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Whitehaven Coal Limited : Annual Report 2008
Whitehaven Coal Limited - Annual Report 2008 NOTES TO THE FINANCIAL STATEMENTS 30 JUNE 2008 37. RELATED PARTIES (CONTINUED) Other key management personnel transactions (continued) (i) The consolidated entity uses the marketing services of AMCI International AG, a company jointly controlled by Hans Mende, under a contract renewable annually. In conjunction with the Company’s listing on the ASX, the Company issued AMCI International AG $1,567,500 in shares to prepay the marketing contract, which was determined to be the fair value of the remaining services to be provided under the contract. Contract terms are based on market rates for these types of services. (ii) In the prior year, the consolidated entity had entered into foreign currency options with AMCI Investments Pty Ltd, a company jointly controlled by Hans Mende. The foreign currency options were entered to economically hedge certain sales and mature over a four-year period. The consolidated entity recorded current derivative receivables of $1,874,000 and non-current derivative receivables of $6,836,000 on the balance sheet at 30 June 2007 (2008: $nil), and foreign currency gains of $8,710,000 were recognised under the options during the year ended 30 June 2007 (2008: loss of $1,867,000). (iii) In the prior year, the consolidated entity had used the services of LD Operations Pty Ltd (LDO), a mine development company providing consulting, management and operating services to a number of coal companies in NSW and Queensland. Keith Ross and Hans Mende resigned as directors during the year and are no longer shareholders of LDO, there were no transactions during this period. (iv) Keith Ross and Chris Burgess are shareholders of Namoi Agriculture and Mining Pty Ltd (NAM). This company has entered into an arrangement with Whitehaven for the sale of gravel by NAM from the Canyon mine site. NAM pays a royalty to Whitehaven of 20 cents per cubic metre of gravel sold. Consolidated 2008 Assets and liabilities arising from the above transactions Amounts receivable from and payable to key management personnel and other related parties at reporting date arising from these transactions were as follows: Derivative financial instruments – current Derivative financial instruments – non-current Total assets Current interest bearing liability/current liabilities Non-current interest bearing liability/non-current liabilities Total interest bearing liabilities/total liabilities – – – 1,874,000 6,836,000 8,710,000 – 12,030,000 – 19,114,000 – 31,144,000 – – – – – – – – – – – – 2007 Company 2008 2007 85
Annual Report 2009