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Whitehaven Coal Limited : Annual Report 2008
Whitehaven Coal Limited - Annual Report 2008 Werris Creek Thousand Tonnes* ROM Coal Production Saleable Coal Production Sales of produced coal Sales of purchased coal** Total Sales Coal stocks at end of period * All figures are on a 100% basis. ** Includes purchased coal. There were no Lost Time Injuries recorded at Werris Creek in FY2008 (2007: nil). Development Projects Narrabri The development application was approved for Narrabri Coal Project Stage 1 in November 2007 and the Mining Lease granted in January 2008. The project is progressing well, but a delay in gaining approvals to commence construction and design changes have resulted in the date for producing first coal to be revised to Q1 of FY 2010. Works are well advanced on the site access road, office and workshop area, boxcut, dams and rail loop. Contracts have now been awarded for more than 60% of the Stage 1 work. Recent awards include: transmission substation; drift conveyor; train load out facility; rail track components, skyline stackout conveyor and drift construction. There has been some increase in the forecast capital cost of Stage 1 caused by higher costs of materials and a decision to reduce the grade of the drifts which will reduce long term costs. A drill program has been completed to undertake a detailed evaluation of coal seam gas in the first two longwall panels and further drilling is under way to improve detailed understanding of the conditions of early mining areas. Rocglen Following Planning Approval in May, the Mining Lease for the Rocglen mine was granted by the NSW Government in June 2008. Overburden removal commenced in July 2008 and first coal is expected from this new mine in second quarter of 2009 financial year. Sunnyside The Environmental Assessment came off Public Exhibition on 19th May 2008 and Whitehaven has responded to all submissions received. Planning Approval is expected in October 2008. The Mining Lease for Sunnyside should be approved promptly following Planning Approval. Granting of the Mining Lease in September 2008 will enable first coal production from Sunnyside in Q2 FY 2009. Bonshaw Agreement has been reached in July 2008 for the purchase of the 1/3rd share of the Bonshaw project in northern NSW from Republic Coal Pty Ltd. This brings Whitehaven to 100% ownership of the project. Whitehaven will pay Republic Coal a total of $2.87M for the acquisition in two tranches. The first tranche of $1.87M will be paid on transfer of the tenements and the balance is payable on the earlier of development consent being granted or Whitehaven selling or transferring a majority interest in the tenements. FY 2008 1,116 1,111 1,112 25 1,137 69 FY 2007 1,289 1,291 1,320 41 1,361 56 % Variance (13%) (14%) (16%) (39%) (16%) 23% 31
Annual Report 2009