Whitehaven Coal Limited · ASX:WHC
Whitehaven Coal — Merger or Acquisition (February 2009)
18 slides from Whitehaven Coal's merger presentation, February 2009
Slide 1: Gloucester and Whitehaven Merger
For personal use only Gloucester and Whitehaven Merger Creation of a major Australian coal company February 2009
Slide 2: Disclaimer
Disclaimer For personal use only In attending or viewing this presentation you agree to be bound by the following terms and conditions. The purpose of this material is to provide general information about the proposed transaction between Gloucester and Whitehaven. This presentation may contain infor
Slide 3: Agenda
Agenda For personal use only 1 Opening Remarks 2 Transaction Summary 3 Transaction Rationale 4 Future Strategic Focus 3
Slide 4: Opening Remarks
1 Opening Remarks For personal use only • Create a major Australian coal company with a market capitalisation of approximately $900 million • Merger by way of takeover offer for Whitehaven by Gloucester • Gloucester has entered into pre-bid acceptances in respect of shares representing 19.9% of Whit
Slide 5: Transaction Summary
2 Transaction Summary For personal use only • All scrip consideration, with Whitehaven shareholders receiving 1 Gloucester share for every 2.45 OFFER TERMS Whitehaven shares held • Whitehaven shareholders to receive any Whitehaven interim dividend of up to A$0.025 per share, but will not receive any
Slide 6: Transaction Rationale
3 Transaction Rationale For personal use only • Complementary coal product qualities, mining operations, growth projects, resource holdings and infrastructure • Diversifies operating, development and market risks • Solid base of existing low risk, low cost operations plus large, near-term growth pro
Slide 7: Greater diversification
Greater diversification For personal use only Complementary resources, coal qualities, mining operations and infrastructure access mean risks are diversified and reduced Resources1 Gloucester Whitehaven MergeCo Narrabri 109Mt 173Mt 282Mt Tarrawonga Canyon Rocglen Sunnyside Werris Creek 100Mt 540Mt 6
Slide 8: Complementary development pipeline
Complementary development pipeline For personal use only Combination of stable, low risk cashflows from existing open-cut operations, and high impact, future cashflows from the ramp up of Whitehaven’s Narrabri Underground project Grant & Chainey Clareval Duralie (Duralie) Duralie East Duralie Underg
Slide 9: Enhanced market position and liquidity
Enhanced market position and liquidity For personal use only Enhanced scale and market position are expected to improve liquidity and increase flexibility to pursue organic and acquisition driven growth Australian Coal Peers – market capitalisation Australian Coal Peers – CY08 production1,2 Coal & A
Slide 10: Experienced Board & management
Experienced Board & management For personal use only • Highly experienced board Board of Directors & CEO • All Gloucester and Whitehaven directors invited to join the John Conde, Chairman Board, with Mr John Conde to become Chairman and Mr Andy Andy Hogendijk, Deputy Chairman Hogendijk to become Dep
Slide 11: Future Strategic Focus
4 Future Strategic Focus For personal use only • Using the merged entity’s platform, we plan to continue to build a major Australian coal mining company with growing, competitive and sustainable operations • We intend to continue to deliver shareholder value by: – Optimising existing operations whil
Slide 12: Questions and answers
For personal use only Questions and answers 12
Slide 13: Appendix – Asset Overviews
For personal use only Appendix 1 – Asset Overviews 13
Slide 14: Gloucester asset overview - Duralie
Gloucester asset overview - Duralie For personal use only Duralie • High fluidity coking coal and thermal coal • Resources of 140.6 Mt and Reserves of 26.8 Mt • Open-cut mine FY08 ROM production: 1.77 Mt • Currently producing a high fluidity coking coal and thermal coal from the Weismantel Seam • Fu
Slide 15: Gloucester asset overview - Stratford
Gloucester asset overview - Stratford For personal use only Stratford • Majority thermal with some high fluidity coking coal • Resources of 35.3 Mt and Reserves of 11.2 Mt • Open-cut mining with FY08 ROM production of 1.17 Mt • Mining currently at Bowens Road North (BRN) and Roseville pits • BRN pri
Slide 16: Whitehaven asset overview – Gunnedah Operations
Whitehaven asset overview – Gunnedah Operations For personal use only Whitehaven – Gunnedah Operations • Low ash, low sulphur, high energy Thermal and PCI coals • Total saleable coal yield of more than 90% • Resources of 223.7 Mt and Reserves of 19.7 Mt • Four open-cut mines with total capacity of ~
Slide 17: Whitehaven asset overview – Werris Creek
Whitehaven asset overview – Werris Creek For personal use only Werris Creek • Thermal and PCI coals • Saleable coal yield of 100% • Resources of 38.0 Mt and Reserves of 19.9 Mt • Open-cut mine with FY2008 production of 1.12 Mt • Whitehaven moved to full ownership in FY2008 by purchasing the remainin
Slide 18: Whitehaven asset overview – Narrabri
Whitehaven asset overview – Narrabri For personal use only Narrabri North & South • Low ash, low sulphur, high energy Thermal and PCI coals • Saleable coal yield expected to be >90% • Resources of 438 Mt and Reserves of 112 Mt • Whitehaven ownership 77.5%. Yudean, EDF Trading and J-Power each have 7
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