Whitehaven Coal (WHC) will go ex dividend on 5/3/2010. The current dividend payment is 2.8 cents and it is 100% franked. The record date is 12/3/2010 and the dividend will be paid on 31/3/2010. Based on the full year payment the dividend yield is 1.9%.
*Current Yield: 0.6% Franking: 100% DRP Discount: Not Available
*Yield has been calculated on the closing price on the 26/2/2010. Current yield is based on the current dividend payment only.
Asciano (AIO) and Whitehaven Coal (WHC) have signed a long term contract for the provision of coal haulage services from Whitehaven’s Narrabri, Werris Creek and Gunnedah loadpoints in the Gunnedah Basin of New South Wales.
The contract provides Whitehaven Coal with long term certainty of their coal haulage requirements going forward. The agreement includes clear performance hurdles and capacity obligations from Pacific National to ensure Whitehaven’s port and rail capacity commitments are matched by above rail obligations through Whitehaven’s growth phase over the next decade.
This long haul, take or pay contract is expected to generate at least $600 million of revenue for Asciano over the term of the agreement. The new contract includes more than a doubling of the rail haulage task for Whitehaven Coal over the next 2 years and is expected to deliver a return on capital to Asciano in line with the benchmarks achieved on recent coal haulage contracts.
The new contract requires one new train set to be ordered immediately. This additional train set is part of Asciano’s $160 million capital commitment announced in June 2009 and means all 4 trains provided for in that commitment are now ordered and underwritten by long term take or pay contracts. Whitehaven Coal has already invested in one train set itself which is expected to be operational in June 2010. Pacific National will lease and operate this train set from Whitehaven as part of this contract. Pacific National has obligations to invest in further trains as required by Whitehaven as its growth volumes come online during the contract period.
Whitehaven Coal’s Managing Director, Tony Haggarty commented, “we are extremely pleased to have entered into this partnership with Asciano for our long term coal haulage requirements. Entering into a contract with performance based hurdles is extremely important for Whitehaven as we expand our operations significantly in the Gunnedah Basin. We are aligning our port, track and above rail contracts to ensure we can deliver our long term growth objectives in the NSW coal export market,” Mr Haggarty said. Asciano Managing Director and CEO, Mark Rowsthorn commented, “this recent contract is a significant achievement for Asciano. As a result of the increased tonnes and longer haulage distances, Whitehaven is now becoming one of Asciano’s largest customers in NSW.”
Whitehaven Coal (WHC) will go ex dividend on 14/9/2009. The current dividend payment is 6.0 cents and it is 100% franked. The record date is 18/9/2009 and the dividend will be paid on 30/9/2009. Based on the full year payment the dividend yield is 2.5%.
Current Yield 1.7% Franking: 100% DRP Discount: Not Available
*Yield has been calculated on the closing price on the 26/8/2009. Current yield is based on the current dividend payment only.
Whitehaven Coal Limited (WHC) today announced it has entered into a Heads of Agreement to sell a 7.5% interest in its Narrabri Joint Venture Project to a Korean Consortium for A$125 million plus 7.5% of all costs incurred since 1 January 2008 (estimated to be in excess of A$11 million). In addition, the consortium will contribute 7.5% of the project’s future costs. The Korean consortium comprises Daewoo International Corporation (Daewoo) and Korea Resources Corporation (Kores). Daewoo is a major manufacturing, investment and trading conglomerate and is one of Korea’s largest companies. Kores is a Korean government corporation which invests in natural resources.
The A$125 million purchase price will be paid in three tranches – A$32.5 million upon completion of the sale; A$30.0 million by 15 November 2009 and A$62.5 million by December 2010 (subject to Narrabri Stage Two approval). As part of the transaction, Whitehaven has agreed to sell to Daewoo up to 1.5 mtpa of Korean specification coal. This annual tonnage is benchmarked to 25% of Narrabri’s annual production over the life of the mine and can be supplied by Whitehaven from any source. The price of coal sold to Daewoo will be based upon the published NEWC globalCOAL Index with appropriate adjustments for calorific value.
Commenting on the sale, Whitehaven Managing Director Tony Haggarty said: “We welcome Daewoo and Kores as partners in the Narrabri Project. Their presence in the Joint Venture will help mitigate market and counterparty risks and also provide significant strategic benefits to the company over the long term.”
