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Whitehaven Coal Limited : Annual Report 2009
Whitehaven Coal Limited -- Annual Report 2009 85 NOTES TO THE FINANCIAL STATEMENTS 30 JUNE 2009 2 7. OPERATING LEASES Consolidated entity as lessee The consolidated entity leases mining equipment, office equipment and office space under operating leases. The leases typically run for one to five years with an option to renew on the mining equipment and office space. None of the leases include contingent rentals. Future minimum rentals payable under non-cancellable operating leases as at 30 June 2009 are as follows: Consolidated Company In thousands of AUD 2009 2008 2009 2008 Less than one year 4,206 164 -- -- Between one and five years 1,099 112 -- -- 5,305 276 -- -- Leases as lessor The consolidated entity leases out land it will use for future mining operations under operating leases. All lease payments have been received upfront under these contracts and have been recorded as deferred income on the balance sheet. At 30 June 2009 $7,135,000 (2008: $7,135,000) of land was leased under these operating leases. 28. CAPITAL EXPENDITURE COMMITMENTS Consolidated Company In thousands of AUD 2009 2008 2009 2008 Plant and equipment and intangibles Contracted but not provided for and payable: Within one year 54,386 73,775 -- -- One year or later and no later than five years -- -- -- -- 54,386 73,775 -- -- 29. 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 Company In thousands of AUD 2009 2008 2009 2008 Within one year 1,664 1,061 -- -- One year or later and no later than five years 5,403 1,899 -- -- 7,067 2,960 -- --
Annual Report 2008
Annual Report 2010