A YEAR OF DELIVERY

1. OVERVIEW
CHAIRMAN’S
STATEMENT
23Mtpa
TARGET BY FY2018
ON TRACK
$763.3M
OF REVENUE IN FY2015
Since our last Annual Report many targets have
been achieved at Whitehaven, many records have
been set and many commitments delivered upon.
Firstly, our two world class trophy assets are
clear of all regulatory hurdles, fully constructed
and producing the quality coal that we promised
the market.
In doing so, both Narrabri underground and Maules Creek open cut mines
have set some exciting company records. Narrabri achieved record ROM
production in FY2015 and Maules Creek was constructed three months
ahead of schedule and under budget.
Coupled with these achievements we have managed our transition to
a much more friendly debt facility which gives the Company clear air as
we ramp up production in the coming years. We have also set new records
with our safety performance, our policy on health, environment and
community and our outperformance in indigenous employment. More
details on these achievements can be found later in this Annual Report.
DELIVERING ON OUR TARGETS
A significant highlight this year has been delivering first coal from our new
world-class Maules Creek asset. What for many years was purely a pipeline
has become a reality. Capable of producing 12 Mtpa of coal over 30 years,
Maules Creek has been delivered ahead of schedule, with capex below
budget and declared commercial on 1 July 2015. This is not a common feat
in recent Australia construction history. At Narrabri, our underground mine
set several production records during the year and is quickly becoming
one of the most productive and efficient undergrounds mines in Australia.
Together, supported by our open-cut operations, we are well-placed
to achieve our longstanding target of 23Mtpa by FY2018.
Financially, the company also adapted well to the significant headwinds
in the industry. During the year the company reduced costs, returned
to profitability in the second half of the year and established a new debt
facility on more favourable terms to provide greater flexibility for the
company. The discipline with which management has reduced costs,
driven efficiencies and extracted the benefits of our enlarged scale
has been a particularly pleasing aspect of FY2015.
10 / A Year of Delivery