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Whitehaven Coal Limited : Annual Report 2012
12 MANAGING DIRECTOR'S REPORT Whitehaven's balance sheet remains strong. Cash on hand at FY2012 year-end was $513.6 million with net cash of $24.2 million compared to $207.6 million cash available and net cash of $29.0 million at 30 June 2011. Cash flow from operations was $2.5 million for the year compared to $120.3 million for FY2011 due to an abnormally high portion of accrued costs from 2011 paid in 2012. Our mining costs increased during the year to an average of $69.93/tonne FOB (excluding Royalty costs). This is up from last year largely as a result of wet weather and the associated impact on lower production in the open cut mines, changes to the open cut mining sequence and mine operating costs from the unavailability of blasting product for part of the year, and the flow-on effect of take or pay commitments for port and rail on lower open cut production. SAFETY The safety and wellbeing of our workforce remains Whitehaven's highest priority and the company's safety culture is being further developed as our business expands in size and complexity. A key safety performance measure -- lost time injury frequency rate (LTIFR) -- improved during the year, with a reduction to 4.1 per million manhours from 6.4 per million manhours well below the NSW Coal Mining industry average of 5.8 per million manhours. The improved performance in our open cut operations has been particularly pleasing. This reflects a significant emphasis on improving our performance, with additional resources allocated to our corporate safety team during the year, and ongoing increases in the number of safety-related interactions including take 5's and Planned Task Observations. In order to further ensure a consistent approach to safety over the larger group, a series of safety days have been held, subsequent to balance date. These safety days have involved the suspension of production at each site, in turn, as more than 1000 employees and contractors take part in the full-day off-site safety event. The days have been both educational and practically-based with a number of new initiatives and safety improvements being made as a result. Whitehaven remains committed to achieving the goal of zero injuries by continually fostering awareness and cooperation in health and safety.
Annual Report 2011
Annual Report 2013