Whitehaven Coal Ltd

FY26 underlying profit $227m (FY25 $319m) on revenue $5.4b; net debt $1.3b after the second US$500m BMA payment. Final dividend 6c (10c for the year) plus an equal ~$47m buy-back. Final US$100m BMA payment due April 2027.

annual report

FY26 results: revenue $5.4b (down 7%), underlying profit $227m (from $319m), statutory profit $385m (from $649m). Final dividend 6c, making 10c for the year. AGM set for 5 November 2026.

annual report

Priced US$900m senior secured notes: US$450m at 6.25% due 2031 and US$450m at 6.75% due 2034. Proceeds repay the remaining US$1.1b acquisition loan. Cost of debt falls to about 6.3%, cutting interest by around A$50-55m a year.

debt financing

New US$600m senior secured syndicated facility (US$475m term loan, US$125m revolver), 4.5-year tenor, headline rate around 6%. It repays part of the US$1.1b acquisition loan (about 10.5% in H1) and replaces the US$100m revolver. Subject to closing conditions.

debt financing

NSW Supreme Court dismissed the Tinkler-linked representative claim over the 34m Milestone Shares issued for Boardwalk in 2012, with costs to Whitehaven. This resolves the case begun in December 2018.

regulatory community update

H1 FY26 underlying EBITDA $446m (from $960m), average price A$189/t (from A$232/t), underlying loss $19m. Interim dividend 4c plus up to $32m buy-back. Refinancing of the US$1.1b acquisition loan (about 10.5% interest) being explored; FY26 guidance unchanged.

half year report

Blackwater recoverable reserves upgraded 91% to 365Mt from 191Mt, and resources up 6% to 1,919Mt. The increase comes from new drilling, revised economic assumptions, and including the North Extension and SA2 areas. This supports a longer mine life for the 70%-owned mine.

resource reserve update

FY25 underlying profit fell to $319m (from $740m) on revenue of $5.8b, with EBITDA $1.4b: $1.0b in H1 and $0.4b in H2 as prices softened. Net debt $0.6b. Final dividend 6c plus up to $48m buy-back; new payout target 40-60% of underlying profit. Narrabri Stage 3 capex cut to ~$260-300m.

annual report

The sale of 30% of Blackwater to Nippon Steel (20%) and JFE Steel (10%) completed, with US$1.08b cash received. This resolves the sell-down announced in August 2024; economic ownership of the joint venture starts 1 April 2025.

farm in farm out completion

H1 FY25 underlying profit $328m, EBITDA $960m (vs $632m), with $588m from Queensland. Interim dividend 9c plus a buy-back of up to $72m, resuming the suspended buy-back. Guidance unchanged apart from the Blackwater stake adjustment; capital allocation review due after sale proceeds.

half year report

All approvals are in and the 30% Blackwater sale to Nippon Steel (20%) and JFE Steel (10%) will complete 31 March 2025 for US$1.08b. Proceeds precede the first US$500m deferred payment to BMA on 2 April 2025. Equity sales guidance trimmed to 24.3-27.4Mt for the 70% stake.

farm in farm out completion

The Federal Government approved Narrabri Stage 3 under the EPBC Act, subject to conditions. This resolves the long-awaited Minister's decision and extends mine life from 2031 to 2044, supporting about 500 continuing jobs.

regulatory community update

FY24 underlying profit $740m on revenue of $3.8b; statutory profit $355m after $385m of mostly acquisition costs. Net debt A$1.3b; final dividend 13c. FY25 guidance is 35.0-39.5Mt managed ROM, now including a full year of Queensland.

annual report

Whitehaven agreed to sell 30% of Blackwater to Nippon Steel (20%) and JFE Steel (10%) for US$1.08b cash, with offtake agreements. Completion is expected in the March quarter 2025. Whitehaven stays operator and remains liable for 100% of deferred and contingent payments. Delivers the sell-down flagged earlier.

farm in farm out agreement

Whitehaven completed the acquisition of 100% of the Daunia and Blackwater metallurgical coal mines from BMA, announced October 2023. This resolves the pending deal and makes it a metallurgical coal producer. Next update is due 19 April 2024.

asset acquisition disposition

All conditions are satisfied for the Daunia and Blackwater acquisition, with completion scheduled for 2 April 2024. Whitehaven will pay US$2.0b, funded by the US$1.1b term facility and balance sheet cash. Resolves the regulatory-approval thread.

material agreement

Whitehaven has agreed terms for a 5-year US$1,100m credit facility, up from the US$900m bridge, to refinance the acquisition bridge for Daunia and Blackwater. Long-form documentation is expected early in 2024.

debt financing

Queensland's Coordinator General recommends the 100%-owned Winchester South coking coal project proceed, subject to conditions, at up to 17Mtpa ROM with 380Mt of reserves. Advances the EIS process noted earlier. It adjoins Daunia, giving possible future integration.

regulatory community update

Whitehaven signs binding deals to buy 100% of BMA's Daunia and Blackwater coal mines for US$3.2b cash: US$2.1b upfront, US$1.1b deferred over three years, plus up to US$900m price-linked payments. Resolves the sale-process thread; completion expected June 2024 quarter.

asset acquisition disposition

The Federal Court dismissed the Environment Council of Central Queensland's challenge to the Narrabri Stage 3 decision, resolving the September hearing thread in Whitehaven's favour. This clears the way for the Minister's final EPBC decision on extending mine life from 2031 to 2044.

regulatory community update

2023 reserves and resources update. Vickery Opencut recoverable reserves fall from 200Mt (2015) to 174Mt, but proved reserves rise from 0 to 166Mt. Marketable reserves drop from 178Mt to 121Mt. Total resources are 4,851Mt, with Maules Creek and others lower from depletion.

resource reserve update

Whitehaven confirms it is taking part in BHP Mitsubishi Alliance's sale process for the Daunia and Blackwater metallurgical coal mines in Queensland. It says these are the growth opportunities behind the suspended buy-back. The process is ongoing; no deal or price is stated.

asset acquisition disposition

Record FY23 result: NPAT $2.7b (up 37%), EBITDA $4.0b, average price A$445/t, net cash $2.65b. A 42c final dividend takes the year to 74c. The buy-back is temporarily suspended to weigh growth opportunities; FY24 guidance is ROM 18.7-20.7Mt, with Vickery first coal around mid-2024.

half year report

The NSW Land and Environment Court dismissed the judicial review of the Narrabri Stage 3 consent, resolving that open thread in Whitehaven's favour. Federal EPBC approval is still required, and a separate Federal Court challenge is due to be heard in September.

regulatory community update

March 2023 quarter: average price A$400/t (A$527/t prior), managed ROM 4.3Mt, below plan. Net cash $2.7b after a $552m tax payment. The Board approved early mining at Vickery, with a full-scale decision later in 2023.

quarterly activities report

FY23 guidance is cut again: managed ROM is now 18.0-19.2Mt (was 19.0-20.4Mt), with Maules Creek at 9.3-9.8Mt. Managed sales fall to 15.3-16.0Mt and unit cost rises to $100-107/t. Labour shortages and Maules Creek constraints are blamed. Net cash is $2.7b.

production update

Record half-year result: NPAT $1.8b and EBITDA $2.7b (H1 FY22 EBITDA $0.6b), with an A$552/t average price. A 32c fully franked interim dividend is declared and net cash is $2.5b. FY23 guidance of 9 November is maintained; Vickery staging is under assessment.

half year report

NSW has finalised its coal reservation directions for Whitehaven. From 1 April 2023 to 30 June 2024 its mines must offer thermal coal to domestic power stations, capped at the lower of 200k tonnes a quarter or 5% of each mine's saleable production, at a maximum A$125/t. This resolves the January uncertainty.

regulatory community update

Continued La Niña flooding cuts FY23 managed ROM guidance to 19.0-20.4Mt from 20.0-22.0Mt, with Maules Creek lowered to 10.3-11.0Mt. Narrabri is raised to 5.6-6.0Mt, and unit cost guidance rises to $95-102/t from $89-96/t.

production update

Nicole Brook, a mining engineer with 25+ years in coal including Glencore Coal Australia, joins the board as an independent non-executive director. Lindsay Ward, a director since 2019, steps down on 31 December 2022.

director officer appointment

Record FY22: NPAT $2.0bn, EBITDA $3.1bn, all senior bank debt repaid and $1.0bn net cash. Fully franked 40 cent final dividend takes the year to 48 cents. Buyback to finish within $550m, with shareholder approval sought to increase it.

dividend declaration

June 2022 quarter: record average price A$514/t (FY22 A$325/t), FY22 EBITDA expected around $3.0bn versus $0.2bn in FY21. Net cash was $1.0bn at 30 June. Buyback has bought 76.37m shares for $362.6m, and the total cap is raised to $550m.

quarterly activities report

A client of the Environmental Defenders Office has started Land and Environment Court proceedings seeking to invalidate the Narrabri Stage 3 consent on climate grounds. This challenges the April approval; Whitehaven says it will vigorously defend.

regulatory community update

Winchester South Queensland reserves upgraded from 350Mt to 380Mt, with proved reserves up from 140Mt to 270Mt. Resources stay at 1,100Mt; 60% of marketable reserves are metallurgical coal. Targets 15Mtpa over 20+ years; the project still awaits state approval.

resource reserve update

NSW Independent Planning Commission approved the Narrabri Stage 3 Extension, extending mine life from 2031 to 2044, subject to conditions. This resolves the open Stage 3 approval thread that followed the January Department recommendation.

regulatory community update

Restarts dividends with an 8 cent unfranked interim dividend (about $80m) and plans an on-market buyback of up to 10% of shares, capped at $400m. Delivers on the Chair's earlier signal of a return to dividends. Guidance is unchanged from January's cut.

dividend declaration

Half-year to 31 December 2021: revenue $1,443.0m, NPAT $340.5m (loss of $94.5m a year earlier), net debt $403.4m. Interim unfranked dividend of 8 cents declared, the first since the FY21 no-dividend year. Subsequently $225m of senior debt was repaid.

half year report

Whitehaven agrees to buy the 1% private royalty over Narrabri from Anglo Pacific Group, effective 31 December 2021. Fixed payments total US$26.6m over five years, plus price-linked amounts capped at US$0.25/t, giving more exposure to high coal prices.

asset acquisition disposition

Federal Environment Minister approved the Vickery Extension Project under the EPBC Act, following NSW approval in August 2020 and a five-year process. This removes the last approval awaited for Vickery (up to 10Mtpa).

regulatory community update

Annual reserves update: Narrabri North recoverable reserve cut from 102Mt to 72Mt and Narrabri South from 121Mt to 98Mt, due to mine planning changes and depletion. Narrabri proved reserves rise to 157Mt; mine life to 2044. Total reserves 1,196Mt recoverable.

resource reserve update

FY21 annual financial report: revenue $1,557.0m, loss before significant items $87.3m, and a net loss of $543.9m after $456.6m post-tax impairments. No final dividend. AGM set for 27 October 2021.

annual report

FY21: net loss $543.9m including $650m of impairments (Narrabri $548.7m on reduced reserves, Werris Creek $90.2m). EBITDA $204.5m, net debt $808.5m, no dividend. Newcastle index around US$170/t; management expects faster debt reduction. FY22 ROM guidance 20.0-21.5Mt.

annual report

Federal Court dismissed the challenge seeking to stop the Environment Minister approving the Vickery Extension Project (up to 10Mtpa). Federal EPBC approval is still awaited, following the NSW approval of August 2020.

regulatory community update

Half-year to December 2020: net loss $94.5m (versus $27.4m profit) and EBITDA $37.2m (down 79%) on lower coal prices. Net debt rose to $823.1m from $787.5m; no interim dividend. The covenant amendment from lenders was obtained.

half year report

Winchester South resource upgraded to 1,100Mt from 530Mt, with a maiden 350Mt reserve (210Mt marketable). Capex is A$980m for up to 15Mtpa and a 20+ year life. Total group reserves rise 26% since August; the draft EIS has been submitted.

resource reserve update

FY20 result: underlying profit $30.0m (down 95%), EBITDA $306.0m, net debt $787.5m, total dividends 1.5c. Lower coal prices and Maules Creek disruption drove it. FY21 guidance is 21.0-22.8Mt ROM; Vickery marketable reserves given as 178Mt.

annual report

NSW Independent Planning Commission approves the Vickery Extension Project, resolving the pending decision. It is a predominantly metallurgical mine with $700m capex. Secondary approvals are still needed, and Whitehaven stays cautious on spending given COVID-19.

regulatory community update

Half-year to December 2019: revenue $885.1m (down 30%), profit $27.4m (down 91%), against $305.8m a year earlier. Net debt rose to $587.2m from $161.6m after $297m dividends. Interim dividend cut to 1.5c. Senior debt facility refinanced, A$1.0bn, now maturing July 2023.

half year report

Completes the EDF Trading Australia purchase, lifting Whitehaven's Narrabri stake to 77.5% for US$72m (US$17m paid now, then US$11m a year for five years). Partners' pre-emptive rights are triggered; if all exercised, the stake would fall to about 75.7%.

asset acquisition disposition

FY20 guidance cut: managed ROM now 20.0-22.0Mt (was 22.0-23.5Mt) and Maules Creek 10.0-11.0Mt (was 12.0-12.5Mt). Causes are skilled operator shortages and drought dust events. Unit cost rises to A$73-75/t from A$70/t. Vickery spend is deferred on approval delays.

production update

Whitehaven agreed to buy EDF Trading Australia, owner of 7.5% of Narrabri, for US$72m (US$17m on completion, US$55m over five years). That lifts its stake from 70% to 77.5%, subject to partners' pre-emptive rights. Effective 1 July 2019.

asset acquisition disposition

Annual update adds the 530Mt Winchester South resource reported in October 2018. Maules Creek reserves fall to 460Mt recoverable (down 40Mt) from depletion and reclassification, and Rocglen reserves are fully depleted. Total reserves are 935Mt recoverable, 844Mt marketable, against 985Mt and 885Mt in 2018.

resource reserve update

Record FY2019 profit before significant items of $564.9m (up 8%) on revenue $2,487.9m. Net debt fell to $161.6m, gearing 4%. A 30c final dividend (13c ordinary, 17c special) takes the year to 50c; unit costs were $67/t, in line with guidance.

half year report

Queensland declared Winchester South a 'Coordinated Project', enabling whole-of-government assessment through an environmental impact statement. Targets about 15Mtpa ROM of mainly metallurgical coal, up to $1 billion capital cost and 450 operating jobs. It advances the EIS thread.

regulatory community update

March 2019 quarter: saleable production 5.1Mt, sales 6.0Mt (up 12%). Narrabri recovered, producing 1.7Mt. FY2019 saleable guidance is cut again to 20.5-21.0Mt on lower Maules Creek output, from 21.5-22.5Mt. Cost guidance stays $67/t.

quarterly activities report

Record first-half profit $305.8m, but FY2019 saleable guidance is cut to 21.5-22.5Mt from 22-23Mt and cost guidance raised to $67/t from $64/t. Half-year unit costs were $69/t. Interim plus special dividend totals 20c.

half year report

Nathan Tinkler, claiming to be trustee of the Boardwalk Resources Trust, has served a Queensland Supreme Court claim over Milestone Shares issued in May 2012. Whitehaven denies wrongdoing and will seek early dismissal. No amount claimed in the text.

other

Maiden JORC resource for Winchester South, the Bowen Basin coking coal project bought in 2018: 530Mt, comprising 130Mt Measured, 300Mt Indicated and 100Mt Inferred. Up from the 356Mt (100% basis) in the earlier context.

resource reserve update

Record FY2018 profit of $525.6m on revenue of $2,257.4m; net debt $270.4m (gearing 7%, up from $146.9m at December). FY2019 guidance is 22.0-23.0Mt saleable with costs rising to about $64/t. Final 14c plus special 13c dividend proposed.

annual report

FY2018 results: revenue $2,257.4m (up 27.3%) and net profit $525.6m (up 29.7%). A 14 cent final dividend and 13 cent special dividend are payable September 2018, on top of the 13 cent interim already paid. AGM set for 25 October 2018.

annual report

Annual update: total resources fell 80Mt to 3,902Mt from 3,982Mt. Reserves rose 11Mt to 985Mt and marketable reserves rose 23Mt to 885Mt, due to added Narrabri South reserves. Winchester South resources will be added next year.

resource reserve update

Whitehaven completed the purchase of the remaining 25% of Winchester South, taking it to 100%. The company says it can now move ahead with the EIS and other studies needed to develop the project as quickly as possible.

farm in farm out completion

Whitehaven completed the purchase of Rio Tinto's 75% of Winchester South, which the CEO calls transformative as it adds a Bowen Basin position beside the Gunnedah Basin. Remaining 25% expected to complete in June 2018, earlier than the second half previously flagged.

farm in farm out completion

Whitehaven agrees to buy the remaining 25% of Winchester South, owned by Scentre Group, at a price consistent with the pro-rated Rio Tinto price. Completion of both deals expected second half of 2018. Continues the March 2018 Rio deal toward 100% ownership.

asset acquisition disposition

Whitehaven completed the purchase of Idemitsu's 30% of Tarrawonga after Ministerial consent, taking it to 100% as agreed in November 2017. Adds about 0.55Mtpa to Whitehaven's equity saleable production.

farm in farm out completion

Whitehaven agrees to buy Rio Tinto's 75% of the Winchester South coking coal project in Queensland's Bowen Basin for US$200m (US$150m at completion, US$50m after 12 months), funded from cash and existing facilities. Its first Queensland asset, with 356Mt resources. Completion expected second half 2018.

asset acquisition disposition

Half-year to December 2017: net profit $257.2m (up 63%), revenue $1,146.4m, EBITDA $460.6m. Net debt fell to $146.9m (gearing 4%). An unfranked 13 cent interim dividend is declared, payable 2 March 2018, the first interim dividend in this period.

half year report

Half-year results announcement repeating the $257.2m profit, $460.6m EBITDA and 13 cent interim dividend. Notably cuts FY2018 saleable guidance to 20.5-21.0Mt (from 22-23Mt) after lower first-half Narrabri output, with costs rising slightly.

investor presentation

Whitehaven agreed to buy Idemitsu's 30% of Tarrawonga, taking it to 100%, subject to conditions including regulatory approvals. No price is given in the text. Tarrawonga is scheduled for 2.0Mt saleable in FY2018, about half metallurgical, with 41Mt reserves.

asset acquisition disposition

Record FY2017 result: net profit $405.4m, EBITDA $714.2m (up 219%), net debt cut to $311.1m (gearing 9%). Board proposes a 20 cent per share distribution, the first return in this period. FY2018 saleable guidance is 22-23Mt.

annual report

Annual resource and reserve update: resources fell 45Mt to 3,982Mt, reserves 8Mt to 974Mt, and marketable reserves 22Mt to 862Mt. The company says most of the fall is mining depletion. Maules Creek open cut reserves are 500Mt.

resource reserve update

Whitehaven refinanced its senior bank facility: a A$1.0bn drawable line plus A$200m of guarantee capacity, maturing July 2021. It replaces the facility that was due in July 2019, on terms the company says are more favourable. Completion is subject to conditions precedent.

debt financing

Half-year to December 2016: net profit $157.5m versus $7.8m, on revenue up 43% to $823.5m and EBITDA of $324.8m. Higher coal prices and more met coal drove it. Net debt fell $231.1m to $628.0m (gearing 17%), with $105m more repaid after period end. No dividend.

half year report

Narrabri FY2017 ROM guidance is set at 7.5-7.8Mt because of adverse geotechnical conditions; LW07, the first 400m panel, now starts early in the June quarter. Group saleable guidance of 21-22Mt is unchanged, and met coal is forecast at 26% of second-half sales.

production update

FY2016 result: revenue up 52.6% to $1,164.4m and net profit $20.5m, versus a $330.6m loss in FY2015. Earnings per share were 2.1 cents. No final dividend; AGM set for 27 October 2016.

annual report

Reserves rose 94Mt to 982Mt (marketable up 82Mt to 883Mt), driven by Maules Creek open cut reserves up 129Mt (34%) to 510Mt after infill drilling. Total resources slipped 8Mt to 4,029Mt. Could add years to Maules Creek's life.

resource reserve update

Half-year to December 2015: net profit $7.8m versus a $77.9m loss a year earlier, on revenue up 54% to $574.3m and operating EBITDA of $106.4m. Net debt fell to $924.9m (from $935.8m). No interim dividend.

half year report

Whitehaven expects H1 FY2016 EBITDA of $100-105m, almost double the prior period, and confirms a first-half profit. FY2016 ROM coal guidance is lifted to 19.5-20.1Mtpa from 18.8-19.4Mtpa, and net debt is expected to fall over FY2016.

other

NSW approval lifts Narrabri's permitted output from 8Mtpa to 11Mtpa and allows a 400m-wide longwall face. LW07, the first such panel, is expected in H2 FY2017. It should add about 750Ktpa of ROM coal and cut full-production costs by about A$3/t.

regulatory community update

Total coal resources rose 182Mt (4.7%) to 4,037Mt, mainly from 201Mt more Vickery underground resource after EL8224 was granted and 2014 drilling added. Reserves slipped to 874Mt (marketable 789Mt, down 12Mt) from mining depletion.

resource reserve update

FY2015 result: operating EBITDA $130.3m (up 44%), costs down to $61/t, but net loss $342.7m after a $355m write-down of early-stage exploration assets plus MRRT and refinancing charges. Net debt rose to $935.8m; Maules Creek capex came in under budget.

annual report

Whitehaven accepted a fully underwritten A$1.4bn senior secured bank facility, with A$1.2bn drawable, maturing July 2019. It says terms are better than the facility replaced, with a lower interest rate and more headroom. This delivers on the refinancing flagged in January; still subject to documentation.

debt financing

First Maules Creek coal has been railed, about three months ahead of schedule, with about 2.5Mt ROM expected to 30 June 2015 and commercial status likely from 1 July. Project cost is expected below the $767m budget; FY2016 operating costs are estimated at A$62/t.

production update

First Maules Creek coal is now expected to be railed in January 2015, over two months ahead of the March 2015 plan and within budget. A revised biodiversity plan limits clearing to 15 Feb to 30 April each year, with no milestone impact.

production update

NSW planning authorities approved the 100%-owned Vickery project at 4.5Mtpa ROM, resolving a long-running approval thread. Startup is unlikely before Maules Creek reaches 13Mtpa; Whitehaven now plans to seek a joint venture partner. Reserves are 204Mt.

regulatory community update

Resources rise 3.0% to 3,857Mt from 3,743.9Mt, mainly Oaklands (up 128Mt, mostly inferred). Recoverable reserves rise 1Mt to 888Mt and marketable reserves 5Mt to 801Mt after 12Mt of mining, with Maules Creek reserves up about 20Mt.

resource reserve update

Open cut mining has started in the Maules Creek box-cut with Whitehaven's own fleet and employees. The project is stated to be on budget and schedule, with first saleable coal railed in March 2015.

production update

Maules Creek Community Council has filed a NSW Land and Environment Court action to stop clearing in the mining area until late summer 2014/15; infrastructure works are unaffected. Whitehaven will defend it, citing its approved management plan, and says first coal in March 2015 remains on schedule.

regulatory community update

FY2014 saleable coal guidance is cut from 10.7Mt to 9.8–10.0Mt after Narrabri's longwall lost floor horizon control on panel three, plus the earlier-disclosed Rocglen geotechnical issues. Narrabri ROM is cut to 4.8–5.0Mt from 5.5Mt; return to mining in 2–3 weeks, costs not material.

production update

Downer EDI is awarded the Maules Creek coal handling plant contract (1600tph), one of the largest parts of the $767m project. About $220m is spent and $333m of major contracts let; first coal is expected March 2015. Contract value is not stated.

contract award

Half-year to December 2013: revenue $402.2m (up 43%), net loss narrowed 76% to $11.6m, operating EBITDA $50.8m before significant items. Net debt rose to $556.9m (from $471.6m) and gearing to 15%. No interim dividend.

half year report

Pacific National Coal and Whitehaven sign a new rail haulage agreement from January 2014 to June 2026, replacing the old one. Volume stays at 9.5Mtpa, rising to 11.5Mtpa with 30-tonne axle loads from 2015; per-tonne haulage costs are expected to fall.

material agreement

Federal Court dismisses the NICE challenge to the Maules Creek federal approval, resolving the reserved judgement. Construction is expected to start in early January 2014, with first coal still targeted for Q1 CY2015.

regulatory community update

Banks approve a change to the A$1.2bn debt facility: the first interest cover test moves from December 2014 to the earlier of December 2015 or the half-year after Maules Creek reaches 3.5Mtpa. No repricing; WHC's 75% share of remaining construction is stated as funded.

debt financing

Kevin Ball is appointed CFO from 16 December 2013, replacing Austen Perrin, who is leaving and will hand over in an orderly way by early 2014. Ball has prior CFO experience in oil and gas and coal.

director officer appointment

Whitehaven signs Leighton Contractors to build the Maules Creek rail loop, the project's longest lead-time item. Contract value is not stated. Production is still targeted for the first quarter of 2015.

contract award

FY2013 net loss was $82.2m (underlying loss $60.7m) on underlying EBITDA of $18.6m, after lower prices and the Sunnyside closure. Cash $110.5m, net debt $471.6m. Maules Creek construction awaits indigenous consultation and the Federal Court challenge outcome.

annual report

Raymond Zage, CEO of Noonday Asset Management Asia, joins the board. Noonday and Farallon manage funds that are together Whitehaven's largest shareholder group. Follows Farallon's June purchase of the Tinkler stake.

director officer appointment

Total resources fall 1% to 3,743.9Mt from 3,787.9Mt, but marketable reserves rise 19.6Mt to 796.2Mt. Merging the Vickery areas adds 53.6Mt of marketable reserves; Narrabri marketable reserves rise 12.6Mt to 212.5Mt.

resource reserve update

A group has started Federal Court proceedings against the Environment Minister and Whitehaven, challenging the 11 February 2013 Maules Creek approval on legal grounds. Whitehaven says construction can proceed meanwhile and will seek an expedited hearing. A new risk to the approval just won.

regulatory community update

Maules Creek receives all approvals needed to start construction. Capex is about $767m, with $607m still to spend ($455m Whitehaven's 75% share), funded from existing facilities and cashflow. Rail loop work starts August; first coal sales expected second half of 2014.

regulatory community update

Farallon Capital buys about 9.91% of Whitehaven from Tinkler entities and agrees to buy another 1.63%, becoming largest shareholder. Rest of Tinkler's stake went to other members of its lending syndicate. Ends Tinkler Group's role as largest shareholder.

security holder rights change

The federal government approves the Tarrawonga expansion, subject to conditions, following NSW approval in January. Output can rise from 2 to 3Mtpa and mine life extend from 2017 to 2030. Whitehaven owns 70% and Idemitsu 30%. Closes that open thread.

regulatory community update

Whitehaven buys Itochu's 29% interest in Vickery South, plus its right to rise to 49%, taking the project to 100%. Payment is 11.47 million Whitehaven shares, and Itochu's offtake and sales agency rights end. Vickery's environmental impact statement went on display 5 March.

asset acquisition disposition

Half-year to December 2012: underlying EBITDA $8.2m, as guided, but net loss $47.0m versus a $19.9m profit a year earlier, including about $20m from Sunnyside closure accounting. No interim dividend. Cash $83.2m, debt $487.5m; Maules Creek construction targeted mid-2013.

half year report

Total coal resources rise 2% to 3,787.9Mt from 3,706.7Mt in August 2012, with marketable reserves unchanged at 776.58Mt. Ferndale rises 21% to 445.7Mt and Pearl Creek to 52.4Mt, while Vickery resources dip 6.5Mt.

resource reserve update

Paul Flynn, a Whitehaven non-executive director and former Tinkler Group MD, becomes MD/CEO from 25 March 2013, replacing Tony Haggarty, who stays as a non-executive director. Flynn's fixed pay is $1.3m a year. Resolves the succession thread.

director officer appointment

Minister Burke grants conditional federal approval for Maules Creek, only four days after the extension. Resolves the long-awaited federal approval, following NSW approval in October. Whitehaven will seek to start production as soon as possible despite the difficult coal market.

regulatory community update

December quarter ROM output rose 96% to 2.367Mt, with Narrabri producing 1.063Mt. But weak coal prices and a strong Australian dollar leave first-half EBITDA expected below $10m, with the second half similar if conditions persist. Writedowns and the derailment also weigh.

quarterly activities report

The NSW Planning Assessment Commission approves the Tarrawonga expansion, subject to stringent conditions, lifting output from 2Mtpa to 3Mtpa and extending mine life to 2030. Federal approval is still awaited. Follows Maules Creek's NSW approval in October.

regulatory community update

Aurizon announces a 12-year contract from 1 July 2014 to haul up to 16Mtpa of Whitehaven coal from four sites including Maules Creek, with Aurizon investing up to $280m. It adds a second rail operator in the Gunnedah Basin.

contract award

Financial completion of the A$1.2 billion four-year senior secured bank facility, now underwritten by ANZ, CBA, Macquarie and NAB. It replaces existing facilities and funds corporate needs and Maules Creek. Closes the refinancing thread.

debt financing

Whitehaven scales back its Business Development Unit and Brisbane office as part of cost reduction, making about ten roles redundant, including EGM Business Development Peter Kane. Focus shifts to existing mines, Maules Creek and Vickery.

other

Whitehaven accepts an underwritten A$1.2 billion four-year senior secured bank facility from ANZ, replacing existing facilities and funding corporate needs and capex including Maules Creek. Still subject to documentation. Advances the refinancing flagged in the quarterly report.

debt financing

Chairman Vaile says succession planning for Managing Director Tony Haggarty is at an early stage, responding to press speculation. Haggarty has set no departure date and is expected to stay involved. Board will update shareholders.

director officer appointment

Whitehaven suspends mining indefinitely at Sunnyside (100% owned), citing falling global coal prices; 14 staff and 23 contractors affected. About 0.4Mtpa of lost output is to be offset by lifting Werris Creek from 2.0 to 2.5Mtpa. Restart is intended if prices recover.

production update

The NSW Planning Assessment Commission approves Maules Creek, subject to strict conditions, ending a delay since August 2010. Federal approval is still needed. Operating cost is estimated at $62.50 a tonne FOB, with mining expected from mid-2013.

regulatory community update

Total coal resources roughly double to 3,706.7Mt from 1,813.6Mt, and marketable reserves rise to 776.58Mt from 451.0Mt. The increase comes mainly from adding assets from the Aston, Boardwalk and Coalworks deals. Narrabri resources fall 72.6Mt to 782Mt.

resource reserve update

The Tinkler Group says no formal binding $5.20 per share proposal will follow, so due diligence ends and the data room closes. This ends the privatisation bid raised on 13 July. The board says it remains focused on developing its assets.

business combination

Compulsory acquisition completes and Whitehaven now holds 100% of Coalworks, which holds Vickery South and a stake in Ferndale. Former holders will be sent claim forms for payment. Delisting from the ASX is to follow.

business combination

Tinkler Group makes a non-binding $5.20 cash per share proposal to take Whitehaven private, with 48.3% of shares to roll over. Financing is only conditionally supported by lenders. The independent board committee grants four weeks of due diligence, with no solicitation of rival bids.

business combination

Whitehaven reaches a relevant interest of over 90% in Coalworks and will close the offer on 4 July without extension. It intends to compulsorily acquire the remaining shares and delist Coalworks from the ASX.

business combination

Whitehaven's voting power in Coalworks passes 50%, so the offer is automatically extended to 4 July. The $1.00 plus Orpheus distribution remains final and unconditional, giving Whitehaven control of Coalworks.

business combination

Whitehaven completes the A$370m sale of 10% of the Maules Creek Joint Venture to J-Power, as flagged on 6 June. Its interest falls to 75%, with Itochu-associated ICRA MC holding the other 15%.

asset acquisition disposition

Coalworks' board now recommends accepting Whitehaven's offer after an Orpheus Energy share distribution (about $0.025 per share) is added and all conditions are dropped. This reverses its earlier rejection. Holders of about 15% intend to accept.

business combination

Whitehaven declares its $1.00 Coalworks offer unconditional and final, adding an in specie distribution of Orpheus Energy shares held by Coalworks. The Coalworks board now recommends acceptance. Accepting holders are paid within 21 days, and earlier accepters by 6 July.

business combination

Whitehaven confirms it received an indicative, non-binding privatisation proposal from Nathan Tinkler's Tinkler Group, which it calls highly conditional and incomplete. Directors not associated with the bidder form a committee, advised by Grant Samuel and Corrs, to consider any later proposal.

other

Narrabri longwall installation is complete and commissioning has begun, with power connected the day before. A three-month ramp-up targets about 6Mt raw coal a year. This resolves the earlier delays to the longwall start.

production update

Conditions are satisfied for the sale of 10% of Maules Creek to J-Power for A$370m, with completion set for 19 June 2012. Whitehaven's stake falls from 85% to 75%; the proceeds fund a substantial portion of development.

asset acquisition disposition

Ferndale initial JORC resource is 369Mt, well below Coalworks' earlier 743Mt estimate because of different assumptions. Whitehaven's Boardwalk subsidiary has completed stage 1 of its farm-in, earning 25%, with a further 25% available for studies or $15m spend by end-2013.

resource reserve update

Whitehaven proposes an off-market cash takeover of Coalworks at $1.00 per share, a 17.0% premium to the 4 May close. It already holds 17.3% via Boardwalk. Conditions are minimal, with no regulatory approvals needed. Coalworks holds Vickery South and Ferndale interests.

business combination

The Aston merger is implemented on 2 May 2012, a day after Boardwalk completed. Aston holders receive 1.89 Whitehaven shares each, trading normally from 7 May. Mark Vaile becomes chairman, Conde deputy chairman, Haggarty stays MD; Chatfield, Krueger and Plummer resign.

business combination

Whitehaven completes its acquisition of unlisted Boardwalk Resources on 1 May 2012, ahead of the Aston merger implementation on 2 May. The $0.50 dividend is expected to be paid 4 May, with new shares trading normally from 7 May.

asset acquisition disposition

Federal Court approves the scheme for Whitehaven to acquire Aston. Consideration is issued 2 May, and the $0.50 special dividend is confirmed: record date 26 April, payment 4 May 2012. Aston and Boardwalk holders are excluded.

business combination

Whitehaven holders approve the Boardwalk share issue (89.87% for) and the director fee increase. Aston holders also approved the merger. Court hearing is 18 April, with implementation and Boardwalk completion due 2 May and the $0.50 dividend paid 4 May.

agm notice

Total resources rise 42.1Mt to 1,813.6Mt and marketable reserves rise 24.9Mt to 451.0Mt since August 2011. Vickery open-cut reserves up 12.4Mt to 116.9Mt, and Tarrawonga up 10.7Mt from the new northern JV area.

resource reserve update

Wet weather cost about two weeks of open-cut output; H2 FY12 saleable production is cut by about 400,000t. Narrabri longwall now likely May, not late April. J-Power long-term sales contract concluded after a successful trial cargo; resources lifted. Aston ex-CEO claim flagged.

production update

Aston's Scheme Booklet is lodged and the court convenes the shareholder vote for 16 April 2012. PwC's independent expert concludes the scheme is in the best interests of Aston shareholders. All Aston directors recommend voting in favour, absent a superior proposal.

business combination

Signs a Scheme Implementation Agreement to merge with Aston Resources: Aston holders get 1.89 Whitehaven shares each, after a $0.50 fully franked special dividend to Whitehaven holders. Also buys unlisted Boardwalk Resources for 85.88m shares. Resolves the talks confirmed on 5 December.

business combination

Responding to press speculation, Whitehaven confirms incomplete discussions with Aston Resources about a potential merger of equals. No guarantee of agreement, and unclear whether terms would suit shareholders. Follows the sale process that ended in May without a deal.

business combination

September quarter saleable output 1.353Mt (up 24%). Narrabri miner shortage now puts the longwall start up to eight weeks later, to mid-April 2012, from February. Cash $120m; new A$350m undrawn facility; NCIG final stage committed; Rocglen and Werris Creek approved.

quarterly activities report

NSW Government approves the Werris Creek extension: mining rate rises from 2.0 to 2.5Mtpa and operations can extend up to 20 years. Revised mining lease still has to be granted. Delivers the approval management had expected.

regulatory community update

Refinanced its syndicated bank facility with five-year bilateral facilities from several lenders, adding undrawn credit lines of up to A$350m for working capital and general purposes. Gives more funding headroom for planned growth.

debt financing

Secured an extra 8.4Mt of Newcastle port capacity over May 2012 to June 2016, covering most planned export growth until the PWCS T4 terminal opens in late 2015. Supports the target of about 15Mtpa; a further PWCS nomination outcome is due in December.

material agreement

Formal agreements signed with Idemitsu's Boggabri Coal to extend the Tarrawonga JV (Whitehaven 70%, Boggabri 30%), converting the May Heads of Agreement. Still conditional on expansion approvals at both mines; gives access to Boggabri's CHPP and rail spur.

joint venture update

Resources rise 21.5Mt to 1,771.5Mt and marketable reserves 60.4Mt to 426.1Mt (from 365.7Mt in February). Vickery open-cut marketable reserves rise 56.7Mt to 104.5Mt on an extended pit design; Tarrawonga adds 8Mt.

resource reserve update

FY11 underlying profit $73.3m (up 33%) but net profit only $9.9m after $63.4m of significant items, mainly legacy contract losses and a US dollar receivable loss on the Narrabri sale. Final dividend 4.1c declared; cash $207.6m.

annual report

Whitehaven signs long-term rolling ten-year rail track access arrangements with ARTC, securing track capacity between its mines and Newcastle Port to match planned production and port capacity. The managing director calls it a significant milestone for growth plans.

material agreement

Heads of Agreement with Idemitsu's Boggabri Coal to extend the Tarrawonga JV (Whitehaven 70%, Boggabri 30%). It would give access to the Boggabri CHPP and rail spur and restructure tenements to 70/30. Subject to conditions including expansion approvals at both mines.

joint venture update

The formal sale process is terminated: the Board decided no proposal was attractive enough to recommend to shareholders. Management will keep developing existing assets and seeking growth. This resolves the process launched 29 October 2010 with no takeover.

business combination

Full-year underlying profit guidance cut to about $70m from $83-88m, mainly because metallurgical shipments to Japan were deferred after the earthquake and tsunami. Narrabri longwall start now likely February 2012, about 5 weeks later than the December 2011 target, due to the labour shortage.

quarterly activities report

Half-year underlying profit $32.9m (up 21%), but net loss $35.1m after $68.0m of significant items, mostly legacy contract losses. Interim dividend 3.3c; cash $192.1m, debt $142.3m. Longwall at Narrabri still said to be on target for December 2011. Confirms January guidance.

half year report

Resources rise 7% to 1,749.7Mt and marketable reserves 15% to 365.7Mt (from 1,632.9Mt and 318.1Mt in August 2010). Drivers are an initial 111.7Mt inferred Merton resource and an initial Vickery Main Pit reserve of 47.6Mt marketable, building on the 2010 Vickery purchase.

resource reserve update

Guidance: first-half underlying profit $30-35m, but a net loss of $38-43m after significant items, mainly about $25m realised loss on fixed-price legacy contracts and a provision for further losses. Full-year underlying profit guided $80-90m, reported $7-17m. Confirms the wet-weather and legacy-contract hit flagged in December.

other

Wet weather has cost about 3,200 operating hours at the open cuts in five months, against about 950 a year earlier. First-half saleable output is expected about 700kt (24%) below budget, forcing over 1Mt of coal purchases, with a significant negative effect on half-year earnings.

production update

Board starts a formal process inviting selected parties to do due diligence and submit proposals, citing ongoing interest in the company. Follows the 5 August disclosure of preliminary talks. Grant Samuel and Goldman Sachs advise; may not result in any proposal.

business combination

FY10 underlying profit $55.1m (down 29%) and reported profit $114.9m including Narrabri sale gain; revenue $406.8m. Final dividend 2.8c, cash $141m, net cash $46.1m. Open-cut expansion to 5.5Mtpa is nearing completion.

annual report

Whitehaven confirms it has had and continues to have preliminary, incomplete discussions with third parties about potential corporate transactions. It says it is highly uncertain whether any proposal will result.

other

NSW approves Narrabri Stage 2 longwall, allowing up to 8Mtpa, with about $300m of capital spend. Federal approval remains outstanding. Longwall delivery starts early 2011, installation in Q3 2011. Stage 2 approval also triggers the $62.5m Daewoo/Kores payment (inference).

regulatory community update

First coal cut at Narrabri on 28 June 2010 by the first of three continuous miners, at 0.5–0.7Mtpa initially. Stage 1 cost about $227m, with ground conditions causing some delay and extra cost. Resolves the delayed first-coal thread.

production update

Whitehaven says it has no plan to raise equity, expecting about $200m of outstanding Narrabri sale proceeds. It warns broker upgrades are premature: FY10 underlying profit seen at $50–55m, with price gains landing in FY11. Narrabri coal reached in two of three tunnels.

other

Narrabri's coal seam has been reached in the first of three drifts, ending the tunnelling delay through soft ground. Continuous mining is expected to start in coming weeks. Whitehaven holds 70%.

drilling result

Half-year underlying profit rose 35% to $27.1m; reported profit $83.5m including a $56.4m gain from the Narrabri sale. Interim dividend 2.8c; cash $232.6m. Narrabri coal seam intersection now expected April 2010, slipping from late March.

half year report

Resources jump 56% to 1,190.3Mt from 761.8Mt and marketable reserves rise 16% to 322.7Mt. Narrabri resource grows to 854.6Mt on recent drilling and full-seam potential; initial reserves added at Bluevale, Block 7 and Tarrawonga.

resource reserve update

Whitehaven completes the Vickery purchase from Coal & Allied for $31.5m cash plus a 1,156 ha land parcel. Initial focus is exploring the Bluevale open cut, with three deeper seams seen as having underground potential. Completes the deal announced 20 October.

asset acquisition disposition

December quarter: record ROM output of 0.970Mt (up 41%) and sales of 1.183Mt; cash $233m. Narrabri's soft ground has slowed tunnelling, with coal seam now expected late March, likely delaying first longwall coal. Vickery completion due by end January.

quarterly activities report

Whitehaven signs a long-term take-or-pay rail haulage contract with Asciano's Pacific National, worth at least $600m to Asciano, with performance hurdles. Rail volume more than doubles over two years; Whitehaven's own train set is due operational June 2010. Secures rail for the expansion.

contract award

Whitehaven completes the sale of 7.5% of Narrabri to Daewoo and Kores for A$125m: $32.5m paid, $30m due by 4 December 2009, $62.5m by December 2010 subject to Stage 2 approval. Whitehaven's stake is stated as 70%.

farm in farm out completion

Whitehaven signs a new 3-year facility with ANZ and Macquarie, about $80m of bank guarantees plus hedging lines, replacing the departing financier's facilities. It includes a change-of-control provision. Resolves the open refinancing thread.

debt financing

Whitehaven agrees to buy the Vickery coal project from Coal & Allied for $31.5m cash plus about 1,150 ha of land. It adjoins its Canyon, Rocglen and other Gunnedah holdings; plans open cut and underground development. Subject to regulatory approvals.

asset acquisition disposition

Narrabri signs a contract with Bucyrus for a longwall system with up to 8Mtpa capacity, delivery October 2010 and cutting from January 2011, subject to Stage 2 approvals. Narrabri first production is now stated as early 2010, versus late 2009 earlier.

contract award

The share purchase plan raised $26m through 8,501,896 shares at $3.05, with no scaleback. Together with the $185m placement, this completes the equity raising begun on 30 July, though below the roughly $53m maximum.

capital raising announcement

FY09 preliminary results: underlying profit $77.3m (up from $12.9m) and reported profit $244.2m including Narrabri sale gains. Final dividend 6.0c. Cash $131m, net cash $53m. Resources rose to 761.8Mt and marketable reserves to 278.6Mt from 221.4Mt.

annual report

Whitehaven signs heads of agreement to sell 7.5% of Narrabri to Korea's Daewoo and Kores for A$125m plus 7.5% of costs since 2008 (over A$11m). Daewoo gets up to 1.5Mtpa of coal. Subject to board and regulatory approvals; completes the sale flagged on 30 July.

farm in farm out agreement

The institutional placement completed oversubscribed at $3.05 a share, raising about $185m from ~60.7m new shares, a 5% discount to the 29 July close. Above the $2.90 floor; new shares get the final dividend. SPP to follow at the same price.

capital raising announcement

Whitehaven announces a fully underwritten ~$176m institutional placement (~60.7m shares, floor $2.90) plus a non-underwritten share purchase plan up to $15,000 per holder. It guides FY09 NPAT to about $75m and says it is in advanced talks to sell a further 7.5% of Narrabri.

capital raising announcement

Whitehaven notes Gloucester withdrew its takeover offers on 22 May because conditions were unfulfilled. All acceptances are void and Whitehaven shares tendered will be returned, ending the merger attempt.

business combination

Whitehaven says Gloucester's directors judged Noble's raised $7.00 cash offer superior, so the Whitehaven merger will not proceed unless Noble's offer lapses, which Whitehaven calls highly unlikely. It says it will refocus on its Gunnedah Basin growth.

business combination

Gloucester says Noble raised its offer for Gloucester from $4.85 to $6.00 per share, still conditional on the Whitehaven bid not proceeding. This lifts the rival bid above the Whitehaven merger value and threatens the merger.

other

Combined bidder's and target's statement released for Gloucester's offer of 1 Gloucester share per 2.45 Whitehaven shares. Whitehaven's directors unanimously recommend accepting, absent a superior proposal. The offer document is now with shareholders after the Panel delay.

material agreement

Review Panel replaces the earlier order for a Gloucester shareholder vote. It instead requires Gloucester's Whitehaven bid to carry a 'no superior proposal for Gloucester' condition, because the merger acted as a lock-up device. This removes the vote requirement and lets the merger proceed.

regulatory community update

Whitehaven says the Review Panel's orders make the Gloucester merger conditional on no superior proposal for Gloucester, and the merger process can restart. Directors reiterate their recommendation to accept and intend to accept for their own shares, absent a superior proposal.

regulatory community update

Takeovers Panel issues final orders: Gloucester must put its Whitehaven bid to a Gloucester shareholder vote, excluding Whitehaven directors and pre-bid parties. Noble's bid conditions are held back until the vote. The interim bar on sending the bidder's statement is lifted, but a review is pending.

regulatory community update

Takeovers Panel declares unacceptable circumstances over the Gloucester–Whitehaven merger, finding it denied Gloucester shareholders a say and blocked an auction for control, given Noble's $4.85 bid. Orders are still to come. The merger is now in doubt.

regulatory community update

Marketable reserves rise 61% from 137.9Mt to 221.4Mt, mainly from a first 69.2Mt at Narrabri South and Tarrawonga lifted to 22.0Mt. Measured and indicated resources rise to 476.3Mt. This updates the earlier reserve figures, including the 140.1Mt discrepancy.

resource reserve update

Takeovers Panel receives Noble Group's application over the Whitehaven merger. Noble announced a $4.85 per share cash bid for Gloucester, conditional on the Whitehaven merger not proceeding, and argues the merger locks out rival offers. It threatens the deal.

regulatory community update

Half-year to December 2008: net profit $201.5m, driven by a $261.6m pre-tax gain on selling a further 15% of Narrabri; profit before significant items $20.0m. Revenue $275.7m. Fully franked interim dividend of 2.5c declared, payable 31 March 2009.

half year report

Agrees to merge with Gloucester Coal via an off-market scrip takeover: 1 Gloucester share for every 2.45 Whitehaven shares. Directors recommend acceptance and hold 74%; pre-bid deeds cover another 19.9%. Combined market cap is about A$900m.

business combination

Sale of 7.5% of Narrabri to J-Power for A$125m completes. A$41.7m is received now, with the balance due on Stage 2 approval. Total sold is 22.5%, which the company says funds the bulk of its share of Stage 1 and 2 costs.

farm in farm out completion

September 2008 quarter: saleable production up 28% to 598kt, sales up 64%. Narrabri Stage 1 cost estimate rises about 20% to A$185m. Werris Creek contractor to be terminated from 31 January 2009. Cash about $101m.

quarterly activities report

Managing Director Rob Stewart resigns, only six months after becoming CEO; director Tony Haggarty, ex-Excel Coal head, becomes MD. Andy Plummer becomes executive director. A new CFO (Austen Perrin) and two general managers are appointed.

director officer appointment

Sunnyside receives Project Approval, resolving the pending approval thread. An open cut of about 1Mtpa, mostly thermal coal, with first coal expected in the current quarter and construction cost about $10m.

regulatory community update

FY2008 net profit rose 142% to $51.9m, including $38.9m from the Narrabri stake sale; revenue $256.5m, EBITDA $90.7m. A fully franked dividend of 1.7c per share is declared. Net cash was $50.7m, against net debt of $55.5m a year earlier.

annual report

New three-year contracts for about 1.0Mtpa of semi-soft coking and PCI coal, FY2009 at about A$250/t, plus 0.6Mt thermal at about A$135/t. Fixed-price thermal contracts restructured to higher prices (A$83-89/t from FY2010), with a new 20-year 1.5Mtpa contract from 2012 at a discount to market. This eases the earlier low fixed-price concern.

material agreement

Agrees to sell a further 15% of Narrabri: 7.5% each to J-Power (A$125m) and EDF Trading (US$120m, paid over four years). Each takes 1.5Mtpa off-take, and each funds development costs from 1 January 2008. Subject to FIRB approval; completion expected August 2008. Inference: this takes WHC to 75%.

farm in farm out agreement

June 2008 quarter: saleable production up 62% to 627kt; sales up 101%. Resources rise 77.6Mt to 712.9Mt and reserves 19.9Mt to 137.9Mt. Narrabri first coal slips to Q1 FY2010 on approval delay. Whitehaven agrees to buy the remaining third of Bonshaw for $2.87m.

quarterly activities report

Rocglen (previously Belmont) receives Project Approval, resolving the Belmont approval thread. An open cut mine of about 1.5Mtpa, with first coal in the third quarter of CY2008 and construction cost about $35m. Sunnyside went on public display 18 April.

regulatory community update

Discloses 8.3Mt of fixed-price thermal coal sales contracts for July 2008 to December 2011, up from the 7.1Mt in the 2007 prospectus after the Werris Creek purchase. Average prices are A$63-78/t, well below the recent substantial rise in coal prices. A further 1.1Mt for 2011 is expected near A$100/t.

material agreement

Sale of a 7.5% stake in the Narrabri project to China's Yudean completes, with $67.5m paid. Yudean funds its share of future development costs and takes off-take of 0.5Mtpa rising to 1.5Mtpa. This resolves the pending Chinese approval; first coal is stated as first half of CY2009.

farm in farm out completion

Managing Director Keith Ross steps down from the Board at end of March 2008 and stays on in an advisory role. CEO Rob Stewart, who joined in October 2007, becomes Managing Director from 1 April 2008.

director officer appointment

Half-year to December 2007 shows a net loss of $372k against a $9.9m profit a year earlier, on revenue up 72% to $71.5m. The company cites poor performance by the Werris Creek mining contractor, port demurrage, lower-priced legacy contracts, FX losses and early option vesting.

half year report

Guangdong Yudean's subsidiary agrees to pay $67.5m for a 7.5% stake in the wholly owned Narrabri project and to fund its share of future development costs. Includes a coal off-take of 0.5Mtpa rising to 1.5Mtpa. Only Chinese government approval is outstanding.

farm in farm out agreement

Raises $130m by placement of 49.06m shares at $2.65 (3.6% discount), against the $1.00 IPO price. Funds buy the remaining 60% of Werris Creek for about $52m cash plus about 3.6m shares, and $78m towards the $140m Narrabri North Stage 1. A share purchase plan follows.

capital raising announcement

Narrabri North Stage 1 receives Project Approval from the NSW Planning Minister, resolving the open approval thread. Construction starts early 2008. Narrabri tenement resources are about 438Mt, about 230Mt in the North area. Management calls it the cornerstone of expansion plans.

regulatory community update

Rob Stewart, formerly Executive Manager Mining at Thiess, is appointed Chief Executive Officer from 22 October 2007, reporting to Managing Director Keith Ross. Management is being added to support the company's growth phase.

director officer appointment

FY2007 net profit was $22.5m on revenue of $106.2m and EBITDA of $25.6m, with gearing of 18%. Narrabri North and South resources were upgraded; Narrabri South gained 110Mt of resource. Pro forma profit of $6.4m was below the prospectus forecast of $8.5m.

annual report

The IPO closed oversubscribed and shares began trading on 1 June 2007: 1.9 million shares at $1.00, 323.0 million on issue, $323 million market value. About 87% of shares are held by directors, management and employees. Completes the prospectus offer.

capital raising announcement

Prospectus for the IPO of 1.9 million shares at $1.00 each, raising $1.9 million, with 323.0 million shares on issue after the offer (market value $323 million). Whitehaven, formed in 1999, holds Canyon (100%), Tarrawonga (70%) and Werris Creek (40%) mines.

capital raising announcement