the Auditor’s Report. 

## 11. Risk Management 

The Board recognises the importance of identifying and controlling risks to ensure that they do not have a negative impact on the Company. 

In accordance with the ASX Principle 7, the Board has an established Risk Management policy which is available on the Company website which is designed to safeguard the assets and interests of the Company and to ensure the integrity of reporting. 

The CEO and General Manager - Finance & Administration will inform the Board annually in writing that: 

• The sign off given on the financial statements is founded on a sound system of risk management and internal control compliance which implements the policies adopted by the Board. 

• The Company’s risk management and internal compliance and control systems is operating effectively and efficiently in all material respects. 

The Board has established the following sub-committees to assist in internal control and business risk management. 

• Audit Committee 

• Remuneration and Nomination Committee 

• Environment and Community Development Committee 

• Safety, Security and Occupational Health Committee 

• Financial Risk Management Committee 

The function of the Audit Committee and the Remuneration and Nomination Committee are outlined above. The function of the other Committees noted above are as follows: 

## Environment and Community Development Committee 

The main responsibility of this Committee is to monitor and review RML’s environmental performance and compliance with relevant legislation and oversee Community Relations. 

Information on compliance with significant environmental regulations is set out in the Directors’ Report. 

## Safety, Security and Occupational Health Committee 

The main functions of this Committee are to oversee an employee education program designed to increase employee awareness of safety, security and health issues in the workplace and monitor safety statistics and report to the Board on the results of incident investigations. 

## Financial Risk Management Committee 

The main responsibility of this Committee is to oversee risk management strategies in relation to gold hedging, currency hedging, debt management, capital management, cash management and insurance. 

