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Whitehaven Coal Limited : Annual Report 2010
6 This places Whitehaven in a key position as one of Australia's few large independent coal producers, and the leading producer in the prospective Gunnedah Basin region of New South Wales. This has been a very significant year for Whitehaven, with our first major underground project -- the Narrabri Mine -- moving into production after a three-year development phase. We have also undertaken a major expansion of our existing open cut operations, which continue to provide a substantial low-risk production base for our business. Since balance date we have received approval from the New South Wales State Government to proceed with the $300 million Stage 2 longwall development at the Narrabri mine. These combined initiatives deliver a significant growth profile for Whitehaven shareholders, with saleable coal production expected to increase to approximately 6 Mtpa in FY11 (100% basis) -- an increase of some 50% on FY10 production. As the longwall operation at Narrabri moves into full production in FY13, Whitehaven's annual saleable coal production capacity from existing operations will increase to in excess of 11 Mtpa. This places Whitehaven in a key position as one of Australia's few large independent coal producers, and the leading producer in the prospective Gunnedah Basin region of New South Wales. FINANCIAL PERFORMANCE Earnings before interest, tax, depreciation and amortisation (EBITDA) was $129.0 million (excluding coal purchases), reduced to $108.8 million after coal purchases. Whitehaven's balance sheet remains very strong. Cash on hand at FY10 year-end, together with outstanding cash to be received from previously announced sales of the Narrabri JV interests and cash from operations, is expected to provide sufficient funding to complete the development of Narrabri Stage 2 and the expansion of Whitehaven's existing open cut mines. Cash flow from operations was $69.3 million for the year compared to $135.6 million for FY 2009 due to a reduction in average coal prices. Closing cash on hand at 30 June 2010 was $141.0 million, compared to $131.2 million in FY09. MANAGING DIRECTOR'S REPORT
Annual Report 2009
Annual Report 2011