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Whitehaven Coal Limited : Annual Report 2011
WhitehavenCoalLimited–AnnualReport2011 3 cause analysis. Despite the increased awareness of safety across the business, our key safety performance measure – Lost Time Injury Frequency Rate – has shown an increase this year, particularly in our open cut mines. We are determined to rectify this trend in LTIFR and several initiatives have been introduced to further develop our safety culture and on-site supervision. Additional resources have been allocated to our corporate safety team as well as site-based safety professionals. ACHIEVEMENTS The expansion of our open cut mines and the successful commissioning of our world class Narrabri mine have been our most significant achievements for the year. At the same time we have remained focussed on our pipeline of growth opportunities and have identified attractive development assets – in particular Vickery. Access to infrastructure is a critical component in delivering growth and significant work has been done to ensure we have appropriate rail and port allocations to underpin increased production, as well as the necessary CHPP capacity. These initiatives are outlined in detail in the Managing Director’s Report. FORMAL PROCESS As widely reported during the year, in October 2010, following numerous approaches to the company over several months, Whitehaven announced that it was commencing a formal process to enable selected interested parties to conduct due diligence and submit proposals for a potential corporate transaction with the company. In April 2011 we advised that the formal process was reaching a conclusion with shortlisted parties having completed due diligence and submitted formal proposals. After further negotiation of these proposals, the Whitehaven Board determined that no proposal was sufficiently attractive to warrant recommendation to shareholders. The process was then terminated, allowing the Board and management to continue to focus on our existing high quality coal assets and to examine attractive growth opportunities. On behalf of all non-executive directors, I thank Tony Haggarty and his most capable executive team for their dedication, discipline and commitment to delivering profitable growth to our shareholders and for the leadership position they are taking in our business and the Gunnedah Basin coal industry. John Conde, AO Chairman
Annual Report 2010
Annual Report 2012