Published on: Mar 3, 2016
Transcripts - NarrabriSaletoDaewooKoresASXannouncement-Completion
WHITEHAVEN COAL LIMITED
ABN 68 124 425 396
1 York Street
Sydney, NSW 2000
PO Box R1113
Ph: 02 8507 9700
Fax: 02 8507 9701
24 November 2009
Whitehaven Completes Sale of 7.5% of Narrabri Project
Whitehaven Coal Limited (ASX:WHC) today announced that is has completed the sale of a 7.5% interest in the
Narrabri Joint Venture Project to a Korean consortium comprising Daewoo International Corporation and Korea
The sale price for the transaction is A$125m, payable as follows:
• A$32.5 million paid;
• A$30.0 million by 4 December 2009; and
• A$62.5 million by December 2010 (subject to Narrabri Stage Two approval being obtained).
The Korean consortium is also responsible for contributing 7.5% of the costs of the Project from 1 January 2008
The sale includes a market priced coal off-take contract with Daewoo for up to 1.5 million tpa of Korean
specification coal. This annual tonnage is benchmarked to 25% of the Project’s annual production over the life
of the mine.
About the Narrabri Project
Whitehaven’s Narrabri Project is situated 28km south of Narrabri in north-west New South Wales. The Project
is operated through a joint venture comprising Whitehaven (70%), Electric Power Development Co. Ltd (7.5%),
EDF Trading (7.5%), Upper Horn Investments Limited (7.5%) and the Daewoo Kores consortium (7.5%).
Coal production through the use of continuous miners for longwall development is expected to commence in
early 2010, while longwall operations are expected to commence in early 2011, subject to obtaining requisite
The Project will produce a low ash, high energy, low sulphur thermal coal for the export market.
For further information, please contact:
Tony Haggarty – Managing Director Phone: 02 8248 1257
Kate Kerrison – Kate Kerrison + Company Phone: 0413 946 704