St Barbara Mines Limited Annual Report 2004 (1) Secured by a  fi  xed charge over the item of plant and equipment purchased by the funds advanced. The lease liability  was paid out in April 2004 (2) On 10 July 2003, the Company announced that the existing convertible note loan dated 27 February 2003 had been  cancelled and a new convertible loan for $7.2 million had been entered into with Ocean Resources Capital Holdings  Limited (“Ocean”) effective 19 June 2003. The new unsecured convertible loan repayment date was 19 December 2005  and carried an interest rate of 12%. The loan was convertible, at the option of Ocean, into 90,000,000 fully paid ordinary  shares in the Company at $0.08 per share. Shares issued pursuant to the convertible note loan were approved at the  25 November 2003 General Meeting. On 5 December 2003, the Company issued 35 million fully paid ordinary shares at $0.08 per share for $2.8 million  to partly satisfy the convertible note loan. This resulted in the remaining face value owing being reduced to $4.4 million. On 15 July 2004, the Company announced the conversion by Ocean of the face value of its convertible note of $4.4 million into 55 million ordinary shares at $0.08 per share. Interest due on the convertible note loan was also satis fi  ed  by the issue of 17,480,547 fully paid ordinary shares at $0.046 per share. (3) On 30 September 2003, NuStar entered into an unsecured convertible note with Claymore Capital Pty Ltd (“Claymore”),  arranger of this transaction, for up to $1.5 million. During the year $1.0 million was drawn down on this facility. The convertible note is repayable on or before 30 September 2004 and bears interest at 13.5%. The convertible note is convertible at the option of Claymore into either: Consolidated Company 30 June 2004 $’000 30 June 2003 $’000 30 June 2004 $’000 30 June 2003 $’000 15. PAYABLES Current Trade creditors and accruals 6,691 10,561 5,851 10,555 Loans from controlled entities – unsecured - - 216 - 6,691 10,561 6,067 10,555 Non-Current Loans from controlled entities – unsecured - - 11,484 11,484 16. INTEREST BEARING LIABILITIES Current Lease liability – secured  (1) - 2,018 - 2,018 Hire purchase liability – secured 188 1,133 188 1,133 Convertible notes – secured  (2) (3) 6,144 - 5,244 - Other loans - secured  (4) (5) 3,500 12,000 3,500 12,000 9,832 15,151 8,932 15,151 Non Current Hire purchase liability – secured 75 1,528 75 1,528 Convertible loan - unsecured  (2) - 7,305 - 7,305 75 8,833 75 8,833 Notes to the Financial Statements  for the year ended 30 June 2004