RNS Number:5558S
Consolidated Minerals Limited
26 November 2003


                         CONSOLIDATED MINERALS LIMITED

                               ABN 85 000 727 926



                               CHAIRMAN'S ADDRESS


                             ANNUAL GENERAL MEETING

                                27 NOVEMBER 2003






Ladies and gentlemen, it now being 1.00 p.m., I call the meeting to order.

I am advised by the Company Secretary that a quorum is present and so I
officially declare the meeting open.

Can all shareholders please ensure that they have signed the attendance register
for today's meeting, to enable their votes to be recorded.

I ask the Company Secretary, Neil Greygoose, to table the proxies, which have
been received for the meeting. Thank you.

Before proceeding with the formal business of the meeting, I will take this
opportunity to introduce the Directors of the Company.

I am Colin Smith, the Chairman of the meeting and of the Company. To my right,
is Michael Kiernan, who is Managing Director of the Company .........


  * David Macoboy, the Finance Director;

  * Allan Quadrio, our the Technical Director;


    -     Mal Randall, our non-executive Marketing Director;

    -     Richard Elman who represents our major shareholder, Noble Resources
    Limited, he is based in Hong Kong and we extend a special welcome to him;
    and

    -     Neil Greygoose, who is Company Secretary.

I would like to thank those shareholders present for taking the time to attend
today's meeting. As Chairman, I urge all shareholders to contact Michael Kiernan
or other members of the Board should you have any questions about the Company's
activities, at any time during the year.



Before proceeding to the formal part of the meeting I would like take the
opportunity to provide a broad overview.


  * The Company recorded a net profit after tax for the year of $11.1 million,
    the fourth consecutive year of consistent profitability. The profit result
    was achieved on increased revenues of $91.3 million which reflected the
    continued strong operational performance of the Woodie Woodie mine and an
    increasing contribution from the Coobina operation.

  * A fully franked final dividend of 2.75 cents was paid in September 2003
    thereby maintaining the full year dividend payment of 5 cents per share for
    the second sucessive year.

  * Ongoing exploration is fundamental to the Company's future resource base
    and worth. Accordingly we have continued to invest heavily in gathering and
    understanding geologic and geophysical knowledge.

  * Considerable exploration success has been achieved over the past year at
    Woodie Woodie. The 2003 exploration field season has been concluded.
    Drilling programs to extend known deposits and to discover new deposits
    increased the project's resource base by more than 1.75 million tonnes. We
    now have a resource base at Woodie Woodie that enables confident longer term
    planning.

  * Our increasing geological understanding of the Woodie Woodie province
    provides confidence of discovering another manganese field. The next phase
    of our regional exploration is airborne EM over North Radio Hill, Carawine,
    Tarra Tarra and Skull Springs.

  * At Coobina the concentration has been on delineation of the known
    deposits.

  * Results from the first stage of RC exploration drilling at the Mindy Mindy
    iron ore project, the Company's 50/50 joint venture with Fortescue Metals
    Group has confirmed the existence of iron ore bearing pisolite sediments
    that are continuous over 12 kilometres of a palaeo-drainage system. The
    second stage of in-fill and step out RC drilling has generally confirmed the
    tonnes indicated by Stage 1. However, assays are not yet to hand. Once they
    are, formal announcements will be made. There is however little doubt that
    given access to an adjacent rail line Mindy Mindy will increase CML's value.

  * We are vigilant for growth opportunities which suit our skills and are
    either steel industry associated or in other industrial minerals. The
    Company has assessed a number of projects in the last year and none have met
    CML's criteria. The search is ongoing though the current strength of the
    resources sector will mean that opportunities with good upside are limited.
    Consolidated Minerals has developed an organisation that is capable of
    absorbing another operation.

  * Our approach to currency protection of locking in the current years
    currency rate to add certainty to profit projections plus call options for a
    proportion of future revenues, has served us well in the current climate of
    a strenghtening Australian dollar. It will cover us for the period required
    for US prices to increase to compensate the numerous key producers for their
    country's currency appreciation against the US dollar. We are in no doubt
    that demand is sufficiently strong for this correction to eventuate in the
    near term.

  * We are however mindful of controlling our costs, largely through
    operational productivity, but also via successful exploration - which
    provides a flexibility with respect to costs and quality.

  * Finally we are thankful for the leadership, energy and competence of the
    executive directors, and for the positive attitude of the workforce.




  * Mr Kiernan will report to you in detail on the Company's affairs after the
    formal meeting.



I would now like to turn to the formal part of the meeting.





FINANCIAL STATEMENTS AND REPORTS

The first item on today's agenda relates to the Company's annual financial
statements and reports for the year ended 30 June 2003.

Ladies and gentlemen, it is not necessary to formally approve the 2003 financial
statements, however, as shareholders have gathered here today, it is a
convenient opportunity to invite shareholders to address any matters contained
in the annual report.

The auditors of the Company are also in attendance today and will be happy to
answer any questions you may have of them

I now open the discussion and request that shareholders ask any questions which
you may care to raise.



(PAUSE)



As there is no further discussion, I will move on to the second item on the
agenda, which is the re-election of directors.





RESOLUTION 1 - RE-ELECTION OF MYSELF AS A DIRECTOR

Ladies and gentlemen, as this Motion relates to the re-election of myself as a
Director, I will pass the Chair to Michael Kiernan for the consideration of this
Motion.

Acting Chair

Ladies and gentlemen, Resolution 1 relates to the re-election of Colin Smith as
a director of the Company. This Resolution is to be considered as an ordinary
resolution.

I am required by the Corporations Act to advise that the Company has received
proxies representing a total of 79,987,608 votes in respect of this Resolution.


Votes in favour                                                 72,219,942

Votes against                                                       16,666

Votes held at the discretion of the proxy                        6,000,000

Abstentions                                                      1,751,000





Unless there is any objection, I will take the Resolution as read.

I propose the Resolution from proxies I hold as Chairman of the meeting.

Do I have a seconder ? Thank you.

I now open the Resolution for discussion. Is there any discussion in respect to
this Resolution ?



There being no further discussion, I put the Resolution to the vote.



ALL IN FAVOUR ?

ALL AGAINST ?

ANY ABSTENTIONS ?



I declare the resolution carried as an Ordinary Resolution



I pass the Chair back to Colin Smith.









RESOLUTION 2 - RE-ELECTION OF MALCOLM RANDALL AS A DIRECTOR

Resolution 2 relates to the re-election of Malcolm Randall as a director of the
Company. This Resolution is to be considered as an ordinary resolution.

I advise that the Company has received proxies representing a total of
79,987,608 votes in respect of this Resolution.


Votes in favour                                                   73,969,942

Votes against                                                         16,666

Votes held at the discretion of the proxy                          6,000,000

Abstentions                                                            1,000





Unless there is any objection, I will take the Resolution as read.

I propose the Resolution from proxies I hold as Chairman of the meeting.

Do I have a seconder ? Thank you.

Is there any discussion in respect to the Resolution ?



There being no further discussion, I put the Resolution to the vote.



ALL IN FAVOUR ?

ALL AGAINST ?

ANY ABSTENTIONS ?



I declare the resolution carried as an Ordinary Resolution



CLOSURE

Ladies and gentlemen, that concludes the formal business at today's meeting and
I officially declare the meeting closed.

As I mentioned earlier, Mr Kiernan will now give us an update on the Company's
activities and our plans for the future.

Before I conclude however, I would like to thank shareholders for their
attendance today. Following Michael's presentation, I invite you to join us for
refreshments. If shareholders wish to approach Directors on a more informal
basis, we would be pleased to answer your questions.


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