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Whitehaven Coal Limited : Annual Report 2011
8 We now have an efficient and flexible open cut production base with significant growth coming from our Narrabri underground mine and the Vickery open cut beyond that. Our key achievement this year has been to implement our growth plans and increase saleable production and margin while at the same time continuing to enhance our future growth profile. We now have an efficient and flexible open cut production base with significant growth coming from our Narrabri underground mine and the Vickery open cut beyond that. More than $225 million in new capital was invested in our business during the year, resulting in our open cut mines delivering their planned expansion to 5.5 Mtpa, and in the June quarter surpassing this target to produce at a rate of almost 6 Mtpa. At our new Narrabri mine we now have four continuous miners operating underground and the $130 million longwall is under construction. Our Narrabri CHPP commenced commissioning in August. Continuing exploration and mine planning at our Vickery Project has delivered excellent results with the definition of a 439 Mt open cut coal resource with preliminary work indicating an open cut mine plan for Vickery of 4.5 Mtpa ROM for at least 25 years with a stripping ratio of approximately 10:1. In addition, government approval is expected to be granted for the Werris Creek and Rocglen extension projects during the current quarter, and we are expecting to lodge an Environmental Assessment for the Tarrawonga extension by the end of this calendar year. Overall, these development plans will see the investment of more than $600 million in additional new capital in north west NSW over the next five years. While the impact of legacy contracts on our earnings for the year has been disappointing, it is encouraging to note that we expect to have fulfilled all but 230 kt of these contracts by the end of the calendar year. managing director’s report
Annual Report 2010
Annual Report 2012