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Whitehaven Coal Limited : Annual Report 2008
Whitehaven Coal Limited - Annual Report 2008 9.2 Shareholder returns The operating results are summarised below: 2008 $000 Revenue Net profit for the period attributable to members Earnings per share (cents) 256,462 51,854 14.5 2007 $000 106,201 24,095 8.0 Movement % 141% 115% 81% The consolidated entity’s operations during the year focused on operating and developing coal mines. There were three operating projects during the year with total coal production (on an equity basis) of 2,275,000 tonnes compared to 1,731,000 tonnes in the 2007 year. The share price at 30 June 2008 was $4.47. 9.3 Investments for future performance The consolidated entity has interests in three operating mines (Canyon, Tarrawonga and Werris Creek) that produce thermal coal, semi-soft coking coal and PCI coal. Most of this coal is exported out of Newcastle to major steel mills and international power utilities. During FY2009 and FY2010, the consolidated entity plans to commence mining at two additional open cut mines (Rocglen and Sunnyside) within the Whitehaven Mining Precinct and a large underground project at Narrabri North. The consolidated entity’s key assets include: (a) Whitehaven Mining Precinct (Canyon: 100%, Tarrawonga: 70%, Rocglen: 100% and Sunnyside: 100%); (b) Werris Creek (100% ); and (c) Narrabri (North 92.5% and South 92.5%). These projects are expected to result in aggregated managed production of approximately 11,000,000 tonnes per annum by FY2011. These production forecasts do not include possible additional production from the Narrabri South, Tarrawonga underground, Canyon West, West Blue Vale or Bonshaw exploration projects. Under agreements with the NSW Government and the Australian Rail Track Corporation, the consolidated entity has committed to underwrite 60% of the funding of a major upgrade of the Muswellbrook to Narrabri rail infrastructure which will increase the capacity of that line to more than 15 million tonnes per annum (Mtpa) over the next three years. The first stage was commissioned at the end of July 2008 lifting capacity from 4 Mtpa to 7 Mtpa. The remaining upgrades will progressively increase capacity through to 2010. 29
Annual Report 2009