39. OPERATING SEGMENTS Identification of reportable segments Accounting policies and inter-segment transactions Major customers The Consolidated Entity only has one customer to which it provides both products and services. The Consolidated  Entity sends its tin concentrate to a South East Asian customer that accounts for 95% of external revenue (2010: 98%). The following table presents revenue and profit information for reportable segments for the years ended 30 June  2011 and 30 June 2010. The accounting policies used by the Consolidated Entity in reporting segments internally are the same as those  contained in note 2 to the financial report. The Consolidated Entity does not have any inter-entity sales. Corporate charges comprise non-segmental expenses such as head office expenses and interest. Corporate  charges are not allocated to operating segments. It’s the Consolidated Entity’s policy that if items of revenue and expense are not allocated to operating segments  then any associated assets and liabilities are not allocated to segments. This is to avoid allocations within  segments which management believe would be inconsistent. The following items and associated assets and liabilities are not allocated to operating segments as they are not  considered part of the core operations of any segment: The reportable segments are based on aggregated operating segments determined by the similarity of the  mineral being mined or explored, as these are the sources of the Consolidated Entity’s major risks and have the  most effect on rates of return. The operating segments are identified by management based on the manner in which resources are allocated.  Discrete financial information about each of these operating businesses is reported to the executive  management team on at least a monthly basis. The Consolidated Entity has identified its operating segments based on internal reports that are reviewed and  used by the executive management team (the chief operating decision makers) in assessing performance and in  determining the allocation of resources. The Consolidated Entity comprises the following reportable segments: -  Tin Projects:   Mining, treatment and marketing of tin concentrate. -  Nickel Projects:   Nickel royalty income and exploration of nickel assets. -  Phosphate Projects:  Phosphate exploration projects. •  Interest revenue. •  Fair value gains/losses on financial instruments. •  Net gains on disposal of available-for-sale investments. •  Share of loss of associates. •  Finance costs. 107  NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2011