Whitehaven Coal Limited · ASX:WHC
Whitehaven Coal — Merger or Acquisition (March 2012)
28 slides from Whitehaven Coal's merger presentation, Mar 12, 2012
Slide 1: Creating a leading independent Australian coal company
For personal use only Creating a leading independent March Australian coal company 2012 Investor presentation
Slide 2: Disclaimer and important notice
SUBJECT altaylo Error! Too many picture switches defined. 3/28 Disclaimer and important notice For personal use only This disclaimer and important notice applies to this presentation and any information provided in relation to or in connection with the information contained in it. This presentation
Slide 3: Transaction highlights
SUBJECT altaylo Error! Too many picture switches defined. 1/28 Transaction highlights For personal use only Compelling transaction logic and value creation – expected to achieve synergies with a NPV of A$575 – 775 million1 Independent Expert has concluded that the Scheme is in the best interests
Slide 4: Creating a leading independent Australian coal company
SUBJECT altaylo Error! Too many picture switches defined. 2/28 Creating a leading independent Australian coal company For personal use only Large scale, diversified coal producer with 2,070Mt of resources and 708Mt of recoverable reserves (equity basis) Major global supplier of semi-soft coking
Slide 5: Complementary portfolio of assets provides substantial scale, growth and synergy potential
SUBJECT altaylo Error! Too many picture switches defined. 3/28 Complementary portfolio of assets provides substantial scale, growth and synergy potential For personal use only Narrabri (70%) GUNNEDAH BASIN TENEMENT HOLDINGS Sienna (100%) Status: Producing To Narrabri (20km) Status: Exploration Ka Re
Slide 6: Merged Group expected to achieve synergies with a NPV of A$575 – 775 million
SUBJECT altaylo Error! Too many picture switches defined. 4/28 Merged Group expected to achieve synergies with a NPV of A$575 – 775 million For personal use only Aston and Whitehaven Synergy Working Group and Implementation Committee established in December 2011 and developed a preliminary estimat
Slide 7: Material exploration upside from Boardwalk Transaction
SUBJECT altaylo Error! Too many picture switches defined. 5/28 Material exploration upside from Boardwalk Transaction For personal use only Future development options and a platform for growth in the medium to longer term Highly prospective exploration in established mining regions — Portfolio o
Slide 8: Board and management team with skills and experience to deliver transaction benefits
SUBJECT altaylo Error! Too many picture switches defined. 6/28 Board and management team with skills and experience to deliver transaction benefits For personal use only Board Other senior management The Hon. Mark Vaile Mr. John Conde Peter Kane Independent Chairman Independent Chief Operating Offic
Slide 9: Steps to delivering growth and value
SUBJECT altaylo Error! Too many picture switches defined. 7/28 Steps to delivering growth and value For personal use only 1 Realise synergies from merger 2 Deliver on near term development pipeline: Maules Creek and Vickery 3 Achieve 25Mtpa production by FY2016 (100% basis) 4 Maximise value from Boa
Slide 10: Transaction timetable
SUBJECT altaylo Error! Too many picture switches defined. 8/28 Transaction timetable For personal use only Announcement of merger and Boardwalk acquisition 12 December 2011 1st Court date 9 March 2012 Scheme booklet despatched to Aston shareholders 15 March 2012 Aston Scheme meeting 16 April 2012 Wh
Slide 11: Supplementary information
For personal use only Supplementary information
Slide 12: Transaction overview
SUBJECT altaylo Error! Too many picture switches defined. 10/28 Transaction overview For personal use only Whitehaven / Aston merger All-scrip merger of equals between Whitehaven and Aston Aston shareholders to receive 1.89 Whitehaven shares per Aston share after payment of Whitehaven special di
Slide 13: Creates a large scale, leading ASX-listed Australian coal company
SUBJECT altaylo Error! Too many picture switches defined. 11/28 Creates a large scale, leading ASX-listed Australian coal company For personal use only Market capitalisation (A$m) Resources – equity basis (Mt) Recoverable Reserves – equity basis (Mt) Merged Group¹ 5,146 Merged Group³ 2,070 New Hope
Slide 14: Creates a large scale, leading ASX-listed Australian coal company
SUBJECT altaylo Error! Too many picture switches defined. 12/28 Creates a large scale, leading ASX-listed Australian coal company For personal use only Comments Saleable production (Mt, 100% basis)1 One of Australia’s largest listed coal producers with 15Mtpa of metallurgical coal and 10Mtpa of 25
Slide 15: Improved risk profile enhancing the capability for growth
SUBJECT altaylo Error! Too many picture switches defined. 13/28 Improved risk profile enhancing the capability for growth For personal use only Diversification into an attractive portfolio of producing, development and exploration coal assets — Stable, low risk cashflows from existing open cut ope
Slide 16: Major global supplier of semi-soft coking and PCI coals
SUBJECT altaylo Error! Too many picture switches defined. 14/28 Major global supplier of semi-soft coking and PCI coals For personal use only Comments Resource and reserve mix (Mt, 100% basis)2 Metallurgical coal expected to grow to up to 60% of managed saleable production by FY2016 Aston 679Mt —
Slide 17: Strengthens and consolidates strategic position in port and rail infrastructure
SUBJECT altaylo Error! Too many picture switches defined. 15/28 Strengthens and consolidates strategic position in port and rail infrastructure For personal use only Comments Port capacity and export coal sales (Mt, 100% basis)1 Extensive agreements in place to PWCS (existing) Medium to longer ter
Slide 18: Pro forma Merged Group shareholding structure
SUBJECT altaylo Error! Too many picture switches defined. 16/28 Pro forma Merged Group shareholding structure For personal use only Merged Group ownership structure Merged Group register (including Milestone Shares)1 (including Milestone Shares) 11.9% Tinkler Group 21.6%(2) 54.9% WHC shareholders FR
Slide 19: Summary of Whitehaven assets
SUBJECT altaylo Error! Too many picture switches defined. 17/28 Summary of Whitehaven assets For personal use only Asset Narrabri Vickery Tarrawonga Werris Creek Rocglen Sunnyside Other WHC Ownership 70% 100% 70% / 100% i 100% 100% 100% 100% Basin Gunnedah Coal type PCI, TC SS, TC SS, PCI, TC PCI, T
Slide 20: Overview of Maules Creek
SUBJECT altaylo Error! Too many picture switches defined. 18/28 Overview of Maules Creek For personal use only Key project details Asset location Location & Location: Gunnedah Basin, New South Wales; 16km from the ownership main railway line and 380km from Newcastle port Ownership: Aston (85%1);
Slide 21: Summary of Boardwalk assets
SUBJECT altaylo Error! Too many picture switches defined. 19/28 Summary of Boardwalk assets For personal use only Boardwalk’s exploration assets are all located near established mines and/or coal development projects and existing rail infrastructure Boardwalk also has a 19.9% interest in Coalwor
Slide 22: Development opportunities provided by Boardwalk portfolio
SUBJECT altaylo Error! Too many picture switches defined. 20/28 Development opportunities provided by Boardwalk portfolio For personal use only Sienna Sienna North and South project areas - targeting open-cut PCI and thermal coal Electra project area - targeting underground hard coking coal Ne
Slide 23: Dingo Project
SUBJECT altaylo Error! Too many picture switches defined. 21/28 Dingo Project For personal use only Asset description Commentary EPC 862 (Dingo North), EPC 863 (Middle Creek) and EPC 1063 Current ownership of 51% and by Exploration titles (Tryphina) the end of May 2012 expected to complete farm-
Slide 24: Sienna Project
SUBJECT altaylo Error! Too many picture switches defined. 22/28 Sienna Project For personal use only Asset description Commentary Current development plan EPC 1033 and EPC 2089 envisages: Exploration titles Covering an area of 10,800 Ha in the heart of the Bowen Basin, QLD Open-cut PCI and t
Slide 25: Ferndale Project
SUBJECT altaylo Error! Too many picture switches defined. 23/28 Ferndale Project For personal use only Asset description Commentary Opencut project with potential for Exploration titles EL 7430 covering an area of 3,742 Ha in the Hunter Valley coal underground mining region, NSW Thermal and SS
Slide 26: Monto Project
SUBJECT altaylo Error! Too many picture switches defined. 24/28 Monto Project For personal use only Asset description Commentary EPC 1220 covering an area of 29,600 Ha in the Mulgildie Coal Basin, 100% ownership interest Exploration titles approximately 120km south-west of Gladstone, Queensland
Slide 27: Competent Persons Statements
SUBJECT altaylo Error! Too many picture switches defined. 25/28 Competent Persons Statements For personal use only Whitehaven The information in this presentation that relates to Coal Resources and Reserves is based on and accurately reflects reports prepared by the Competent Person named beside the
Slide 28: Competent Persons Statements
SUBJECT altaylo Error! Too many picture switches defined. 26/28 Competent Persons Statements For personal use only Boardwalk The Exploration Target range estimates for the Ferndale, Dingo, Sienna and Monto projects are based on information compiled by Mr Brad Willis, who is a Member of the Australas