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Whitehaven Coal Limited : Annual Report 2012
10 OVERVIEW Whitehaven has continued to build its position as one of Australia's leading independent coal producers, and its growth trajectory remains highly attractive. Subject to approvals and other external factors, our production has the potential to quadruple from the current level of around 4.7 Mtpa to more than 20 Mtpa by 2015. Our merger with Aston Resources has brought the world-class Maules Creek coal deposit to our portfolio, and the acquisitions of Boardwalk Resources and Coalworks have further enhanced our development pipeline. Significant work has been undertaken internally to integrate the businesses and ensure the future corporate structure and management resources are adequate to support anticipated growth. Likewise, we have continued to carefully manage and invest in our infrastructure requirements to ensure we are well positioned to meet our growth targets. In terms of our operating and financial performance, our underlying result has remained broadly in line with the previous year, despite weather impacts, substantial growth and change in the organisation and a reduction in coal prices. At Narrabri, we have completed the installation of the longwall and production is steadily increasing. The open cut mines have recovered from the exceptionally wet weather encountered in the second and third quarters, and are now operating at planned production levels. This wet weather had a flow-on impact on costs, due to both lower production and the additional costs associated with road repairs, water management and more difficult coal recovery. A focussed review of operating costs is currently underway to identify opportunities for reduction. MANAGING DIRECTOR'S REPORT Subject to approvals and other external factors, our production has the potential to quadruple from the current level of around 4.7 Mtpa to more than 20 Mtpa by 2015.
Annual Report 2011
Annual Report 2013