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Paul A. Graus - Experience in Commerce Looking for a new challenge now Aug 2015 - Oct 2015 - Contract Chief Financial Officer, Cross Border Funding Corporation. 2013 - 2016 - Contract Chief Financial Officer, Asia Minerals Corp Ltd. 2010 - 2012 - Contract Chief Financial Officer / Country Manager, Churchill Mining Plc. 2001 - 2010 - Group Finance Manager, First Quantum Minerals Ltd. 1998 - 2001 - Investor / Business Proprietor 1996 - 1998 - Advisor to the Board of Directors, PT Tambang Batubara Bukit Asam. 1992 - 1996 - Financial Controller / Senior Advisor to the Board of Directors, PT Timah Tbk. 1989 - 1992 - Senior Consultant, Price Waterhouse Urwick, Perth, Western Australia. Aug 2015 to Oct 2015 - Contract Chief Financial Officer   - Cross Border Funding Corporation Cross Border Funding is an Australian Company which had been developing an iron ore mining and processing operation in Indonesia. After a selection process in August 2015 including visits to site operations and discussions with management, I was appointed CFO on a contract basis pending completion of formalities for the establishment of a mining enterprise and employment of expatriates. During my initial month with CBFC, working with colleagues introduced to CBFC, we discovered that the whole project was a sophisticated scam orchestrated by the partner and, whilst there was potential, none of the legalities needed to build the business had been completed. Sales contracts and other agreements were forged or missing and licenses and permits were not in place. As a result, the major overseas backer of the project withdrew funding, cash flow and the project stalled, the Australian management decided to cut their losses and refused to make any payments to creditors.  I was not paid for my services nor reimbursed for significant out of pockets incurred on behalf of CBFC  and I ceased working with the group. Back to top 2013 to 2016 - Contract Chief Financial Officer / Interim Director - Asia Minerals Corporation Interim Director / Consultant                         June 2015 - April 2016 A new management team was appointed on an interim basis in March 2015 to oversee the rescue of the Group funded by existing shareholders. I was appointed as an interim board member in order to rebuild and re-establish the business. The new Chairman appointed to oversee that project resigned a left the group without notice in March 2016 to take up a new role and the three existing Directors elected to place AMC in Administration. I have remained as a Director of the Indonesian subsidiary looking after the groups affairs pending completion of a DOCA entered into by AMC.  I am continuing to work on an unpaid basis to preserve the best interests of creditors and investors. Contract Chief Financial Officer                         May 2013 - Apr 2016 I managed the financial administration function of the Group throughout my 2 year contract.  In late 2013, the founding shareholder and Director was declared bankrupt and left the group under threat of legal action by shareholders.  Existing Directors assumed control and I began to re-establish the financial systems within the group including the completion of the 2012 and 2013 audit and the development of financial models and forecasts.  I also oversaw the Indonesian operations during the extended absence of the Managing Director on capital raising roadshows. I resigned from all positions as a result of contract breaches - I remain unpaid for all of my services - and lack of cash flow due to unsuccessful capital raising efforts by our Parent company. I have developed a unique understanding of Indonesian company law, Government relations and Indonesian mining law over the past years as a result of the issues faced by AMC. One of the significant challenges during the last year of my employment was managing and coordinating the activities of the Group without any funding including, in particular, dealing with lenders, employees, investors and shareholders.  Back to top 2010 to 2012 - Contract Chief Financial Officer / Country Manager  - Churchill Mining Plc Churchill Mining listed on the Alternative Investment Market (AIM) of the London Stock Exchange in 2005.  The Groups growth accelerated following the discovery of a large thermal coal deposit in East Kalimantan,  Indonesia. (the EKCP project) In March 2011, the State Administrative Tribunal in Samarinda, East Kalimantan upheld a decision made by the East Kutai Bupati in May 2010, a few weeks before I commenced with Churchill,  to revoke the Groups EKCP mining licenses. The subsequent resignation of Churchill’s CEO resulted in me assuming a variety of other roles. As at the time of my resignation, I was acting primarily as Indonesia Country Manager, Legal administrator and Chief Financial Officer. I concluded a detailed forensic analysis of the company’s activities leading up to the revocation of its licences and became the primary point of contact for legal advisors to the group. Responsibilities Responsible for all financial and fiscal management of the group operations with a specific focus on project development of the group's main asset the East Kutai Coal Project Responsible for establishing and managing all aspects of the Groups financial systems, administration and project controls. I was also working with the company’s shareholders to raise the required funds to develop the project. In conjunction with those activities I also worked with our advisors to design the appropriate legal structure to suit the taxation and other legal requirements of the Group.  Churchills claim against the Government of Indonesia was struck out in December 2016 A more complete early summary of the issues faced by Churchill Mining is here. Back to top 2001 to 2010 - Group Finance Manager - First Quantum Minerals Ltd First Quantum Minerals Ltd is a rapidly growing mining and metals company whose principal activities include mineral exploration, development and mining in Africa. The Company produces copper, nickel, gold and sulphuric acid. First Quantum's shares are listed on the Toronto Stock Exchange in Canada and the London Stock Exchange in the United Kingdom. First Quantum is a member of the S&P/TSX 60 index. My role evolved over the years as the group grew. In the early years I was involved with all aspects of budgeting and business planning, corporate financial modelling (forecasting and evaluation), project financial management and cash flow management. I also evaluated and selected a new ERP system (Pronto)which has now been implemented internationally and a new communications system between Zambia, Australia and Canada. In later years, I specialised in project management and control working directly with the groups project engineers. I have travelled to Africa many times. The Group owned 1 project at the time I joined FQM It now has a market capitalisation around Cdn$10.5 billion and has been or is active in Zambia, the DRC, Mauritania, Finland and Western Australia. Responsibilities I was responsible for day to day project accounting and Project cash flow for the group. * I managed project accounting and reporting for all major projects undertaken by the Group - Monthly cash flows +/- $30m * Organised all major disbursements and cash flows for the Group. * I headed a team to implement Pronto throughout the Group. * I acted as the point of contact for all financial matters concerning project costs for suppliers, contractors and engineers including management reporting. * I was also responsible for head office payroll, audit matters relating to CAPEX and projects and interfaced with internal and external engineers and consultants on financial issues. Back to top 1999 to 2001 - Investment / Business Proprietor Following the conclusion of my contracts in Indonesia, I returned to Perth and spent a number of months re-establishing my family., buying a house, vehicles etc In 1999, we acquired a small business and operated until 2010. The business was in the community services sector. We employed 12 staff and significantly increased turnover and profitability over the years.  I looked after the company's taxation and accounting affairs, BAS / GST requirements, superannuation and most other financial aspects of the business operations as well as most non administrative / operational requirements Back to top 1996 to 1998 Advisor to the Board of Directors, PT Tambang Batubara Bukit Asam Following successful completion of my previous assignment with Timah, I was asked by the then Director General of Mines in Indonesia and the Board of Directors Bukit Asam to oversee the company's financial and corporate restructuring, management information systems implementation and privatisation. Bukit Asam is Indonesia's second largest coal mining company based in Tanjung Enim in South Sumatra and directly employs 5,600 people. I was appointed "Advisor to the Board" and my position statement encompassed 3 responsibilities: 1. Direct a project on behalf of Bukit Asam to implement new accounting systems and procedures throughout the company and such other systems developments that may be required. 2. Assist the directors to restructure Bukit Asam to maximise the company's value on behalf of existing shareholders and increase the efficiency and profitability of the company. 3. Assist the company in its preparations for privatisation and listing on the Jakarta, Surabaya and perhaps overseas exchanges. In brief, these responsibilities entailed: 1. Modernising the company's organisation structure and approach to business. New communications facilities, computer systems and associated policies and procedures were implemented throughout the organisation and staff were trained to use the systems and understand the reasons for change. A team of expatriates managed individual assignments within the overall project and I managed the management team. Key Performance Indicators were implemented for all company managers and functions and the company's approach to human resources development was updated to encompass all of these changes. 2. The company's corporate strategy and financial planning was reviewed and new short, medium and long-term business plans were being implemented. The company had also been readied for tighter domestic and international markets and preparations were well under way for a potential Initial Public Offering or strategic placement. This encompassed planning for cash flows and funding and alternative shareholder structures and management options. The company's choice of mining technologies and core activities were reviewed in detail to assess options for future growth and development. 3. Projects were implemented to update the company's public image, management skills and financial reporting and most other aspects of the company operations including the way staff were remunerated. Because an international equity offering was a possibility all functions within the company needed to be updated to meet the expectations of an international investment community. A more complete summary of my achievements during my time at PTBA is here. Whilst considerable progress had been made by mid 1997, a massive plunge in the coal price received by the company, mostly as a result of the collapse of the Indonesian economy, severely impacted the company's financial position. At the same time, the Asian economic meltdown devastated the Indonesian capital market and virtually eliminated any possibility of privatising the company or undertaking any further restructuring. Cash and currency constraints prohibited all but essential expenditure. At the conclusion of my contract with PTBA, the company was facing declining revenues and escalating costs as a result of factors which were being driven by political considerations rather than commercial realities. This fact, together with escalating social unrest and political and economic instability all resulted in the deferral of any plans for further development of the company. I therefore decided to return to Australia with my family. Back to top 1992 to 1996 Financial Controller / Senior Advisor to the Board of Directors, PT Tambang Timah Timah is the world's largest tin producer and its head office is located on Bangka Island in Indonesia. During the term of my contract, I lived and worked for two and a half years on the Island, which is located off the south east coast of Sumatra. The remainder of my time with Timah was spent in Jakarta. Timah employed approximately 25,000 staff at the time of my appointment and 5,600 at the conclusion of my contract. My initial appointment (1 year) was as Financial Controller and I was also asked to project manage the implementation of the company's new information systems. The contract was extended several times and eventually reached four and a half years. After the early success of the company's management information systems implementation and financial restructuring, my responsibilities were extended to include helping the directors to improve most aspects of the company's operations and management. I was then appointed "Advisor to the Board of Directors" and Advisor to the President Director. I became involved with all aspects of company management from human resources development to equipment maintenance and environmental issues but maintained a financial focus. During the early stages of my contract, I managed the Finance Directorate and project managed the implementation of a wide area computer network encompassing satellite, digital microwave and other communications. The company's information systems evolved from a manual system utilising approximately 270 finance staff to a 300 user corporate wide integrated network in under 2 years. The project involved computerisation of most aspects of company operations including finance, maintenance, supply and human resources. All systems and procedures throughout the finance, maintenance and logistics functions were redesigned and finance staff numbers reduced to around 70 corporate wide. Specific achievements during the four and a half years years I was employed at PT Timah are detailed here. By late 1995, I was overseeing preparations for Timah's Initial Public Offering and listing on the Jakarta, Surabaya and London Stock Exchanges. The listing was successfully completed in October 1995. Subsequent to the IPO, Timah was awarded the Asian Management Award for Financial Management. During 1992 / 1994 Timah successfully undertook and concluded one of the largest corporate restructuring projects in Asia reducing staff from 25,000 to 5,600 whilst simultaneously doubling production and reducing costs by 70%. The company is now regarded as "the worlds largest and lowest cost tin producer". The overall corporate restructuring was considered such a success that it was documented and used by Indonesian Universities as part of their post graduate course material and has received recognition by the World Bank For the last 2 years of the contract, I occupied the position of "Senior Advisor to the Board of Directors". I worked extensively with all of the company's directors and provided advice on strategy formulation, general management and operations, human resources development, diversification, privatisation and other areas. In addition, I assisted management with contractor affairs and undertook a range of special assignments at the request of the Directors. Timah was only the second Indonesian Government company to be listed internationally, the first Indonesian Government mining company to be privatised and the first Indonesian company to be listed on the London Stock Exchange. Back to top 1988 to 1991 Senior Consultant - Price Waterhouse Urwick. Several Projects were undertaken during the years I spent at Price Waterhouse Urwick including: * Consultant to the Building Management Authority in Western Australia during the development of their "Departmental Accounting System" and management information systems. * Development and administration of a training course for IBM public sector marketing consultants delivered in 11 countries in the Asia / South Pacific region. * Systems development for the State Housing Commission in Western Australia for a major housing finance scheme. The project included PC and mini computer based accounting and reporting systems. * Development and delivery of a training course for a major Western Australian bank including financial analysis and accounting. * A review of operations for a major Australian furniture retailer including marketing policies, inventory management store demographics and franchise operations. * Consultant to the Finance Director, PT Krakatau Steel. The project which lasted 6 months entailed analysis and redesign of all financial and management information systems from an efficiency and operational perspective. During this assignment, I was based in Cilegon on the west coast of Java. Krakatau was the largest integrated steel producer in the southern hemisphere. * Design and development of a training course for the Petroleum Accounting Institute of Indonesia covering topics1 including cash management, budgeting and accounting. The assignment was completed in Jakarta. Back to top

Last revised on September 5, 2016

Paul A. Graus
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