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Whitehaven Coal Limited : Annual Report 2008
Whitehaven Coal Limited - Annual Report 2008 NOTES TO THE FINANCIAL STATEMENTS 30 JUNE 2008 20. PROPERTY, PLANT AND EQUIPMENT (CONTINUED) Leased plant and machinery The consolidated entity leases mining equipment under a number of finance lease agreements. At 30 June 2008, the consolidated entity’s net carrying amount of leased plant and machinery was $45,693,000 (2007: $32,541,000). The Company does not hold leased plant and machinery. The leased equipment secures lease obligations. Security The assets of the consolidated entity are subject to a fixed and floating charge to secure bank loans. 21. EXPLORATION AND EVALUATION Consolidated In thousands of AUD Balance at 1 July 2006 Exploration and evaluation expenditure Transfer to mining property and development Balance at 30 June 2007 Balance at 1 July 2007 Exploration and evaluation expenditure Cost Impairment losses Company Cost Impairment losses 1,880––– 604––– (812) – – – 1,672––– 1,672––– 102––– Transfer to mining property and development –––– Balance at 30 June 2008 1,774––– Exploration and evaluation assets The recoverability of the carrying amounts of exploration and evaluation assets is dependent on the successful development and commercial exploitation or sale of the respective area of interest. 65
Annual Report 2009