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Whitehaven Coal Limited : Annual Report 2011
98 noteS to the Financial StatementS 30 june 2011 30. CONTiNGENCiEs The directors are of the opinion that provisions are not required in respect of these matters, as it is not probable that a future sacrifice of economic benefits will be required or the amount is not capable of reliable measurement Consolidated In thousands of AUD 2011 2010 Guarantees (i) The consolidated entity provided bank guarantees to the Department of Mineral Resources NSW as a condition of continuation of mining and exploration licenses 26,079 20,790 (ii) The consolidated entity provided bank guarantees to Rail Infrastructure Corporation 38,622 38,622 (iii) The consolidated entity provided bank guarantees to the Roads and Traffic Authority of NSW 400 1,650 (iv) The consolidated entity provided bank guarantees to Newcastle Coal Infrastructure Group 16,920 16,920 (v) The consolidated entity provided bank guarantees to Port Waratah Coal Services Limited 6,754 6,754 (vi) The consolidated entity provided bank guarantees to Peabody Coal Trade International Ltd – 5,866 (vii) The consolidated entity provided bank guarantees to Jones Lang LeSalle 82 – 88,857 90,602 Take-or-Pay commitments The consolidated entity has entered into contracts for rail and port capacity which are under Take-or-Pay arrangements The minimum commitment under these contracts is detailed below: Consolidated In thousands of AUD 2011 2010 Less than one year 46,457 39,228 Between one and five years 141,128 113,288 More than five years 58,100 66,815 245,685 219,331 Retention bonus scheme During the year, the consolidated entity implemented a retention bonus scheme for 28 key senior employees in the Whitehaven Group Under the scheme, retention amounts up to an aggregate total of $6,638,119 are payable to those key senior employees who remain in the employment of the Whitehaven Group on 1 February 2012 These amounts will become payable earlier than 1 February 2012 if an employee is terminated for any reason other than serious misconduct or material breach of employment conditions
Annual Report 2010
Annual Report 2012