Past year: ▲ 6%(6.93 – 9.25 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
6 Sept 2010contract award● Neutral
Third-party release: The MAC Services Group signed a 4-year take-or-pay contract for 150 accommodation rooms with the Narrabri JV (Whitehaven 70%), subject to council approvals. Minor supplier contract for Narrabri, not a Whitehaven announcement.
24 Aug 2010annual report● NeutralMajor
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.
24 Aug 2010annual report● Neutral
FY10 media release: underlying profit $55.1m, reported $114.9m including $59.8m from the Narrabri 7.5% sale; final dividend 2.8c; cash $141.0m, net cash $46.1m. Saleable output guided to about 6Mtpa in FY11, at least 9.5Mtpa once longwall is at full production in FY13.
24 Aug 2010investor presentation● Neutral
FY10 results presentation repeats known results. It adds resources up 114% to 1,632.9Mt and marketable reserves up 14% to 318.1Mt, a $5m calendar 2010 exploration budget, and NCIG Stage 2 committed in June 2010 (extra capacity from June 2012).
5 Aug 2010other● NeutralMajor
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.
28 July 2010regulatory community update▲ GoodMajor
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).
23 July 2010production update▲ Good
The first train of Narrabri coal has been loaded, marking the mine's move from development to operation. Initial output remains 0.5–0.7Mtpa, with about 6Mtpa expected at full production.
28 June 2010production update▲ GoodMajor
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.
16 June 2010other● Neutral
Whitehaven again says it has no current plans to raise equity, and that it is not taking part in Anglo American's sale process for its Australian coal assets.
10 June 2010other● NeutralMajor
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.
13 May 2010drilling result▲ GoodMajor
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%.
4 Mar 2010other● Neutral
Substantial holder notice: Haggarty's holding rose to 6.78% (33.48m shares) after his family trust exercised 7,326,266 options for $7.3m. Completes the option exercise flagged on 26 February.
26 Feb 2010other● Neutral
Entities linked to MD Haggarty and director Plummer sold 5.0m and 3.7m shares at $4.66, to fund option exercises and private needs. Together about 1.8% of issued shares; sales were 13.0% and 9.9% of their stakes.
26 Feb 2010other● Neutral
Substantial holder notice: Haggarty's holding fell from 7.37% to 5.38% (26.15m shares) after the 5m-share off-market sale at $23.3m. Administrative filing mirroring the sale announced the same day.
24 Feb 2010half year report▲ GoodMajor
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.
24 Feb 2010investor presentation● Neutral
Results presentation repeating the half-year figures: underlying profit $27.1m, 2.8c interim dividend, resources up 56% to 1,190.4Mt, open-cut expansion to 5.5Mtpa. No new information beyond the half-year report.
23 Feb 2010resource reserve update▲ GoodMajor
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.
4 Feb 2010asset acquisition disposition● Neutral
Coal & Allied confirms completing the Vickery sale to Whitehaven for $31.5m cash plus 1,156 ha of land, and expects an after-tax profit of about $22m. Seller-side duplicate of Whitehaven's release.
4 Feb 2010asset acquisition disposition▲ GoodMajor
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.
28 Jan 2010quarterly activities report▼ BadMajor
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.
23 Dec 2009contract award▲ GoodMajor
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.
23 Dec 2009contract award▲ Good
Asciano announces a long-term take-or-pay coal haulage contract with Whitehaven from Narrabri, Werris Creek and Gunnedah, worth at least $600m to Asciano. It more than doubles Whitehaven's rail task over two years. Same contract as Whitehaven's own release.
4 Dec 2009other● Neutral
S&P's December rebalance adds Whitehaven to the S&P/ASX 200 index, effective after close on 18 December 2009. An index provider notice, not a company announcement.
27 Nov 2009other● Neutral
S&P announces Whitehaven will join the S&P/ASX All Australian 200 index after 4 December 2009, replacing Sino Gold. An index notice, not a company announcement.
24 Nov 2009farm in farm out completion▲ GoodMajor
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%.
17 Nov 2009investor presentation● Neutral
AGM chairman's address and MD presentation, largely repeating known facts: FY09 results, $177m net placement and $26m SPP, Vickery purchase and completed refinancing. Open-cut capacity now stated as up to 5.5Mtpa (previously 5Mtpa); Narrabri longwall delivery late 2010.
30 Oct 2009debt financing▲ GoodMajor
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.
20 Oct 2009asset acquisition disposition▲ GoodMajor
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.
20 Oct 2009asset acquisition disposition● Neutral
Seller Coal & Allied confirms the Vickery sale to Whitehaven for $31.5m cash plus a 1,156 ha land parcel. Completion is expected in the fourth quarter of 2009, subject to regulatory approvals. Duplicates Whitehaven's own announcement.
16 Oct 2009annual report● Neutral
The 2009 Annual Report is lodged, repeating FY09 results already released: underlying profit $77.3m, reported $244.2m, 6.0c final dividend, cash $131.2m. It still describes the bank refinancing as in final negotiation, with the current bank withdrawing 30 September 2009.
