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Whitehaven Coal Limited : Annual Report 2012
120 NOTES TO THE FINANCIAL STATEMENTS 30 JUNE 2012 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 2012 2011 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 28,559 26,079 (ii) The consolidated entity provided bank guarantees to Australian Rail Track Corporation (previously to Rail Infrastructure Corporation) 20,438 38,622 (iii) The consolidated entity provided bank guarantees to the Roads and Traffic Authority of NSW -- 400 (iv) The consolidated entity provided bank guarantees to Newcastle Coal Infrastructure Group 35,590 16,920 (v) The consolidated entity provided bank guarantees to Port Waratah Coal Services Limited 29,367 6,754 (vi) The consolidated entity provided bank guarantees to Hunter Valley Energy Coal Ltd 14,432 -- (vii) The consolidated entity provided bank guarantees to various parties for office leases 905 82 129,291 88,857 Tax audit The ATO, as part of its ordinary processes in reviewing large business taxpayers, takes into account their size and complexity. The group can be expected to be subject to a high level review by the ATO in respect of ongoing taxation compliance. The ATO is currently auditing the increase in tax cost base of certain assets recorded by Whitehaven on its listing on the ASX due to tax consolidation. The audit is currently in the information gathering stage. Whitehaven directors do not believe there will be any adverse material result. Claim from Former CEO of Aston Resources On 12 April 2012, the former CEO of Aston Resources, Mr Hamish Collins, commenced proceedings in the Supreme Court of New South Wales against Aston Resources, a now fully owned subsidiary of Whitehaven. Mr Collins' solicitors allege that Mr Collins was entitled to 'equity participation' under the terms of his contract of employment with Aston Resources ("Claim"). While his solicitors accept that quantification of Mr Collins' Claim is 'attended by some difficulty', they allege that the Claim is valued at $157,437,500, being the amount they calculate to be equivalent in value to 5% of the midpoint of the valuations of Aston Resources' interests it acquired in the Maules Creek Project and the Dingo Tenements. Aston's view is that it has acted in a way consistent with Mr Collins' terms of employment, and having had the opportunity to review various materials related to Mr Collins claim, Whitehaven is supporting a vigorous defence of the proceedings.
Annual Report 2011
Annual Report 2013