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Whitehaven Coal Limited : Annual Report 2008
NOTES TO THE FINANCIAL STATEMENTS 30 JUNE 2008 31. CAPITAL EXPENDITURE COMMITMENTS Consolidated In thousands of AUD Plant and equipment and intangibles Contracted but not provided for and payable: Within one year 2008 2007 Company 2008 2007 77,970 196 – – One year or later and no later than five years –––– Later than five years 77,970 32. EXPLORATION EXPENDITURE COMMITMENTS In order to maintain current rights of tenure to exploration tenements, the consolidated entity is required to perform minimum exploration work to meet the minimum expenditure requirements specified by various State governments. These obligations are subject to renegotiation when application for a mining lease is made and at other times. These obligations are not provided for in the financial report and are payable: Consolidated In thousands of AUD Within one year One year or later and no later than five years Later than five years 33. CONTINGENCIES The directors are of the opinion that provisions are not required in respect of these matters, as it is not probable that a future sacrifice of economic benefits will be required or the amount is not capable of reliable measurement. Consolidated Company In thousands of AUD Guarantees (i) The consolidated entity provided bank guarantees to the Department of Mineral Resources NSW as a condition of continuation of mining and exploration licenses. (ii) The consolidated entity provided bank guarantees to Rail Infrastructure Corporation. (iii) The consolidated entity provided bank guarantees to the Salvation Army Property Trust. Contractual claim The consolidated entity has received a claim in relation to the performance of its obligations under a coal sales contract. Based on legal advice, the directors do not expect the outcome of the claim to have a material effect on the consolidated entity’s financial position. In the directors’ opinion, disclosure of any further information would be prejudicial to the interests of the consolidated entity. 2008 16,901 28,820 2007 10,736 – 2008 – – 2007 – – 28 ––– 45,749 10,736 – – 2008 1,061 1,899 2,960 2007 809 1,882 Company 2008 – – – 2007 – – –––– 2,691 – –––– 196–– 78
Annual Report 2009