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Whitehaven Coal Limited : Annual Report 2011
WhitehavenCoalLimited–AnnualReport2011 97 noteS to the Financial StatementS 30 june 2011 27. OPERATiNG LEAsEs Consolidated entity as lessee The consolidated entity leases mining equipment, office equipment and office space under operating leases The leases typically run for one to five years with an option to renew on the mining equipment and office space None of the leases includes contingent rentals Future minimum rentals payable under non-cancellable operating leases as at 30 June 2011 are as follows: Consolidated In thousands of AUD 2011 2010 Less than one year 3,727 5,053 Between one and five years 988 1,348 4,715 6,401 Leases as lessor The consolidated entity leases out land it will use for future mining operations under operating leases Some lease payments have been received upfront under these contracts and have been recorded as deferred income on the statement of financial position At 30 June 2011 $32,612,000 (2010: $16,829,000) of land was leased under these operating leases 28. CAPiTAL ExPENdiTuRE COmmiTmENTs Consolidated In thousands of AUD 2011 2010 Plant and equipment and intangibles Contracted but not provided for and payable: Within one year 55,866 148,830 One year or later and no later than five years – 7,480 55,866 156,310 29. ExPLORATiON ExPENdiTuRE COmmiTmENTs In order to maintain current rights of tenure to exploration tenements, the consolidated entity is required to perform minimum exploration work to meet the minimum expenditure requirements specified by various State governments These obligations are subject to renegotiation when application for a mining lease is made and at other times These obligations are not provided for in the financial report and are payable: Consolidated In thousands of AUD 2011 2010 Within one year – 504 One year or later and no later than five years 6,495 6,313 6,495 6,817
Annual Report 2010
Annual Report 2012