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Whitehaven Coal Limited : Annual Report 2010
Whitehaven Coal Limited -- Annual Report 2010 15 The NCIG coal loading terminal (Whitehaven owns 11%) achieved practical completion as planned in June 2010 and is continuing to ramp up throughput, albeit restricted to Panamax size ships until at least mid-2011. Whitehaven expects to have capacity of approximately 2.6 Mt at NCIG in FY 2011 which, along with 3.6 Mt from PWCS, is sufficient to meet a coal sales target of more than 6 Mt (100% basis) for FY 2011. CORPORATE Whitehaven was included in the ASX 200 index during the December quarter. The inclusion followed a significant increase in trading in the company's shares after the successful $208 million equity raising during July 2009. In October 2009 Whitehaven entered into a new banking facility with ANZ and Macquarie Bank Limited to replace existing facilities which were being wound down by the company's previous financier as it withdrew from the mining and resource sectors in Australia. The new facility is for a 3 year term and comprises bank guarantees (totalling approximately $100 million) and banking lines for commodity and foreign exchange hedging. The new facility includes a change of control provision which is triggered in the event that a change of control of Whitehaven occurs, as defined in the Corporations Act. BOARD AND MANAGEMENT In July 2009 Mr Timothy Burt was appointed General Counsel and Joint Company Secretary. OUTLOOK Whitehaven has emerged from FY10 with a strong financial position, low-risk open cut production base and attractive growth profile. Careful management and investment in our infrastructure requirements means we have appropriate infrastructure in place to support FY11 production. Strong fundamental growth in demand for both metallurgical and thermal coal remains, and supply continues to be constrained by infrastructure and regulatory issues. Tony Haggarty Managing Director
Annual Report 2009
Annual Report 2011