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Whitehaven Coal Limited : Annual Report 2010
88 NOTES TO THE FINANCIAL STATEMENTS 30 JUNE 2010 21. INTANGIB LE ASSETS Consolidated In thousands of AUD 2010 2009 Water access rights 4,063 953 Acquired Haulage Rights 1,300 1,300 Less: Accumulated amortisation (395) (242) Rail access rights 38,520 35,383 43,488 37,394 The consolidated entity has entered into agreements with the Rail Infrastructure Corporation and Australian Rail Track Corporation to underwrite 60% of the funding of a major upgrade of the Muswellbrook to Narrabri rail infrastructure, which will increase the capacity of that line to more than 15 million tonnes per annum over the next three years. The initial funding for the upgrade has been obtained by Rail Infrastructure Corporation and 60% of this will be subject to repayment by the consolidated group over 15 years. The corresponding asset has been recognised and represents the group's right to rail access over that period. The access rights will be amortised on a units sold basis reflecting the economic benefit derived over the life of the access once the upgrades are complete. In thousands of AUD Water access rights Contract related intangible Rail access rights Total Consolidated -- movement in intangibles Balance at 1 July 2008 953 1,211 15,218 17,382 Acquired during the year -- -- 20,165 20,165 Less: Accumulated amortisation -- (153) -- (153) Balance at 30 June 2009 953 1,058 35,383 37,394 Balance at 1 July 2009 953 1,058 35,383 37,394 Acquired during the year 3,110 -- 3,137 6,247 Less: Accumulated amortisation -- (153) -- (153) Balance at 30 June 2010 4,063 905 38,520 43,488 22. TRADE AND OTHER PAYABLE S Consolidated In thousands of AUD 2010 2009 Current Trade payables 24,429 21,909 Other payables and accruals 61,315 34,490 Deferred purchase consideration 42,664 8,400 128,408 64,799 Deferred purchase consideration relates to an amount payable under the acquisition agreement for Creek Resources Pty Ltd executed in October 2007. The amount of contingent consideration payable is calculated based on the total coal reserve tonnage within the area acquired. During the current year, a revision to the interpretation of the applicable coal reserve tonnage resulted in an increase in deferred consideration.
Annual Report 2009
Annual Report 2011