Document:

Ashton Coal Joint Venture Sale Deed by White Mining (NSW) Pty Limited

 EXHIBIT 4.5 
 Execution version 
 White Mining (NSW) Pty Limited 

Austral-Asia Coal Holdings Pty Ltd 
 Yancoal
Australia Limited 
 Ashton Coal Joint Venture 
 Sale Deed 
 5739652/1 

 
 ©Corrs Chambers Westgarth 

							
	 Contents
	  			
			
	 1
	  	Interpretation	  	 	1	  
			
	 2
	  	Conditions Precedent	  	 	8	  
			
	 3
	  	Sale and purchase	  	 	9	  
			
	 4
	  	Conduct prior to Completion	  	 	12	  
			
	 5
	  	Completion	  	 	13	  
			
	 6
	  	Performance bonds	  	 	16	  
			
	 7
	  	Warranties	  	 	18	  
			
	 8
	  	Guarantee	  	 	19	  
			
	 9
	  	Confidentiality	  	 	20	  
			
	 10
	  	Notices	  	 	21	  
			
	 11
	  	Goods and Services Tax	  	 	23	  
			
	 12
	  	General	  	 	25	  

  
  

			
	5739652/1	 	

 Date: / FEBRUARY 2011 

Parties 

White Mining (NSW) Pty Limited ACN 089 414 595 of Level 6, 316 Adelaide Street, Brisbane Queensland (Buyer) 

Austral-Asia Coal Holdings Pty Ltd ACN 113 038 663 of Level 2, Citibank House, 37 St Georges Terrace, Perth Western Australia
(Seller) 
 Yancoal Australia Limited ACN 111 859 119 of Level 11, 68 York Street, Sydney New South Wales
(Guarantor) 
  
  

Background 
  

	A	The Ashton Coal Project is owned and operated by the Ashton Joint Venture, an unincorporated joint venture established pursuant to the Ashton JVA.

  

	B	The current participation interests in the Ashton Joint Venture are as follows: 

	 	(a)	Buyer         60% 

	 	(b)	Seller          30% 

	 	(c)	ICRA          10% 

  

	C	In accordance with the rights granted to the Seller under the Ashton JVA and in accordance with the terms of the Ashton JVA the Seller has required that the Buyer
purchase the Sale Interest on the terms of this document pursuant to the exercise by the Seller of its tag-along right arising from a change in control of the Buyer under clause 11.4 of the Ashton JVA. 

 

	D	This agreement between the Buyer and Seller is a direct consequence of the rights and obligations contained in the Ashton JVA. 

 

	E	The Guarantor is the Australian ultimate holding company of the Buyer and has agreed to guarantee the performance of the obligations of the Buyer under this document.

  
  

Agreed terms 
  

	1	Interpretation 

  

	1.1	Definitions 

 In this
document: 
 Act means the Mining Act 1992 (NSW). 

  
  

			
	5739652/1	 	

 Accounting Principles means the accounting principles set out in Schedule 2.

 ACM means Ashton Coal Mines Limited ACN 096 238 603 of Level 6, 316 Adelaide Street, Brisbane, QLD 4000. 

ACM Shareholders Agreement means the shareholders agreement between ICRA, WML and ACM dated 4 April 2003, as acceded to by the
Buyer pursuant to a Deed of Accession dated 6 November 2003, amended by a Deed of Amendment between WML, ACM and ICRA dated 23 March 2005, acceded to by the Seller pursuant to a New Venturer’s Deed of Accession between the Buyer, the
Seller, ICRA and ACM dated 18 August 2005 and amended and restated on 18 August 2005 and on 26 June 2006. 

ACM Shares means 30 shares in ACM held by the Seller. 
 ACOL means Ashton Coal Operations Pty Ltd ACN 078 556 500. 
 ACPH
means Australian Coal Processing Holdings Pty Ltd ACN 106 694 115 of Level 14, 213 Miller Street, North Sydney, NSW 2060. 

ACPH Shareholders Agreement means the shareholders agreement between Itochu, WML, ACPH and Roberts & Schaefer Australia
Pty Ltd dated 13 November 2003, as acceded to by the Seller pursuant to a Deed of Accession between the Seller, WML, Itochu and ACPH dated 18 August 2005 and restated on 18 August 2005. 

ACPH Shares means 2,040 shares in ACPH held by the Seller. 
 Agreement Letters means the letters from the Seller to the Buyer and Yanzhou dated 20 January 2010, 12 May 2010, 7 June 2010, 29 July 2010, 12 August 2010, 9 September
2010, 17 September 2010, 14 October 2010, 12 November 2010, 13 December 2010 and 12 January 2011. 
 Ashton Coal
Project means the Ashton coal project in New South Wales in respect of the Mining Tenements. 
 Ashton Joint Venture
means the unincorporated joint venture established pursuant to the Ashton JVA. 
 Ashton JVA means the Ashton Coal Joint
Venture Agreement between the Buyer, ICRA, WML and ACOL dated 4 April 2003, as amended by Deeds of Amendment between the Buyer, ICRA, WML and ACOL dated 23 March 2005 and April 2005, restated on 18 August 2005 and further amended by a
Deed of Assignment and Assumption between the Seller, the Buyer, ICRA, Itochu, WML and ACOL dated 23 February 2006. 

Break Fee means US$10 million. 
 Business means the Seller’s business associated with the Ashton Coal Project as carried on by the Seller. 
 Business Day means a day which is not a Saturday, Sunday or bank or public holiday in Western Australia and New South Wales, Australia. 

  
  

			
	5739652/1	 	page 2

 Business Contracts means all agreements and arrangements relating to the Ashton Joint
Venture to which the Seller is a party or relating to the Ashton Joint Venture and in respect of which the Seller is an undisclosed principal. 
 Called Sum has the meaning set out in the Ashton JVA. 
 CBA means
Commonwealth Bank of Australia ABN 48 123 123 124. 
 CBA Master Finance Lease means the Master Finance Lease
Agreement dated 23 March 2005 between CBA, the Buyer, ICRA, WML, ACM and ACOL as novated pursuant to a Deed of Accession, Amendment and Restatement dated 18 August 2005 between the Seller, the Buyer, ICRA, Itochu, WML, ACM, ACOL and CBA
and amended and restated pursuant to a Deed of Amendment, Restatement and Confirmation between the Seller, WML, ICRA, Itochu, WML, ACM, ACOL and CBA dated 2 February 2006. 
 Claims means liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses and disbursements of any kind or nature whatsoever. 

Coal has the meaning set out in the Ashton JVA. 
 Completion means completion by the parties of the sale and purchase of the Sale Interest in accordance with clause 5. 
 Completion Date means the: 
  

	 	(a)	the last Business Day of the first month end from 1 January 2011 after the date on which the Conditions Precedent in clause 2.1 have been satisfied or
waived; or 

  

	 	(b)	such other date as the Buyer and Seller agree in writing. 

 Corporations Act means the Corporations Act 2001 (Cth). 
 CP
Date means 30 April 2011 or such other later date as the Seller and the Buyer agree in writing. 
 Department means
the New South Wales Department of Primary Industries. 
 Encumbrance means any mortgage, lien, pledge, security interest
and any third party interest. 
 Effective Date means 12.01am 1 July 2010. 

Expert means: 
  

	 	(a)	a person agreed to in writing between the Buyer and the Seller; or 

  

	 	(b)	failing agreement, a partner of a national chartered accounting firm with not less than 10 years relevant experience as a partner, appointed by the President for the
time being of the Institute of Chartered Accountants in Australia at the request of either the Seller or the Buyer. 

 Felix means Felix Resources Limited ACN 000 754 174. 
 FIRB Approval
means 

  
  

			
	5739652/1	 	page 3

	 	(a)	the Treasurer or his agent advises the Buyer that there are no objections to the acquisition of the Sale Interest by the Buyer in terms of the Commonwealth
Government’s foreign investment policy; or 

  

	 	(b)	no order is made in relation to the Transaction under section 22 of the Foreign Acquisitions and Takeovers Act 1975 (Cth) (FATA) within a period of 40 days after
the Buyer has notified the Treasurer that it proposes to acquire the Sale Interest in accordance with the Transaction, and no notice is given by the Treasurer to the Buyer during that period to the effect that there are any objections to the
acquisition of the Sale Interest by the Buyer in terms of the Commonwealth Government’s foreign investment policy; or 

  

	 	(c)	where an order is made under section 22 of the FATA, a period of 90 days has expired after the order comes into operation and no notice has been given by the Treasurer
to the Buyer during that period to the effect that there are any objections to the acquisition of the Sale Interest by the Buyer in terms of the Commonwealth Government’s foreign investment policy. 

Government Agency means a government or government department, a governmental, semi-governmental or judicial person or a person
(whether autonomous or not) charged with the administration of any applicable law. 
 Guarantee means the guarantee given
by the Guarantor to the Seller under clause 8. 
 ICRA means ICRA Ashton Pty Limited ACN 097 499 780. 

ICRA Approval means the written consent of ICRA under the Ashton JVA to the sale by the Seller to the Buyer of the Sale Interest
whether or not actually required by the Transaction including the release contemplated by clause 5.2(c). 
 IMC
Holdings means IMC Holdings Limited. 
 IMC Resources means IMC Resources (Australia) Pty Ltd ACN 109 676 575
(formerly called Austral-Asia Mining & Shipping Pty Ltd). 
 Insolvency Event means any of the following:

  

	 	(a)	a person is or states that the person is unable to pay from the person’s own money all the person’s debts as and when they become due and payable;

  

	 	(b)	a person is taken or must be presumed to be insolvent or unable to pay the person’s debts under any applicable legislation; 

 

	 	(c)	an application or order is made for the winding up or dissolution or a resolution is passed or any steps are taken to pass a resolution for the winding up or
dissolution of a corporation; 

  

	 	(d)	 an administrator, provisional liquidator, liquidator or person having a similar or analogous function under the laws of any relevant jurisdiction is
appointed in respect of a corporation or any action is taken to appoint 

  
  

			
	5739652/1	 	page 4

	 	 
any such person and the action is not stayed, withdrawn or dismissed within seven days; 

  

	 	(e)	a controller is appointed in respect of any property of a corporation; 

  

	 	(f)	a corporation is deregistered under the Corporations Act or notice of its proposed deregistration is given to the corporation; 

 

	 	(g)	a distress, attachment or execution is levied or becomes enforceable against any property of a person; 

 

	 	(h)	a person enters into or takes any action to enter into an arrangement (including a scheme of arrangement or deed of company arrangement), composition or compromise
with, or assignment for the benefit of, all or any class of the person’s creditors or members or a moratorium involving any of them; 

  

	 	(i)	a petition for the making of a sequestration order against the estate of a person is presented and the petition is not stayed, withdrawn or dismissed within seven days
or a person presents a petition against himself or herself; or 

  

	 	(j)	anything analogous to or of a similar effect to anything described above under the law of any relevant jurisdiction occurs in respect of a person.

 Itochu means Itochu Coal Resources Australia Pty Limited ACN 072 596 733. 

Komatsu means Komatsu Australia Corporate Finance Pty Ltd ACN 067 959 666. 

Komatsu Lease Agreement means the Master Lease Agreement between Komatsu, the Buyer, ICRA, WML and ACOL dated 21 March 2005 as
amended pursuant to a Deed of Accession between Komatsu, the Buyer, ICRA, WML, ACOL, Itochu, Felix, IMC Resources, IMC Holdings and the Seller dated 18 August 2005. 
 Last Year Accounts means: 
  

	 	(a)	the audited balance sheet of the Ashton Joint Venture and ACM as at the Last Year Balance Date; and 

 

	 	(b)	the audited profit and loss accounts of the Ashton Joint Venture and ACM for the year ended the Last Year Balance Date. 

Last Year Balance Date means 31 December 2009. 
 Liabilities means all debts, obligations or liabilities (whether actual, contingent or prospective), losses, damages, costs and expenses of any description, including those the amount of which is
not ascertained or ascertainable of the Seller, relating to and only to the extent of the Sale Interest as of the Effective Date including: 
  

	 	(a)	Business Contracts not completed or discharged prior to the Effective Date; 

 

	 	(b)	trade creditors and other creditors of the Ashton Joint Venture and ACM as at the Effective Date and thereafter; 

  
  

			
	5739652/1	 	page 5

	 	(c)	all indemnities, bonds, land compensation claims and other capital liabilities (including performance bonds and guarantees) incurred by the Seller in respect of the
Ashton Joint Venture including in relation to any of their obligations under the Mining Tenements, the Customs Act 1901 (Cth), and other authorisations, licences or leases granted by any Government Agency in relation to the Ashton Joint
Venture; 

  

	 	(d)	all obligations arising out of the land held by ACM on behalf of the Ashton Joint Venture and the Mining Tenements (including environmental rehabilitation and
remediation); 

  

	 	(e)	the accrued entitlements of all employees engaged in the Ashton Joint Venture, 

 which are incurred in the ordinary course of the involvement of the Seller in the business of the Ashton Joint Venture. 
 Management Accounts means the unaudited balance sheet and profit and loss statements of each of the Ashton Joint Venture and ACM for the 6 month period ending on 30 June 2010 prepared in
accordance with the Accounting Principles, a copy of which is attached in Annexure A. 
 Management and Operating
Agreement means the Management and Operating Agreement dated 4 April 2003 between ICRA, WML, the Buyer and ACOL, as novated pursuant to a New Venturer’s Deed of Accession (Management & Operating Agreement) between the Seller,
WML, the Buyer, ICRA and ACOL dated 18 August 2005. 
 Manager has the meaning set out in the Ashton JVA. 

Mining Tenements means ML 1529 (Mining Act 1992), ML 1533 (Mining Act 1992), ML 1623 (Mining Act 1992), EL 4918 (Mining Act 1992)
and EL 5860 (Mining Act 1992). 
 Minister means the Minister responsible for administering the Act. 

Operator has the meaning set out in the Ashton JVA. 
 PRC Regulatory Approval means all approvals, consents and authorisations required in connection with the Transaction from: 

 

	 	(a)	the National Development and Reform Commission of China; 

  

	 	(b)	the Shandong Branch of State owned Assets Supervision and Administration Commission of China; 

 

	 	(c)	the Ministry of Commerce of the People’s Republic of China; and 

  

	 	(d)	the State Administration of Foreign Exchange of China. 

 Purchase Price means US$250,000,000. 
 Purchase Price Adjustment
means the net movement in the economic position of the Sale Interest from the Effective Date to the Completion Date, as described more fully in clause 5.3. 
 Rate means on any day, the rate equal to Australian dollar LIBOR, being the British Bankers’ Association Interest Settlement Rate for Australian dollars and

  
  

			
	5739652/1	 	page 6

 
the period of one month displayed on the appropriate page of the Reuters screen as at 11 am on the relevant day. 
 Related Body Corporate has the meaning given to that term in the Corporations Act. 
 Sales Agreement means the document so entitled dated 18 August 2005 between the Seller and ACM. 
 Sale Interest means the Seller’s 30% interest in the Ashton Joint Venture including the rights (subject to the obligations attending to those rights) attributable to that 30% interest under
the Ashton JVA and includes the Coal, the ACM Shares and the ACPH Shares (provided ACPH is registered as a company at that time), details of which are set out in Schedule 1. 

Termination Event means Completion not occurring on the Completion Date and this document is properly terminated by the Seller for
cause. 
 Transaction means the sale and purchase of the Sale Interest. 

Warranties means the Seller’s warranties set out in clause 7.1 and the Buyer’s and the Guarantor’s warranties
set out in clause 7.3. 
 WML means White Mining Limited ACN 009 713 893. 

Wonnarua People Ancillary Deed means the ancillary deed between Thomas Oliver Miller on behalf of the Wonnarua People, the Wonnarua
Nation Aboriginal Corporation, ACOL, WML, the Buyer and ICRA dated 22 February 2003, as novated pursuant to a New Venturer’s Deed of Accession (Wonnarua People Ancillary Deed) between the Seller, ACOL, WML, the Buyer and ICRA dated
18 August 2005. 
 Yanzhou means Yanzhou Coal Mining Company Limited of 40 Fushan Road, Zoucheng, Shandong Province,
273500, People’s Republic of China. 
  

	1.2	Terms used in Ashton JVA 

Unless otherwise defined in this document, or unless the context otherwise requires, terms defined in the Ashton JVA have the same
meanings when used in this document. 
  

	1.3	Construction 

 In this
document: 
  

	 	(a)	any reference to this document or any other agreement or document includes any variation or any replacement of any of them; 

 

	 	(b)	any reference to a clause, schedule or annexure is a reference to a clause, schedule or annexure to this document all of which are deemed part of this document;

  

	 	(c)	any reference to any person, includes a reference to any individual, partnership, unincorporated joint venture, company or corporation (including any incorporated joint
venture) or other entity and government agency, authority or enterprise; 

  
  

			
	5739652/1	 	page 7

	 	(d)	the words include and including are to be construed without limitation; 

  

	 	(e)	a reference to this or other document includes the document as varied or replaced regardless of any change in the identity of the parties; 

 

	 	(f)	a reference to writing includes all modes of representing or reproducing words in a legible, permanent and visible form; 

 

	 	(g)	headings and sub-headings are inserted for ease of reference only and do not affect the interpretation of this document; and 

 

	 	(h)	where an expression is defined, another part of speech or grammatical form of that expression has a corresponding meaning. 

 

	2	Conditions Precedent 

  

	2.1	Conditions Precedent 

 The
sale and purchase of the Sale Interest is conditional upon: 
  

	 	(a)	the Buyer having obtained FIRB Approval; 

  

	 	(b)	the Buyer having obtained PRC Regulatory Approval; and 

  

	 	(c)	the Buyer and the Seller having obtained the ICRA Approval. 

 (collectively, the Conditions Precedent). 
  

	2.2	Fulfilment of Conditions Precedent 

  

	 	(a)	The Buyer must use its best endeavours to take all actions necessary to fulfil the Conditions Precedent in clauses 2.1(a) and (b) as soon as
reasonably practicable after the date of this document. 

  

	 	(b)	In obtaining the necessary FIRB Approval, the Buyer’s best endeavours are to include, to the extent necessary: 

 

	 	(i)	engaging with FIRB expeditiously in the negotiation of any undertakings; and 

 

	 	(ii)	procuring that Yanzhou reaffirms the undertakings made to the Treasurer on 22 October 2009. 

 

	 	(c)	The Buyer and Seller must use their best endeavours to take all actions necessary to fulfil the Condition Precedent in clause 2.1(c) as soon as reasonably
practicable after the date of this document. 

  

	2.3	Failure to satisfy Conditions Precedent 

 If the Conditions Precedent are not satisfied or waived under clause 2.4 by 5.00pm on the CP Date the Buyer or the Seller may give written notice of termination of this document to the other party.

  

	2.4	Waiver of Conditions Precedent 

 The Conditions Precedent referred to in clause 2.1 are for the benefit of both the Seller and the Buyer and may only be waived with the agreement of both the Seller and the Buyer. 

  
  

			
	5739652/1	 	page 8

	2.5	Notice 

 The Buyer must
promptly notify the Seller in writing as soon as it becomes aware that the Conditions Precedent are satisfied or have become incapable of being satisfied. If the Conditions Precedent are satisfied, the Buyer must provide the Seller with evidence to
the reasonable satisfaction of the Seller that the Conditions Precedent are satisfied, including copies of the FIRB Approval and PRC Regulatory Approval. 
  

	3	Sale and purchase 

  

	3.1	Sale and purchase 

 The
Seller must sell the Sale Interest to the Buyer and the Buyer must purchase the Sale Interest from the Seller, free from any Encumbrances with effect on and from the Effective Date. 

 

	3.2	Break Fee event 

 The
Buyer must pay the Seller the Break Fee if: 
  

	 	(a)	a Termination Event occurs for any reason other than as a result of a default by the Seller; or 

 

	 	(b)	where the Buyer has failed to fulfil its obligations under clauses 2.2 (a) and (b) and this document is terminated under clause 2.3.

  

	3.3	Payment of Break Fee 

 Any
payment required to be made by the Buyer to the Seller in satisfaction of clause 3.2 must be paid within 14 Business Days of the relevant event specified in clause 3.2 occurring. 

 

	3.4	Clause without prejudice 

Nothing in clause 3.2 affects any rights a party may have to bring an action against the other in the event of any breach of this
document by the other party. 
  

	3.5	Consideration 

  

	 	(a)	On Completion the Buyer must pay to the Seller the Purchase Price together with the amount calculated under clause 3.8. 

 

	 	(b)	Within 12 Business Days after Completion or, if there is a Calculation Dispute under clause 5.4, within five Business Days after the Calculation Dispute is
resolved or determined by the Expert, the Buyer or the Seller as the case may be, must pay the Purchase Price Adjustment to the other party together with interest under clause 3.9. 

 

	 	(c)	The Purchase Price Adjustment must be paid as follows: 

  

	 	(i)	by the Buyer to the Seller, where the total adjustment made under clause 5.3(b)(i) and clause 5.3(b)(ii) exceed the adjustment made under clause
5.3(b)(iii); or 

  
  

			
	5739652/1	 	page 9

	 	(ii)	by the Seller to the Buyer, where the adjustment made under clause 5.3(b)(iii) exceeds the total adjustment made under clause 5.3(b)(i) and clause
5.3(b)(ii). 

  

	 	(d)	The Purchase Price Adjustment is to be apportioned on a pro rata basis across the values set out in Schedule 1. 

 

	3.6	Method of payment 

 All
payments to be made under this clause 3 must be made in cash (whether by electronic transfer to the payee’s account or otherwise) or by unendorsed bank cheque drawn to a bank acceptable to the payee, or as may otherwise be directed by
the Seller prior to Completion. 
  

	3.7	Title, risk and assumption of Liabilities 

  

	 	(a)	Legal and beneficial title to the Sale Interest passes to the Buyer on Completion with effect from the Effective Date. 

 

	 	(b)	On Completion with effect from the Effective Date, the Buyer assumes responsibility for all Liabilities incurred and payments made on and after the Effective Date.

  

	 	(c)	On Completion with effect from the Effective Date, the Seller has no obligation in respect of the Sale Interest including any liability for Called Sums made on or after
the Effective Date. 

  

	3.8	Interest equivalent payment on the Purchase Price 

  

	 	(a)	The Buyer must on Completion pay to the Seller an amount (Purchase Price Interest) calculated as if interest is payable on the Purchase Price at the Rate from
the Effective Date until Completion. 

  

	 	(b)	The Purchase Price Interest paid under this clause 3.8 will be apportioned on a pro rata basis across the values set out in the Schedule 1.

  

	 	(c)	For the purposes of clause 3.8(a), the Purchase Price Interest: 

  

	 	(i)	is calculated on a daily basis and compounded at the end of each month; 

  

	 	(ii)	is to be computed from and including the Effective Date until but excluding the day of payment of that amount referred to in clause 3.8(a); and

  

	 	(iii)	is to be calculated on the actual number of days elapsed on the basis of a 365 day year. 

 

	3.9	Interest payment on the Purchase Price Adjustment 

  

	 	(a)	Interest must be paid on the Purchase Price Adjustment at the Rate from Completion until the date of payment of the Purchase Price Adjustment as follows:

  
  

			
	5739652/1	 	page 10

	 	(i)	by the Buyer to the Seller, where the total adjustment made under clause 5.3(b)(i) and clause 5.3(b)(ii) exceed the adjustment made under clause
5.3(b)(iii); or 

  

	 	(ii)	by the Seller to the Buyer, where the adjustment made under clause 5.3(b)(iii) exceeds the total adjustment made under clause 5.3(b)(i) and clause
5.3(b)(ii), 

 and all such interest must be paid together with the payment of the Purchase Price Adjustment.

  

	 	(b)	Interest: 

  

	 	(i)	is calculated on a daily basis and compounded at the end of each month; 

  

	 	(ii)	is to be computed from and including the Completion Date until but excluding the day of payment of that amount referred to in clause 3.9(a); and

  

	 	(iii)	is to be calculated on the actual number of days elapsed on the basis of a 365 day year. 

 

	3.10	Interest equivalent payment on payments made prior to Completion 

  

	 	(a)	If at any time after the Effective Date but before Completion: 

  

	 	(i)	the accumulated amounts received by the Seller under clause 5.3(a)(ii) from the Effective Date (excluding the amount to be received by the Seller under
clause 5.3(b)(ii)) is insufficient to enable the Seller to pay the amounts under clause 5.3(a)(i), resulting in a shortfall (Shortfall); and 

 

	 	(ii)	the Seller must contribute additional funds to pay for the Shortfall, 

 then: 
  

	 	(iii)	the Seller must give to the Buyer written notice of an amount (Shortfall Interest) calculated as if interest is payable on the Shortfall calculated in accordance
with clause 3.10(c) within 5 Business Days after Completion; and 

  

	 	(iv)	the Buyer must pay to the Seller the Shortfall Interest within 10 Business Days after Completion. 

 

	 	(b)	All Shortfall Interest paid under this clause 3.10 is to be apportioned on a pro rata basis across the values set out in Schedule 1.

  

	 	(c)	For the purposes of clause 3.10(a), the Shortfall Interest: 

  

	 	(i)	is calculated on a daily basis and compounded at the end of each month; 

  

	 	(ii)	subject to clause 3.10(c)(iii), is to be computed from and including the date of payment of the Shortfall by the Seller under clause 3.10(a)(ii) until but
excluding the day: 

  
  

			
	5739652/1	 	page 11

	 	(A)	such Shortfall is repaid in full to the Seller out of the amounts received by the Seller under clause 5.3(a)(ii); or 

 

	 	(B)	of Completion, 

 whichever is
earlier; 
  

	 	(iii)	if any part of the Shortfall is repaid to the Seller from time to time, the Shortfall Interest is to be computed on the unpaid amount of such Shortfall for the period
during which it remains unpaid; and 

  

	 	(iv)	is to be calculated on the actual number of days elapsed on the basis of a 365 day year. 

 

	3.11	Acknowledgement 

 The
Seller and the Buyer acknowledge that the sale of the Sale Interest by the Seller to the Buyer is pursuant to the exercise by the Seller of its tag-along right under clause 11.2(c)(ii) of the Ashton JVA arising from a change in control of the Buyer
under clause 11.4 of the Ashton JVA. 
  

	4	Conduct prior to Completion 

  

	4.1	Seller’s obligations 

Until Completion the Seller must carry on its affairs in the ordinary course of business and must: 

 

	 	(a)	unless otherwise provided in this document, observe and perform its obligations and duties under the Ashton JVA and must not knowingly incur or assume any liability in
connection with the Sale Interest except in the ordinary course of business; 

  

	 	(b)	request the Manager to provide to the Buyer with copies of any reports, correspondence or information received by the Seller in respect of the Sale Interest or the
Ashton Joint Venture; and 

  

	 	(c)	notify the Buyer in writing if the Seller becomes aware of any fact or circumstance that the Seller knows will cause or constitute a breach of any of the Warranties of
the Seller as of the date of this document. 

  

	4.2	Approval for transfer of Mining Tenements 

 The Seller must as soon as practicable after the execution of this document provide the Buyer with Forms AD2 under the Act (without any fees or stamp duty payable, which fees or stamp duty are payable by
the Buyer) for each of the Mining Tenements to apply for written approval from the Minister for the transfer of the Mining Tenements forming part of the Sale Interest to the Buyer. 

 

	4.3	Proceeds and outgoings 

The Seller: 
  

	 	(a)	is entitled to the proceeds received from, and must pay all outgoings in respect of, the Sale Interest up to the Effective Date; and 

  
  

			
	5739652/1	 	page 12

	 	(b)	indemnifies the Buyer in respect of those outgoings up to the Effective Date. 

 

	5	Completion 

  

	5.1	Time and place for Completion 

 Completion will commence at l0am on the Completion Date, and will take place at the offices of Corrs Chambers Westgarth, Level 32 Governor Phillip Tower, 1 Farrer Place, Sydney New South Wales 2000 or at
such other time and place as the parties may agree. 
  

	5.2	Obligations at Completion 

At Completion: 
  

	 	(a)	the Buyer must pay the Purchase Price and the Purchase Price Interest under clause 3.8 to the Seller in accordance with clause 3;

  

	 	(b)	the Buyer must execute the relevant documents referred to in clause 5.2(e) and provide the Seller with copies of all such documents executed by the Buyer;

  

	 	(c)	the receipt by the Buyer of an ASIC Form 312 executed by ICRA to release the Sale Interest from ASIC registered charge no. 1198449; 

 

	 	(d)	the Buyer must execute the ASIC Form 312 executed by ICRA under clause 5.2(c) to release the Sale Interest from ASIC registered charge no. 1198449 and lodge the
ASIC Form 312 for registration with ASIC; 

  

	 	(e)	the Seller must deliver to the Buyer the following: 

  

	 	(i)	Form AD4 applications for registration of the transfer of an authority (without any fees or stamp duty payable, which fees and stamp duty are payable by the Buyer) in
favour of the Buyer of the Seller’s interest in each of the Mining Tenements executed by the Seller; 

  

	 	(ii)	a transfer in favour of the Buyer of the ACM Shares executed by the Seller together with the relevant share certificate; 

 

	 	(iii)	a transfer in favour of the Buyer of the ACPH Shares executed by the Seller together with the relevant share certificate, provided ACPH is a registered company at that
time; 

  

	 	(iv)	the resignations of the directors nominated by the Seller on the boards of ACM and ACPH, provided ACPH is a registered company at that time; 

 

	 	(v)	a deed of assignment and assumption of the Seller’s interest in the Ashton Joint Venture Agreement substantially in the form annexed to the Ashton JVA as Annexure
“H” executed by the Seller; 

  

	 	(vi)	a deed of assignment and assumption of the Seller’s interest in the Management and Operating Agreement executed by the Seller; 

  
  

			
	5739652/1	 	page 13

	 	(vii)	a deed of assignment and assumption of the Seller’s interests in the ACM Shareholders Agreement executed by the Seller; 

 

	 	(viii)	a deed of assignment and assumption of the Seller’s interest in the ACPH Shareholders Agreement executed by the Seller, provided ACPH is a registered company at
that time; 

  

	 	(ix)	a deed of assignment and assumption of the Seller’s interest in the Wonnarua People Ancillary Deed executed by the Seller; 

 

	 	(x)	a deed of assignment and assumption of the Seller’s interest in the CBA Master Finance Lease executed by the Seller; 

 

	 	(xi)	a deed of assignment and assumption of the Seller’s interests in the Komatsu Lease Agreement executed by the Seller; 

 

	 	(xii)	ASIC Forms 312 executed by the Seller with respect to the following ASIC registered charges: 

 

	 	(A)	no. 1198954; 

  

	 	(B)	no. 1198451; 

  

	 	(C)	no. 1319238; and 

  

	 	(D)	no. 1319242, and 

  

	 	(xiii)	any other documents reasonably required by the Seller or the Buyer by written notice to each other and mutually agreed within 15 days after the date of this document,

 each in a form to be mutually agreed by the Seller and the Buyer prior to Completion. 

 

	5.3	Purchase Price Adjustment 

  

	 	(a)	The economic benefit and risks of the Seller’s Sale Interest is intended to accrue to the Buyer with effect from the Effective Date. However, this general position
is to be varied so that the Seller: 

  

	 	(i)	is liable to pay all Called Sums and all other amounts that may need to be paid in respect of the Ashton Joint Venture from the Effective Date up to the Completion
Date; and 

  

	 	(ii)	is entitled to the proceeds from Coal sales from the Effective Date up to the Completion Date (including in respect of amounts receivable as at the Effective Date but
not paid). 

  

	 	(b)	Consistent with the general proposition provided in clause 5.3(a), the Purchase Price Adjustment is the net amount of the following: 

 

	 	(i)	an increase adjustment equal to any amounts paid by the Seller referred to in clause 5.3(a)(i). Any Called Sums that remain payable as at the Completion Date
will be paid by the Buyer; 

  

	 	(ii)	 an increase adjustment of US$4,556,700.78, which is equal to the amounts receivable by the Seller as at the Effective Date in

  
  

			
	5739652/1	 	page 14

	 	 
respect of Coal sales entered into prior to the Effective Date as reflected in the Management Accounts, and 

 

	 	(iii)	a decrease adjustment equal to any amounts received by the Seller referred to in clause 5.3(a)(ii) (net of any GST liability incurred or to be incurred by the
Seller in respect of such amounts and net of any bank fees and fees or charges payable to ACM), 

 and which
amounts are to be calculated in the following currencies: 
  

	 	(iv)	the Called Sums and other amounts in clause 5.3(b)(i) in US$, being the US$ that were actually converted to A$ for such payment; 

 

	 	(v)	the proceeds of sales of Coal in clause 5.3(b)(ii) in US$ as at the Effective Date; and 

 

	 	(vi)	the proceeds of sales of Coal in clause 5.3(b)(iii) in US$. 

  

	 	(c)	Within six Business Days after Completion, the Buyer must prepare an adjustment statement containing the Purchase Price Adjustment calculated in accordance with
clause 5.3(b) and deliver it to the Seller. An example of the adjustments referred to in clause 5.3(b) is set out in Schedule 3. 

 

	5.4	Calculation dispute 

  

	 	(a)	If the Seller disputes the calculation of the Purchase Price Adjustment (Calculation) by the Buyer in clause 5.3(c) (Calculation Dispute), it must
deliver to the Buyer a notice specifying the nature of the dispute within five Business Days of receipt of the Calculation. 

  

	 	(b)	If a Calculation Dispute between the Buyer and the Seller regarding the Calculation arises then if the Buyer and the Seller have not resolved the Calculation Dispute
within 15 Business Days, the Calculation Dispute must promptly be submitted for determination to the Expert who will determine the matter or matters in dispute. 

 

	 	(c)	The Expert will be instructed to finish his or her determination no later than 10 Business Days after the date of his or her appointment. 

 

	 	(d)	The Expert will act as an expert and not as an arbitrator and his or her decision will be final and binding on the parties in the absence of manifest error and the
Calculation will then be deemed amended accordingly. 

  

	 	(e)	The cost of the determination by the Expert will be borne by the Buyer and the Seller in such manner as the Expert determines (having regard to the merits of the
Calculation Dispute). In the absence of any such determination, the costs of the Expert will be borne by the Buyer and the Seller equally. 

  

	5.5	Completion not occurring by reason of the Buyer’s default 

 If Completion does not occur on the Completion Date by reason of the Buyer’s default and if the Buyer does not rectify the default within 14 days after

  
  

			
	5739652/1	 	page 15

 
receiving written notice from the Seller specifying the default, then the Seller may seek specific performance of this document or terminate this document by notice given by the Seller to the
Buyer. If the Seller terminates this document, then in addition to any of the rights, powers or remedies provided by law: 
  

	 	(a)	each party is released from its obligations to further perform this document except those imposing on it: 

 

	 	(i)	obligations of confidentiality; 

  

	 	(ii)	obligations of the Buyer to pay to the Seller the Break Fee; and 

  

	 	(iii)	obligations of the Guarantor guaranteeing the payment of the Break Fee; and 

 

	 	(b)	each party retains the right it has against any other party in respect of any past breach. 

 

	5.6	Completion not occurring by reason of the Seller’s default 

 If Completion does not occur on the Completion Date by reason of the Seller’s default and if the Seller does not rectify the default within 14 days after receiving written notice from the Buyer
specifying the default, then the Buyer may seek specific performance of this document or terminate this document by notice given by the Buyer to the Seller. If the Buyer terminates this document, then in addition to any other rights, powers or
remedies provided by law: 
  

	 	(a)	each party is released from its obligations to further perform this document except those imposing on it obligations of confidentiality; and 

 

	 	(b)	each party retains the rights it has against any other party in respect of any past breach. 

 

	5.7	Completion not occurring for any other reason 

 If Completion does not occur on the Completion Date for any other reason other than those set out in clauses 5.5 or 5.6, then in addition to any other rights, powers or remedies provided by
law: 
  

	 	(a)	each party is released from its obligations to further perform this document except those imposing on it: 

 

	 	(i)	obligations of confidentiality; 

  

	 	(ii)	obligations of the Buyer to pay to the Seller the Break Fee; and 

  

	 	(iii)	obligations of the Guarantor guaranteeing the payment of the Break Fee; and 

 

	 	(b)	each party retains the rights it has against any other party in respect of any past breach. 

 

	6	Performance bonds 

  

	 	(a)	 The Buyer must, to the extent of the Sale Interest, provide to the Seller replacements for the performance bonds or guarantees currently provided by
the Seller or any Related Body Corporate to the Department 

  
  

			
	5739652/1	 	page 16

	 	 
or to any other party in relation to the Ashton Joint Venture on Completion. The performance bonds or guarantees include the following: 

 

	 	(i)	performance bonds provided to the Department; 

  

	 	(ii)	bank guarantee in favour of Rail Infrastructure Corporation; 

  

	 	(iii)	bank guarantee in favour of the Department of Mineral Resources (NSW); 

  

	 	(iv)	bank guarantee in favour of Port Waratah Coal Services Ltd; 

  

	 	(v)	guarantee by IMC Resources in favour of Komatsu under a Guarantor Deed of Accession dated 18 August 2005 between the IMC Resources and Komatsu;

  

	 	(vi)	guarantee by IMC Holdings in favour of Komatsu under a Guarantor Deed of Accession dated 18 August 2005 between IMC Holdings and Komatsu; and

  

	 	(vii)	the guarantee by IMC Holdings in favour of CBA under a Guarantee and Indemnity dated 10 February 2006. 

 

	 	(b)	If the Buyer is not able to provide the replacement performance bonds or guarantees under clause 6(a), then: 

 

	 	(i)	the Buyer must on Completion pay the Seller a cash amount equal to the full value of the amounts secured by such performance bonds or guarantees as security for the
performance or payments required under those performance bonds or guarantees; 

  

	 	(ii)	the Seller may deduct from such cash amount any payments that may need to be paid by the Seller under or arising from those performance bonds or guarantees; and

  

	 	(iii)	the Seller must refund to the Buyer without interest any cash remaining after the deductions in clause 6(b)(ii) above as soon as practicable after the
replacement performance bonds or guarantees have been provided to the relevant parties and the performance bonds or guarantees previously provided by the Seller have been returned to it for cancellation. 

 

	 	(c)	The Buyer indemnifies the Seller against all liabilities, claims, demands, actions, suits, proceedings, costs, damages, expenses or losses of any nature suffered by or
occasioned to the Seller arising directly or indirectly in connection with any breach by the Buyer of any obligation secured by the performance bonds or guarantees referred to in clause 6(a) from the Effective Date. 

 

	 	(d)	If any of the performance bonds or guarantees referred to in clause 6(a) are due for renewal between the date of this document and Completion, then the Buyer
must arrange for new performance bonds or guarantees to replace those that are expiring before their expiry dates. 

  
  

			
	5739652/1	 	page 17

	7	Warranties 

  

	7.1	Warranties by the Seller 

The Seller warrants to the Buyer that each of the following statements is true, complete and accurate at the date of this document:

  

	 	(a)	(owner and holder) the Seller is the sole legal and beneficial owner and registered holder of the Sale Interest; 

 

	 	(b)	(power) the Seller has full legal capacity and power to enter into this document and to complete the sale and purchase of the Sale Interest;

  

	 	(c)	(no Insolvency Event) the Seller is not affected by an Insolvency Event and neither execution of this document nor Completion nor any other transaction which
this document contemplates will be or become a transaction which is voidable under part 5.7B of the Corporations Act; and 

  

	 	(d)	(at Completion) at Completion, the Buyer will receive absolute ownership of the Sale Interest and title to the Sale Interest free from any Encumbrance.

  

	7.2	Indemnity by Seller 

 The
Seller indemnifies the Buyer against all liabilities, claims, demands, actions, suits, proceedings, costs, damages, expenses or losses of any nature arising out of or in relation to any inaccuracy in or breach of any Warranty in clause 7.1.

  

	7.3	Warranties by the Buyer and the Guarantor 

 The Buyer and the Guarantor warrant to the Seller that each of the following statements is true, complete and accurate at the date of this document: 

 

	 	(a)	(power) the Buyer and the Guarantor have full legal capacity and power to enter into this document and to complete the sale and purchase of the Sale Interest;
and 

  

	 	(b)	(no Insolvency Event) the Buyer and the Guarantor are not affected by an Insolvency Event and neither execution of this document nor Completion nor any other
transaction which this document contemplates will be or become a transaction which is voidable under part 5.7B of the Corporations Act. 

  

	7.4	Indemnity by Buyer and Guarantor 

 The Buyer and the Guarantor jointly and severally indemnify the Seller against all liabilities, claims, demands, actions, suits, proceedings, costs, damages, expenses or losses of any nature arising out
of or in relation to any inaccuracy in or breach of any Warranty in clause 7.3. 

  
  

			
	5739652/1	 	page 18

	7.5	Each of Buyer and Guarantor Warranties is separate 

 Each of the Warranties by the Buyer and the Guarantor is separate and independent and is not limited by reference to any other clause or anything in this document. 

 

	8	Guarantee 

  

	8.1	Guarantee 

 The Guarantor
guarantees to the Seller: 
  

	 	(a)	the payment of any money the Buyer is liable to pay under this document; and 

 

	 	(b)	the performance by the Buyer of all its obligations under this document. 

  

	8.2	Liability of Guarantor 

The liability of the Guarantor under this Guarantee is not affected by: 

 

	 	(a)	the granting of time or other indulgence or concessions to the Buyer; 

  

	 	(b)	the compounding, compromise, release, abandonment, waiver, variation, relinquishment or renewal of any of the rights of the Seller against the Buyer or by any neglect
or omission to enforce those rights; 

  

	 	(c)	the insolvency, death or supervening contractual incapacity of the Buyer or the Guarantor; 

 

	 	(d)	the administration in equity or otherwise of the estate or assets in whole or in part of the Buyer or the Guarantor, as the case may be; or 

 

	 	(e)	the entering into of any scheme of arrangement or composition with creditors or by the appointment of a liquidator, provisional liquidator, receiver or receiver and
manager, administrator or controller of the Buyer or any of its assets. 

  

	8.3	Continuing guarantee 

This Guarantee is a continuing guarantee and remains in effect until the payment of all money and the performance of all obligations to be
performed by the Buyer under this document. 
  

	8.4	Indemnity 

 To the extent
(if any) that this Guarantee may be void or unenforceable by reason of the fact that all or any of the obligations of the Buyer under this document may not be or may cease for any reason to be enforceable against the Buyer or otherwise, the
Guarantor indemnifies the Seller against all liabilities, claims, demands, actions, suits, proceedings, costs, damages, expenses or losses of any nature suffered by or occasioned to the Seller as a result of any failure by the Buyer to perform its
obligations under this document. 

  
  

			
	5739652/1	 	page 19

	8.5	Insolvency 

 If the Buyer
is liquidated or enters into a deed of company arrangement: 
  

	 	(a)	the Guarantor will not prove in such liquidation or deed in competition with the Seller; and 

 

	 	(b)	the Guarantor authorises the Seller to prove for all money which the Guarantor has paid under this Guarantee and to retain any amounts received until the Seller, with
the aid of any amount received, has been paid one hundred cents in the dollar in respect of all money secured by this Guarantee. 

  

	8.6	Reimbursement to Seller 

The Guarantor must reimburse the Seller for any money that the Seller may have to pay or elect to pay to any liquidator, including any
legal and adviser fees, in response to any claim by such liquidator for payment to him or her of any moneys received by the Seller from the Buyer pursuant to this document. 

 

	9	Confidentiality 

  

	9.1	Confidentiality 

 Each
party must keep confidential, and must ensure that each of its advisers and representatives keeps confidential: 
  

	 	(a)	until the Completion Date (or forever if Completion does not occur) all confidential information of each other party; and 

 

	 	(b)	the existence and content of: 

  

	 	(i)	this document; and 

  

	 	(ii)	the negotiations in connection with it, 

 unless, subject to clause 9.3, compelled to do otherwise by law (or by an authority such as a governmental agency, court, tribunal or stock exchange). 

 

	9.2	Permitted disclosure 

 A
party may disclose information: 
  

	 	(a)	on a confidential basis to its advisers or representatives if they need to know that information to enable them to advise in connection with this document (including
its administration or enforcement) or otherwise evaluate this document or the transaction contemplated by it; 

  

	 	(b)	with the consent of each other party; 

  

	 	(c)	in connection with any Claim relating to this document; or 

  

	 	(d)	if this document expressly requires it to disclose information. 

 If a party intends to disclose information under this clause 9.2, it must, as far as practical, consult with each other party beforehand as to the content and timing of the disclosure. 

  
  

			
	5739652/1	 	page 20

	9.3	Compulsory disclosure 

 If
a party is or may be compelled by law (or by an authority such as a governmental agency, court, tribunal or stock exchange) to disclose confidential information of another party, it must: 

 

	 	(a)	immediately notify the other party in writing and provide the other party with a copy of the proposed disclosure or announcement and provide the other party reasonable
time to give its comments before the disclosure or announcement is made; 

  

	 	(b)	if requested by the other party at the other party’s expense, assist and permit the other party to oppose or restrict disclosure of that confidential information
to the maximum extent permitted by law; and 

  

	 	(c)	subject to clause 9.3(b), make disclosure, to the extent possible, on terms that will preserve the strictest confidentiality of that confidential information.

  

	9.4	Continuing obligations 

Other than as provided in clause 9.1, this clause 9 continues to bind the parties after Completion and after each
party’s other obligations under this document terminate and has no effect on the parties’ obligations under clause 18.2 of the Ashton JVA. 
  

	10	Notices 

  

	10.1	General 

 A notice,
demand, certification, process or other communication relating to this document must be in writing in English and may be given by an agent of the sender. 
  

	10.2	How to give a communication 

 In addition to any other lawful means, a communication may be given by being: 
  

	 	(a)	personally delivered; 

  

	 	(b)	left at the party’s current address for notices; 

  

	 	(c)	sent to the party’s current address for notices by pre-paid ordinary mail or, if the address is outside Australia, by pre-paid airmail; 

 

	 	(d)	sent by fax to the party’s current fax number for notices; or 

  

	 	(e)	sent by email to the other party’s email address. 

  

	10.3	Address for service 

  

	 	(a)	The addresses and facsimile numbers are initially: 

  

	 	(i)	in the case of the Seller: 

  

			
	Seller	 	
	Address	 	 Level 2, Citibank House, 37 St Georges Terrace,
 Perth, Western Australia 6000

  
  

			
	5739652/1	 	page 21

			
		
	Fax:	 	 +61 8 9226 4766

		
	Tel:	 	 +61 8 9422 8800

		
	E-mail:	 	 johnmorton@imcresources.com.au

		
	Attention:	 	 John Morton (Chief Portfolio Manager)

	
	 with a copy to:

		
	Address:	 	 IMC Corp Limited, 5 Temasek Boulevard #12-01,
 Suntec Tower Five, Singapore 038985

		
	Fax:	 	 +65 6337 9803

		
	Tel:	 	 +65 6336 2233

		
	E-mail:	 	 woohingyew@imccorp.com

		
	Attention:	 	 Woo Hing Yew (Regional Legal Counsel)

 

	 	(ii)	in the case of the Buyer and the Guarantor: 

  

			
	Buyer	 	
	Address	 	 Level 11, 68 York Street, Sydney New South Wales 2000

		
	Fax:	 	 +61 2 8243 5399

		
	Tel:	 	 +61 2 8243 5388

		
	E-mail:	 	 mbailey@yancoalaustralia.com.au

		
	Attention:	 	 Murray Bailey (Director)

		
	Guarantor	 	
	Address	 	 Level 11, 68 York Street, Sydney New South Wales 2000

		
	Fax:	 	 +61 2 8243 5399

		
	Tel:	 	 +61 2 8243 5388

		
	E-mail:	 	mbailey@yancoalaustralia.com.au
		
	Attention:	 	Murray Bailey (Director)

  

	 	(b)	A party may from time to time change its address or numbers for service by notice to the other party. 

 

	10.4	Service by post 

 Subject
to clause 10.9, a communication given by post is deemed to be received: 
  

	 	(a)	if posted within Australia to an Australian address, on the third Business Day after posting; and 

 

	 	(b)	in any other case, on the tenth Business Day after posting. 

  
  

			
	5739652/1	 	page 22

	10.5	Service by facsimile 

Subject to clause 10.9, a communication given by facsimile is deemed received when the sender’s facsimile machine produces a
transmission report indicating that the facsimile was sent in full to the addressee’s facsimile number. That transmission report is conclusive evidence that the addressee received the fax in full at the time indicated on that report unless the
message is not fully received in legible form and the addressee immediately notifies the sender of that fact. 
  

	10.6	Service by email 

 Subject
to clause 10.9, a communication given by email is deemed received when the email containing the notice left the sender’s email system, unless the sender receives notification that the email containing the notice was not received by the
recipient. 
  

	10.7	Service personally 

 A
communication served personally or left at the person’s address is deemed received upon service. 
  

	10.8	Process service 

 Any
process or other document relating to litigation, administrative or arbitral proceedings in relation to this document may be served by any method contemplated by this clause in addition to any means authorised by law. 

 

	10.9	Service after hours 

 If a
communication to a party is received by it: 
  

	 	(a)	after 5.00pm in the place of receipt; or 

  

	 	(b)	on a day which is not a Business Day, 

 it is to be taken to have been received at 9.00am on the next Business Day. 
  

	11	Goods and Services Tax 

  

	11.1	Interpretation 

 In this
clause: 
  

	 	(a)	GST Law has the meaning given to that expression in the A New Tax System (Goods and Services Tax) Act 1999; 

 

	 	(b)	expressions which are not defined, but which have a defined meaning in GST Law, have the same meaning; and 

 

	 	(c)	GST has the meaning given to it in GST Law. 

  

	11.2	Amounts for payment expressed exclusive of GST 

 Unless otherwise expressly stated, all prices or other sums payable or consideration to be provided under or in accordance with this document are exclusive of GST. 

  
  

			
	5739652/1	 	page 23

	11.3	Supply of a going concern 

  

	 	(a)	The Seller and Buyer acknowledge and agree that: 

  

	 	(i)	the Purchase Price does not include any amount for GST; 

  

	 	(ii)	the supply of the Sale Interest is the supply of an identifiable enterprise carried on by the Seller and is a Supply of a Going Concern which is GST-free;

  

	 	(iii)	the Seller supplies to the Buyer all of the things that are necessary for the continued operation of the Business; and 

 

	 	(iv)	the Seller will carry on the Business until the day of supply of the Sale Interest to the Buyer. 

 

	 	(b)	The Buyer warrants to the Seller that it is registered for GST and will remain registered for GST until Completion. 

 

	11.4	Recovery of any GST payable on the supply of the Sale Interest 

 If the Australian Tax Office, a court or tribunal determines that the supply of the Sale Interest does not constitute the Supply of a Going Concern which is GST- free and GST is imposed on the supply, the
Buyer must pay to the Seller an amount on account of GST plus any interest and penalties payable by the Seller in addition to the Purchase Price. 
  

	11.5	Payment of GST on any other supplies 

 If GST is imposed on any supply (excluding the supply of the Sale Interest) made under or in accordance with this document, the recipient of the taxable supply must pay to the supplier an additional
amount equal to the GST payable on or for the taxable supply. Payment of the additional amount is to be made at the same time as payment for the taxable supply is required to be made in accordance with this document. 

 

	11.6	Tax invoice 

 A party is
not obliged under clauses 11.4 or 11.5 to pay an amount for GST in respect of a taxable supply made to it until given a valid tax invoice for the supply. 
  

	11.7	Adjustment of GST Amount 

If the additional amount on account of GST recovered from the recipient differs from the amount of GST payable at law by the supplier, the
amount of the difference must be paid by, or refunded to, the recipient, as the case may be and an Adjustment Note issued by the supplier. 
  

	11.8	Reimbursements 

 Where a
party is required under this document to pay or reimburse an expense or outgoing of another party, the amount to be paid or reimbursed by the first party is the sum of: 
  

	 	(a)	 the amount of the expense or outgoing less any input tax credits in respect of the expense or outgoing to which the other party, or to which

  
  

			
	5739652/1	 	page 24

	 	 
the representative member for a GST group of which the other party is a member, is entitled; and 

  

	 	(b)	if the payment or reimbursement is subject to GST, an amount equal to that GST. 

 

	12	General 

  

	12.1	Duty 

 Other than as
expressly stated in this document, the Buyer is liable for and must pay all duty (including any fine or penalty), registration fees and other government charges on this document, any document executed under it or any dutiable transaction evidenced
or effected by it whether or not it is assessed against the Buyer, the Seller or both. 
  

	12.2	Legal costs 

 Except as
expressly stated in this document, each party must pay its own legal and other costs and expenses of negotiating, preparing, executing and performing its obligations under this document. 

 

	12.3	Waiver and exercise of rights 

  

	 	(a)	A single or partial exercise or waiver by a party of a right relating to this document does not prevent any other exercise of that right or the exercise of any other
right. 

  

	 	(b)	A party is not liable for any loss, cost or expense of any other party caused or contributed to by the waiver, exercise, attempted exercise, failure to exercise or
delay in the exercise of a right. 

  

	12.4	Rights cumulative 

 Except
as expressly stated otherwise in this document, the rights of a party under this document are cumulative and are in addition to any other rights of that party. 
  

	12.5	Further steps 

 Each party
must promptly do whatever any other party reasonably requires of it to give effect to this document and to perform its obligations under it. 
  

	12.6	Counterparts 

 This
document may consist of a number of counterparts and, if so, the counterparts taken together constitute one document. 
  

	12.7	Entire understanding 

  

	 	(a)	This document and the Agreement Letters contain the entire understanding between the parties as to the subject matter of this document. 

 

	 	(b)	Except for matters set out in the Agreement Letters, all previous negotiations, understandings, representations, warranties, memoranda 

  
  

			
	5739652/1	 	page 25

 or commitments concerning the subject matter of this document are merged in and superseded by this document
and are of no effect. No party is liable to any other party in respect of those matters. Nothing in this document will be deemed or construed to vary, affect, terminate or limit the rights granted under the Agreement Letters. 

 

	 	(c)	No oral explanation or information provided by any party to another: 

  

	 	(i)	affects the meaning or interpretation of this document; or 

  

	 	(ii)	constitutes any collateral agreement, warranty or understanding between any of the Parties. 

 

	12.8	Governing law and jurisdiction 

  

	 	(a)	This document is governed by and is to be construed in accordance with the laws applicable in New South Wales. 

 

	 	(b)	Each party irrevocably and unconditionally submits to the non-exclusive jurisdiction of the courts of New South Wales, and any courts which have jurisdiction to hear
appeals from any of those courts, and waives any right to object to any proceedings being brought in those courts. 

  

	12.9	Legislation 

 In this
document, a reference to a statute includes regulations under it and consolidations, amendments, re-enactments or replacements of any of them. 
  

	12.10	Amendment 

 This document
may only be varied or replaced by a document duly executed by the parties. 
  

	12.11	No assignment 

 A party
must not: 
  

	 	(a)	sell, transfer, novate, delegate, assign, licence; or 

  

	 	(b)	mortgage, charge or otherwise encumber, 

 any right or obligation under this document to any person without the prior written consent of the other parties to this document. 

 

	12.12	Time 

 Time is of the
essence as regards all dates, periods of time and times specified in this document. 
  

	12.13	Survival of indemnities 

Each indemnity in this document is a continuing obligation, separate and independent from the other obligations of the parties and
survives termination of this document. 
  

	12.14	Enforcement of indemnities 

It is not necessary for a party to incur expense or make payment before enforcing a right of indemnity conferred by this document.

  
  

			
	5739652/1	 	page 26

	12.15	No merger 

 The
warranties, undertakings, agreements and continuing obligations in this document do not merge on completion. 
  

	12.16	Business Day 

 If a
payment or other act is required by this document to be made or done on a day which is not a Business Day, the payment or act must be made or done on the next following Business Day. 

 

	12.17	Number 

 In this document,
a reference to the singular includes the plural and vice versa. 
  

	12.18	Announcements 

  

	 	(a)	No party (and each will procure any Related Body Corporate) may, before or after Completion, make or send a public announcement, communication or circular concerning
the sale and purchase of the Sale Interest unless it has first obtained the consent of the other parties (not to be unreasonably withheld or denied). 

  

	 	(b)	Subject to law and regulation, the Seller and the Buyer (and each will procure any Related Body Corporate) will consult in good faith with a view to agreeing the form,
content and timing of any press release, statement or announcement to be issued jointly or by either of the Seller, the Buyer or any Related Body Corporate, on or after the date of this document or Completion, in relation to the sale and purchase of
the Sale Interest. 

  
  

			
	5739652/1	 	page 27

 Schedule I 
 Apportionment of Purchase Price 
 The Purchase Price is apportioned to include the following
headings: 
 Part I 
  

	(a)	30% interest in the Ashton Joint Venture 

  

					
	 Ashton Joint Venture
	  	Purchase Price
apportionment (US$)	 
	 Current Assets
	  			
	 Coal Inventory/Stock on Hand
	  	 	5,500,000	  
	 Consumables/Other Inventory
	  	 	3,000,000	  
	 Non Current Assets
	  			
	 Mining Information
	  	 	3,000,000	  
	 Owned Plant and Equipment
	  	 	72,000,000	  
	 Construction in Progress
	  	 	1,000,000	  
	 Land
	  	 	2,000,000	  
	 Buildings
	  	 	1,000,000	  
	 Leased Plant and Equipment
	  	 	5,300,000	  
	 Port Access Rights (including all contracts associated with the transportation of the coal through the relevant
ports)
	  	 	18,000,000	  
	 Rail Access Right (including the contracts with QR National in respect of the transportation of the coal by rail)
	  	 	9,000,000	  
	 Mining Development and Leasehold Improvements
	  	 	14,000,000	  
	 Mining Tenements (ML 1529, ML 1533, ML 1623, EL 4918 and EL 5860)
	  	 	113,099,900	  
	 Total
	  	 	246,899,900	  

  
  

			
	5739652/1	 	page 28

	(b)	ACM Shares 

  

							
	 ACM Shares
	  	 	3,100,000	  

  

	(c)	ACPH Shares 

  

							
	 ACPH Shares
	  	 	100	  
		
	 Total Purchase Price
	  	 	250,000,000	  

  
  

			
	5739652/1	 	page 29

 Schedule 2 
 Accounting Principles 
 The Management Accounts must: 

 

	 	1.	incorporate all the assets and liabilities of the Ashton Joint Venture and ACM, as applicable; 

 

	 	2.	be prepared in accordance with generally accepted accounting principles in Australia; 

 

	 	3.	be prepared in accordance with the requirements of any applicable laws consistently applied; and 

 

	 	4.	be on a consistent basis with the Last Year Accounts. 

  
  

			
	5739652/1	 	page 30

 Schedule 3 
 Example of Purchase Price Adjustment 
  

			
	Purchase Price	 	US$250,000,000

  

	(a)	Increase Adjustment for Cash Calls 

Increase adjustment being the amount of cash calls paid by the Seller in the period between Effective Date and Completion converted to US$ at the then
prevailing exchange rate at the date of payment of each cash call. 
  

													
	 	  	A$ Cash Call	 	  	Exchange Rate
@ Date of
Payment	 	  	US$ Amount	 
	 31 July 2010
	  	$	7,200,000.00	  	  	 	0.8698	  	  	$	6,262,560.00	  
	 31 August 2010
	  	$	7,800,000.00	  	  	 	0.9071	  	  	$	7,075,380.00	  
	 30 September 2010
	  	$	7,800,000.00	  	  	 	0.9028	  	  	$	7,041,840.00	  
	 31 October 2010
	  	$	6,450,000.00	  	  	 	0.9738	  	  	$	6,281,010.00	  
	 30 November 2010
	  	$	X	  	  	 	x.xx	  	  	$	Y	  
	 31 December 2010
	  	$	X	  	  	 	x.xx	  	  	$	Y	  
	 31 January 2011
	  	$	X	  	  	 	x.xx	  	  	$	Y	  
	 28 February 2011
	  	$	X	  	  	 	x.xx	  	  	$	Y	  
	 31 March 2011
	  	$	X	  	  	 	x.xx	  	  	$	Y	  
				
	 Total clause 5.3(b)(i) increase adjustment:
	  				  				  	$	YY	 (a) 

  

	(b)	Increase Adjustment for Receivables 

 Increase adjustment being the value of the Seller’s interest in the trade receivables of the Ashton Joint Venture as at 30 June 2010. 

 
  
  

  
  

			
	5739652/1	 	page 31

													
	 	  	A$ Value	 	  	Exchange Rate
@ Effective
Date	 	  	US$ Amount	 
	 30% of Trade receivables as at 30 June Management Accounts
	  	$	5,243,010.91	  	  	 	0.8691	  	  	$	4,556,700.78	  
			
	 Total clause 5.3(b)(ii) increase adjustment:
	   
	  				  	$	4,556,700.78	 (b) 

  

	(c)	Decrease Adjustment for Coal sales 

Coal sales being the actual cash receipts relating to the Sale Interest received in the period from Effective Date up to Completion (including cash
receipts relating to receivables outstanding as at Effective Date). 
  

					
	 Cash received from coal sales
	  	US$ Amount	 
	 July 2010
	  	$	7,788,886.20	  
	 August 2010
	  	$	8,286,632.29	  
	 September 2010
	  	$	13,724,849.74	  
	 October 2010
	  	$	9,660,229.22	  
	 November 2010
	  	$	Z	  
	 December 2010
	  	$	Z	  
	 January 2011
	  	$	Z	  
	 February 2011
	  	$	Z	  
	 March 2011
	  	$	Z	  
	 less
	  			
		
	 - bank fees
	  	($	XX	) 
		
	 - margin fees
	  	($	XX	) 
		
	 Total clause 5.3(b)(iii) decrease adjustment:
	  	$	ZZ	 (c) 
		
	 Net Purchase Price Adjustment
	  			

  
  

			
	5739652/1	 	page 32

 Net purchase price adjustment = (a) + (b) - (c) 

  
  

			
	5739652/1	 	page 33

 Executed as a deed 
  

					
	EXECUTED by	 	)        	  	
	White Mining (NSW) Pty Limited	 	)	  	
		 	)	  	
			
	  
	 		  	  

	Company Secretary/Director	 		  	Director
			
	  
	 		  	  

	Name of Company Secretary/Director	 		  	Name of Director (print)
	(print)	 		  	
			
	 EXECUTED by
	 	 )
	  	
	Austral-Asia Coal Holdings Pty Ltd	 	 )
	  	
		 	 )
	  	
			
	
 

	 		  	
 

	 Company Secretary/ Director
	 		  	Director
			
	
 

	 		  	 TAI SOOK YEE

	 Name of Company Secretary/Director
	 		  	Name of Director (print)
	 (print)
	 		  	
			
	EXECUTED by	 	 )
	  	
	Yancoal Australia Limited	 	 )
	  	
		 	 )
	  	
			
	  
	 		  	  

	Company Secretary/Director	 		  	Director
			
	  
	 		  	  

	Name of Company Secretary/Director	 		  	Name of Director (print)
	(print)	 		  	

  
  

			
	5739652/1	 	page 34

 Annexure A 
 Management Accounts 

  
  

			
	5739652/1	 	page 35

 ASHTON COAL JOINT VENTURE 

STATEMENT OF FINANCIAL POSITION AS AT June 2010 
 (Comprising Ashton Coal Operations Pty Ltd and Ashton Coal Mines Limited) 
  

													
	 	  	TOTAL	 	 	ACOL	 	 	ACML	 
	 	  	$’000	 	 	$’000	 	 	$’000	 
	 Current Assets
	  				 				 			
	 Cash on Hand
	  	 	2	  	 	 	2	  	 	 	0	  
	 Current Account
	  	 	1,428	  	 	 	954	  	 	 	474	  
	 Other Cheque Accounts
	  	 	—  	  	 	 	—  	  	 	 	—  	  
	 Deposits - At Call
	  	 	6,553	  	 	 	6,553	  	 	 	—  	  
	 Foreign Currency Accounts - USD
	  	 	10,844	  	 	 	—  	  	 	 	10,844	  
	 Trade Receivables, Net, Current
	  	 	17,477	  	 	 	806	  	 	 	16,671	  
	 Intercompany Receivables
	  	 	—  	  	 	 	15,923	  	 	 	(15,923	) 
	 Other Receivables, Net, Current
	  	 	—  	  	 	 	—  	  	 	 	—  	  
	 Other Receivables, Net, Current
	  	 	20	  	 	 	20	  	 	 	—  	  
	 Production Supplies
	  	 	3,704	  	 	 	3,704	  	 	 	—  	  
	 Overburden in Advance
	  	 	5,297	  	 	 	5,297	  	 	 	—  	  
	 Coal Stocks
	  	 	20,671	  	 	 	20,671	  	 	 	—  	  
	 Prepayments, Current
	  	 	606	  	 	 	606	  	 	 	—  	  
	 Deposits
	  	 	3	  	 	 	3	  	 	 	—  	  
	 Current Tax Receivables
	  	 	1,480	  	 	 	1,335	  	 	 	145	  
	 Exploration - Current
	  	 	5,143	  	 	 	5,143	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 
	 Total Current Assets
	  	 	73,228	  	 	 	61,015	  	 	 	12,212	  
		  	 	 	 	 	 	 	 	 	 	 	 
				
	 Non-Current Assets
	  				 				 			
	 Construction in Progress
	  	 	3,392	  	 	 	2,557	  	 	 	834	  
	 Land & Buildings
	  	 	23,339	  	 	 	3,359	  	 	 	19,980	  
	 Leased Plant & Equipment
	  	 	6,759	  	 	 	6,759	  	 	 	—  	  
	 Plant & Equipment
	  	 	131,679	  	 	 	131,658	  	 	 	20	  
	 Fixtures and Fittings
	  	 	87	  	 	 	41	  	 	 	46	  
	 Leasehold Improvements
	  	 	52,890	  	 	 	52,880	  	 	 	10	  
	 Other Property, Plant and Equipment
	  	 	5	  	 	 	5	  	 	 	—  	  
	 Exploration Evaluation Expenditure Non Current
	  	 	2,904	  	 	 	2,904	  	 	 	—  	  
	 Patents, Trademarks and Other Rights
	  	 	854	  	 	 	854	  	 	 	—  	  
	 Computer Software
	  	 	29	  	 	 	29	  	 	 	—  	  
	 Other Intangible Assets
	  	 	1,619	  	 	 	—  	  	 	 	1,619	  
	 Intercompany Receivables NC
	  	 	(8	) 	 	 	7,483	  	 	 	(7,491	) 
	 Deferred Tax Assets
	  	 	172	  	 	 	—  	  	 	 	172	  
		  	 	 	 	 	 	 	 	 	 	 	 
	 Total Non-Current Assets
	  	 	223,719	  	 	 	208,529	  	 	 	15,191	  
		  	 	 	 	 	 	 	 	 	 	 	 
	 Total Assets
	  	 	296,947	  	 	 	269,544	  	 	 	27,403	  
		  	 	 	 	 	 	 	 	 	 	 	 
				
	 Current Liabilities
	  				 				 			
	 Trade Payables, Current
	  	 	31,944	  	 	 	6,299	  	 	 	25,645	  
	 Finance Leases, Current
	  	 	4,912	  	 	 	4,912	  	 	 	—  	  
	 Other Provisions, Current
	  	 	8,197	  	 	 	8,197	  	 	 	—  	  
	 Group Tax Payable
	  	 	19	  	 	 	—  	  	 	 	19	  
	 GST on Sales
	  	 	159	  	 	 	14	  	 	 	145	  
	 General Accruals
	  	 	14,145	  	 	 	13,356	  	 	 	790	  
		  	 	 	 	 	 	 	 	 	 	 	 
	 Total Current Liabilities
	  	 	59,376	  	 	 	32,777	  	 	 	26,599	  
		  	 	 	 	 	 	 	 	 	 	 	 
				
	 Non Current Liabilities
	  				 				 			
	 Finance Leases, Non Current
	  	 	1,629	  	 	 	1,629	  	 	 	—  	  
	 Provisions Non Current
	  	 	6,605	  	 	 	6,605	  	 	 	—  	  
	 Deferred Tax Liabilities
	  	 	—  	  	 	 	—  	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 
	 Total Non-Current Liabilities
	  	 	8,234	  	 	 	8,234	  	 	 	—  	  
		  	 	 	 	 	 	 	 	 	 	 	 
	 Total Liabilities
	  	 	67,610	  	 	 	41,011	  	 	 	26,599	  
		  	 	 	 	 	 	 	 	 	 	 	 
				
	 Net Assets Under Control of Manager
	  	 	229,337	  	 	 	228,533	  	 	 	804	  
		  	 	 	 	 	 	 	 	 	 	 	 
				
	 Issued Capital
	  	 	0	  	 	 	0	  	 	 	0	  
				
	 Contributions Received
	  				 				 			
	 White Mining (NSW) Pty Limited
	  	 	751,053	  	 	 	751,053	  	 	 	—  	  
	 ICRA Ashton Pty Limited
	  	 	325,298	  	 	 	325,298	  	 	 	—  	  
	 Austral-Asia Coal Holdings Pty Ltd
	  	 	139,453	  	 	 	139,453	  	 	 	—  	  
				
	 Coal Sales
	  				 				 			
	 Total
	  	 	(1,614,398	) 	 				 	 	(1,614,398	) 
				
	 Earnings
	  				 				 			
	 Accumulated Profit/(Loss) - Prior Period(s)
	  	 	559,143	  	 	 	(752,638	) 	 	 	1,311,781	  
				
	 Profit/(Loss) - Current Period
	  	 	68,788	  	 	 	(234,633	) 	 	 	303,421	  
		  	 	 	 	 	 	 	 	 	 	 	 
				
	 Joint Venturers Interest in Net Assets
	  	 	229,337	  	 	 	228,533	  	 	 	804	  
		  	 	 	 	 	 	 	 	 	 	 	 

 Ashton Coal Joint Venture (incl ACML) 

Consolidated Profit Statement 
  

																																	
	Jun-10	 	 	 	  	12 Months to June10	 
	Budget	 	 	Actual	 	 	Coal Sold (Tonnes)	  	Actual	 	 	Budget	 
	  
	 82,347
	   
	 	 	103,114	  	 	Opencut	  	 	1,104,543	  	 	 	1,190,414	  
	  
	 187,653
	   
	 	 	21,001	  	 	Underground	  	 	1,570,873	  	 	 	1,929,587	  
	 	 	 	 	 	 	 	 		  	 	 	 	 	 	 	 
	  
	 270,000
	   
	 	 	124,115	  	 	Total Coal Sold	  	 	2,675,416	  	 	 	3,120,000	  
	 	 	 	 	 	 	 	 		  	 	 	 	 	 	 	 
									
	Rate
$	 	 	Amount
$000	 	 	Rate
$	 	 	Amount
$000	 	 	 	  	Amount
$000	 	 	Rate
$	 	 	Amount
$000	 	  	Rate
$	 
									
				 				 				 				 	Revenue - Sales	  				 				 				  			
	 	103.90	  	 	 	28,052	  	 	 	212.12	  	 	 	26,328	  	 	Coal sales	  	 	307,497	  	 	 	114.93	  	 	 	323,818	  	  	 	103.79	  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 
	 	103.90	  	 	 	28,052	  	 	 	212.12	  	 	 	26,328	  	 	Total Revenue	  	 	307,497	  	 	 	114.93	  	 	 	323,818	  	  	 	103.79	  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 
									
				 				 				 				 	Selling Costs	  				 				 				  			
	 	3.88	  	 	 	1,047	  	 	 	2.65	  	 	 	329	  	 	Rail	  	 	9,725	  	 	 	3.64	  	 	 	12,097	  	  	 	3.88	  
	 	3.52	  	 	 	951	  	 	 	5.93	  	 	 	736	  	 	Port	  	 	10,475	  	 	 	3.92	  	 	 	10,982	  	  	 	3.52	  
	 	7.53	  	 	 	2,034	  	 	 	15.78	  	 	 	1,959	  	 	Royalties - Govt	  	 	23,741	  	 	 	8.87	  	 	 	23,721	  	  	 	7.60	  
	 	0.48	  	 	 	129	  	 	 	0.64	  	 	 	79	  	 	Levies	  	 	1,622	  	 	 	0.61	  	 	 	1,489	  	  	 	0.48	  
	 	1.35	  	 	 	365	  	 	 	2.03	  	 	 	252	  	 	Demurrage / (Despatch)	  	 	4,790	  	 	 	1.79	  	 	 	4,213	  	  	 	1.35	  
	 	3.12	  	 	 	842	  	 	 	5.72	  	 	 	710	  	 	Management Fees	  	 	9,030	  	 	 	3.38	  	 	 	9,715	  	  	 	3.11	  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 
	 	19.88	  	 	 	5,368	  	 	 	32.75	  	 	 	4,065	  	 	Total Selling Costs	  	 	59,382	  	 	 	22.20	  	 	 	62,217	  	  	 	19.94	  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 
									
	 	84.01	  	 	 	22,684	  	 	 	179.37	  	 	 	22,263	  	 	FOR Revenue	  	 	248,115	  	 	 	92.74	  	 	 	261,602	  	  	 	83.85	  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 
									
				 				 				 				 	Cost of Production	  				 				 				  			
	 	30.27	  	 	 	8,172	  	 	 	63.25	  	 	 	7,850	  	 	Mining Costs - UG	  	 	90,649	  	 	 	33.88	  	 	 	91,697	  	  	 	29.39	  
	 	15.94	  	 	 	4,304	  	 	 	42.01	  	 	 	5,215	  	 	Mining Costs - OC	  	 	60,338	  	 	 	22.55	  	 	 	59,413	  	  	 	19.04	  
	 	7.57	  	 	 	2,043	  	 	 	12.59	  	 	 	1,563	  	 	CHPP	  	 	22,499	  	 	 	8.41	  	 	 	25,377	  	  	 	8.13	  
	 	2.58	  	 	 	696	  	 	 	18.02	  	 	 	2,237	  	 	Change in O/B in Advance	  	 	8,205	  	 	 	3.07	  	 	 	5,934	  	  	 	1.90	  
	 	(9.48)	  	 	 	(2,560	) 	 	 	2.40	  	 	 	298	  	 	Change in Coal Stocks	  	 	(5,995	) 	 	 	(2.24	) 	 	 	10,840	  	  	 	3.47	  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 
	 	46.87	  	 	 	12,655	  	 	 	138.28	  	 	 	17,163	  	 	Total Cost of Production	  	 	175,696	  	 	 	65.67	  	 	 	193,262	  	  	 	61.94	  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 
									
				 				 				 				 	Off site costs	  				 				 				  			
	 	0.59	  	 	 	158	  	 	 	0.63	  	 	 	79	  	 	Brisbane Overheads	  	 	1,823	  	 	 	0.68	  	 	 	1,901	  	  	 	0.61	  
	 	0.21	  	 	 	57	  	 	 	0.47	  	 	 	58	  	 	Marketing Overheads	  	 	691	  	 	 	0.26	  	 	 	690	  	  	 	0.22	  
	 	0.21	  	 	 	57	  	 	 	(0.08	) 	 	 	(10	) 	 	Property Management	  	 	413	  	 	 	0.15	  	 	 	681	  	  	 	0.22	  
	 	0.31	  	 	 	84	  	 	 	0.34	  	 	 	42	  	 	Leased equipment Interest	  	 	840	  	 	 	0.31	  	 	 	1,009	  	  	 	0.32	  
	 	—  	  	 	 	—  	  	 	 	3.87	  	 	 	480	  	 	Finance other	  	 	(102	) 	 	 	(0.04	) 	 	 	—  	  	  	 	—  	  
	 	—  	  	 	 	—  	  	 	 	(0.11	) 	 	 	(13	) 	 	(Profit)/loss disposal	  	 	(34	) 	 	 	(0.01	) 	 	 	—  	  	  	 	—  	  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 
									
	 	1.32	  	 	 	356	  	 	 	5.12	  	 	 	636	  	 	Total Off Site costs	  	 	3,631	  	 	 	1.36	  	 	 	4,280	  	  	 	1.37	  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 
									
	 	48.19	  	 	 	13,012	  	 	 	143.41	  	 	 	17,799	  	 	Total Production Cost	  	 	179,327	  	 	 	67.03	  	 	 	197,542	  	  	 	63.31	  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 
									
	 	68.07	  	 	 	18,380	  	 	 	176.16	  	 	 	21,864	  	 	Total Cost	  	 	238,709	  	 	 	89.22	  	 	 	259,758	  	  	 	83.26	  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 
									
	 	35.82	  	 	 	9,672	  	 	 	35.97	  	 	 	4,464	  	 	Profit / (Loss)	  	 	68,788	  	 	 	25.71	  	 	 	64,060	  	  	 	20.53	  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 
									
	 	 	 	 	 	 	 	 	 	 	 	 	Check	  	 	 	 	 	 	 	 	 	  	 	 
				 				 				 	 	5,515.662	  	 	OC	  	 	24,950.115	  	 				 				  			
				 				 				 	 	-1,051.492	  	 	UG	  	 	43,837.909	  	 				 				  			
				 				 				 	 	 	 	 		  	 	 	 	 				 				  			
									
				 				 				 	 	4,464.170	  	 	Total	  	 	68,788.024	  	 				 				  			
				 				 				 	 	 	 	 		  	 	 	 	 				 				  			
									
				 				 				 	 	-0.00	  	 		  	 	—  	  	 				 				  			

 Ashton Coal Joint Venture (incl ACML) 

Profit Statement - Opencut 
  

																																	
	Jun-10	 	 	 	  	12 Months to June 10	 
	Budget	 	 	Actual	 	 	 	  	Actual	 	 	Budget	 
					
	 	82,347	  	 	 	103,114	  	 	Coal Sold (Tonnes)	  	 
	1,104,543 
	  
	 	 	1,190,414	  
	 	 	 	 	 	 	 	 		  	 	 	 	 	 	 	 
									
	Rate
$	 	 	Amount
$000	 	 	Rate
$	 	 	Amount
$000	 	 	 	  	Amount
$000	 	 	Rate
$	 	 	Amount
$000	 	  	Rate 
$	 
									
				 				 				 				 	Revenue - Sales	  				 				 				  			
	 	104.34	  	 	 	8,592	  	 	 	160.85	  	 	 	16,586	  	 	Coal sales	  	 	126,950	  	 	 	114.93	  	 	 	123,577	  	  	 	103.81	  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 
	 	104.34	  	 	 	8,592	  	 	 	160.85	  	 	 	16,586	  	 	Total Revenue	  	 	126,950	  	 	 	114.93	  	 	 	123,577	  	  	 	103.81	  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 
									
				 				 				 				 	Selling Costs	  				 				 				  			
	 	3.88	  	 	 	319	  	 	 	3.17	  	 	 	327	  	 	Rail	  	 	4,015	  	 	 	3.64	  	 	 	4,616	  	  	 	3.88	  
	 	3.52	  	 	 	290	  	 	 	4.87	  	 	 	502	  	 	Port	  	 	4,324	  	 	 	3.92	  	 	 	4,190	  	  	 	3.52	  
	 	8.23	  	 	 	678	  	 	 	12.48	  	 	 	1,287	  	 	Royalties - Govt	  	 	10,752	  	 	 	9.73	  	 	 	9,789	  	  	 	8.22	  
	 	0.48	  	 	 	39	  	 	 	0.62	  	 	 	64	  	 	Levies	  	 	670	  	 	 	0.61	  	 	 	568	  	  	 	0.48	  
	 	1.35	  	 	 	111	  	 	 	1.90	  	 	 	196	  	 	Demurrage / ( Despatch)	  	 	1,977	  	 	 	1.79	  	 	 	1,607	  	  	 	1.35	  
	 	3.13	  	 	 	258	  	 	 	4.48	  	 	 	462	  	 	Management Fees	  	 	3,728	  	 	 	3.38	  	 	 	3,707	  	  	 	3.11	  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 
	 	20.59	  	 	 	1,696	  	 	 	27.53	  	 	 	2,838	  	 	Total Selling Costs	  	 	25,467	  	 	 	23.06	  	 	 	24,477	  	  	 	20.56	  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 
									
	 	83.75	  	 	 	6,896	  	 	 	133.33	  	 	 	13,748	  	 	FOR Revenue	  	 	101,483	  	 	 	91.88	  	 	 	99,100	  	  	 	83.25	  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 
									
				 				 				 				 	Cost of Production	  				 				 				  			
	 	52.27	  	 	 	4,304	  	 	 	50.57	  	 	 	5,215	  	 	Mining Costs	  	 	60,338	  	 	 	54.63	  	 	 	59,413	  	  	 	49.91	  
	 	8.46	  	 	 	696	  	 	 	21.69	  	 	 	2,237	  	 	Change in O/B in Advance	  	 	8,205	  	 	 	7.43	  	 	 	5,934	  	  	 	4.98	  
	 	7.27	  	 	 	599	  	 	 	10.22	  	 	 	1,054	  	 	CHPP	  	 	8,980	  	 	 	8.13	  	 	 	11,005	  	  	 	9.25	  
	 	(9.22	) 	 	 	(759	) 	 	 	(5.80	) 	 	 	(598	) 	 	Change in Coal Stocks	  	 	(2,959	) 	 	 	(2.68	) 	 	 	5,327	  	  	 	4.47	  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 
	 	58.77	  	 	 	4,840	  	 	 	76.68	  	 	 	7,907	  	 	Total Cost of Production	  	 	74,564	  	 	 	67.51	  	 	 	81,679	  	  	 	68.61	  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 
									
				 				 				 				 	Off site costs	  				 				 				  			
	 	0.59	  	 	 	48	  	 	 	0.66	  	 	 	68	  	 	Brisbane Overheads	  	 	753	  	 	 	0.68	  	 	 	726	  	  	 	0.61	  
	 	0.21	  	 	 	18	  	 	 	0.36	  	 	 	37	  	 	Marketing Overheads	  	 	285	  	 	 	0.26	  	 	 	263	  	  	 	0.22	  
	 	0.21	  	 	 	17	  	 	 	0.04	  	 	 	4	  	 	Property Management	  	 	171	  	 	 	0.15	  	 	 	260	  	  	 	0.22	  
	 	1.02	  	 	 	84	  	 	 	0.41	  	 	 	42	  	 	Leased equipment Interest	  	 	838	  	 	 	0.76	  	 	 	1,006	  	  	 	0.84	  
	 	—  	  	 	 	—  	  	 	 	1.81	  	 	 	186	  	 	Finance other	  	 	(42	) 	 	 	(0.04	) 	 	 	—  	  	  	 	—  	  
	 	—  	  	 	 	—  	  	 	 	(0.13	) 	 	 	(13	) 	 	(Profit)/loss disposal 	  	 	(34	) 	 	 	(0.03	) 	 	 	—  	  	  	 	—  	  
	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	Sundry income	  	 	—  	  	 	 	—  	  	 	 	—  	  	  	 	—  	  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 
	 	2.03	  	 	 	167	  	 	 	3.15	  	 	 	325	  	 	Total Off Site costs	  	 	1,970	  	 	 	1.78	  	 	 	2,255	  	  	 	1.89	  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 
									
	 	60.80	  	 	 	5,007	  	 	 	79.83	  	 	 	8,232	  	 	Total Production Cost	  	 	76,533	  	 	 	69.29	  	 	 	83,934	  	  	 	70.51	  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 
									
	 	81.39	  	 	 	6,702	  	 	 	107.36	  	 	 	11,070	  	 	Total Cost	  	 	102,000	  	 	 	92.35	  	 	 	108,411	  	  	 	91.07	  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 
									
	 	22.95	  	 	 	1,890	  	 	 	53.49	  	 	 	5,516	  	 	Profit / (Loss)	  	 	24,950	  	 	 	22.59	  	 	 	15,166	  	  	 	12.74	  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 

 Ashton Coal Joint Venture(incl ACML) 

Profit Statement - Underground 
  

																																	
	Jun-10	 	 	 	  	12 Months to June 10	 
	Budget	 	 	Actual	 	 	 	  	Actual	 	 	Budget	 
					
	  
	 187,653
	   
	 	 	21,001	  	 	Coal Sold (Tonnes)	  	 	1,570,873	  	 	 	1,929,587	  
									
	 Rate

$
	 	 	Amount
$000	 	 	Rate
$	 	 	Amount
$000	 	 	 	  	Amount
$000	 	 	Rate
$	 	 	Amount
$000	 	  	Rate
$	 
									
				 				 				 				 	Revenue - Sales	  				 				 				  			
	 	103.80	  	 	 	19,478	  	 	 	463.86	  	 	 	9,742	  	 	Coal sales	  	 	180,547	  	 	 	114.93	  	 	 	200,241	  	  	 	103.77	  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 
	 	103.80	  	 	 	19,478	  	 	 	463.86	  	 	 	9,742	  	 	Total Revenue	  	 	180,547	  	 	 	114.93	  	 	 	200,241	  	  	 	103.77	  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 
									
				 				 				 				 	Selling Costs	  				 				 				  			
	 	3.88	  	 	 	728	  	 	 	0.10	  	 	 	2	  	 	Rail	  	 	5,710	  	 	 	3.64	  	 	 	7,481	  	  	 	3.88	  
	 	3.52	  	 	 	661	  	 	 	11.16	  	 	 	234	  	 	Port	  	 	6,150	  	 	 	3.92	  	 	 	6,792	  	  	 	3.52	  
	 	7.23	  	 	 	1,356	  	 	 	31.98	  	 	 	672	  	 	Royalties - Govt	  	 	12,989	  	 	 	8.27	  	 	 	13,932	  	  	 	7.22	  
	 	0.48	  	 	 	90	  	 	 	0.73	  	 	 	15	  	 	Levies	  	 	953	  	 	 	0.61	  	 	 	921	  	  	 	0.48	  
	 	1.35	  	 	 	254	  	 	 	2.64	  	 	 	55	  	 	Demurrage / (Despatch)	  	 	2,812	  	 	 	1.79	  	 	 	2,606	  	  	 	1.35	  
	 	3.11	  	 	 	584	  	 	 	11.79	  	 	 	248	  	 	Management Fees	  	 	5,302	  	 	 	3.38	  	 	 	6,007	  	  	 	3.11	  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 
	 	19.57	  	 	 	3,673	  	 	 	58.40	  	 	 	1,226	  	 	Total Selling Costs	  	 	33,916	  	 	 	21.59	  	 	 	37,739	  	  	 	19.56	  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 
									
	 	84.23	  	 	 	15,806	  	 	 	405.46	  	 	 	8,515	  	 	FOR Revenue	  	 	146,632	  	 	 	93.34	  	 	 	162,502	  	  	 	84.22	  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 
									
				 				 				 				 	Cost of Production	  				 				 				  			
	 	43.55	  	 	 	8,172	  	 	 	373.81	  	 	 	7,850	  	 	Mining Costs	  	 	90,649	  	 	 	57.71	  	 	 	91,697	  	  	 	47.52	  
	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	Change in O/B in Advance(OC Only)	  	 	—  	  	 	 	—  	  	 	 	—  	  	  	 	—  	  
	 	7.70	  	 	 	1,445	  	 	 	24.23	  	 	 	509	  	 	CHPP	  	 	13,520	  	 	 	8.61	  	 	 	14,372	  	  	 	7.45	  
	 	(9.60)	  	 	 	(1,801	) 	 	 	42.68	  	 	 	896	  	 	Change in Coal Stocks	  	 	(3,036	) 	 	 	(1.93	) 	 	 	5,513	  	  	 	2.86	  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 
	 	41.65	  	 	 	7,816	  	 	 	440.72	  	 	 	9,256	  	 	Total Cost of Production	  	 	101,132	  	 	 	64.38	  	 	 	111,582	  	  	 	57.83	  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 
									
				 				 				 				 	Off site costs	  				 				 				  			
	 	0.59	  	 	 	110	  	 	 	0.51	  	 	 	11	  	 	Brisbane Overheads	  	 	1,070	  	 	 	0.68	  	 	 	1,175	  	  	 	0.61	  
	 	0.21	  	 	 	40	  	 	 	1.02	  	 	 	21	  	 	Marketing Overheads	  	 	406	  	 	 	0.26	  	 	 	426	  	  	 	0.22	  
	 	0.21	  	 	 	39	  	 	 	(0.70	) 	 	 	(15	) 	 	Property Management	  	 	243	  	 	 	0.15	  	 	 	421	  	  	 	0.22	  
	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	Leased equipment Interest	  	 	3	  	 	 	—  	  	 	 	3	  	  	 	—  	  
	 	—  	  	 	 	—  	  	 	 	13.98	  	 	 	294	  	 	Finance other	  	 	(60	) 	 	 	(0.04	) 	 	 	—  	  	  	 	—  	  
	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	(Profit)/loss disposal	  				 	 	—  	  	 	 	—  	  	  	 	—  	  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 
									
	 	1.01	  	 	 	189	  	 	 	14.81	  	 	 	311	  	 	Total Off Site costs	  	 	1,661	  	 	 	1.06	  	 	 	2,025	  	  	 	1.05	  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 
									
	 	42.66	  	 	 	8,005	  	 	 	455.53	  	 	 	9,567	  	 	Total Production Cost	  	 	102,794	  	 	 	65.44	  	 	 	113,608	  	  	 	58.88	  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 
									
	 	62.23	  	 	 	11,678	  	 	 	513.93	  	 	 	10,793	  	 	Total Cost	  	 	136,710	  	 	 	87.03	  	 	 	151,347	  	  	 	78.43	  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 
									
	 	41.57	  	 	 	7,801	  	 	 	(50.07	) 	 	 	(1,051	) 	 	Profit / (Loss)	  	 	43,838	  	 	 	27.91	  	 	 	48,894	  	  	 	25.34	  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 

 Ashton Coal Operations Limited 

Opencut Detail Cost Report 
  

																																			
	Jun-10	 	 	 	 	 	  	12 Months to June 10	 
	Unit Cost per
ROM tonne	 	  	Budget	 	 	Unit Cost per
ROM tonne	 	 	Actual	 	 	 	 	 	  	Actual	 	 	Unit Cost per
ROM tonne	 	 	Budget	 	 	Unit Cost per
ROM tonne	 
										
				  	 	696,832	  	 				 	 	707,858	  	 	 Overburden Removed (BCM)
	 		  	 	8,966,321	  	 				 	 	8,470,757	  	 			
				  	 	154,305	  	 				 	 	186,545	  	 	 Opencut ROM Mined (Tonnes)
	 		  	 	1,840,478	  	 				 	 	1,889,466	  	 			
				  	 	 	 	 				 	 	 	 	 		 		  	 	 	 	 				 	 	 	 	 			
										
				  				 				 				 	 Mine Management Open Cut
	 		  				 				 				 			
	 	0.16	  	  	 	24,835	  	 	 	0.15	  	 	 	28,669	  	 	 Mine Management Open Cut
	 	301	  	 	353,474	  	 	 	0.19	  	 	 	289,920	  	 	 	0.15	  
	 	0.16	  	  	 	24,835	  	 	 	0.15	  	 	 	28,669	  	 		 	OCMM	  	 	353,474	  	 	 	0.19	  	 	 	289,920	  	 	 	0.15	  
				  				 				 				 	 Overburden Removal (per BCM)
	 		  				 				 				 			
	 	0.07	  	  	 	49,889	  	 	 	0.07	  	 	 	48,612	  	 	 Overburden - Supervision
	 	310	  	 	617,176	  	 	 	0.07	  	 	 	582,059	  	 	 	0.07	  
	 	1.03	  	  	 	717,133	  	 	 	1.08	  	 	 	766,493	  	 	 Overburden - Drill & Blast
	 	315	  	 	9,414,556	  	 	 	1.05	  	 	 	9,343,281	  	 	 	1.10	  
	 	3.03	  	  	 	2,114,343	  	 	 	3.04	  	 	 	2,149,325	  	 	 Overburden - Removal
	 	316	  	 	27,631,573	  	 	 	3.08	  	 	 	28,338,844	  	 	 	3.35	  
	 	0.35	  	  	 	243,851	  	 	 	0.57	  	 	 	400,541	  	 	 Mine Support Services
	 	377	  	 	5,088,660	  	 	 	0.57	  	 	 	3,961,783	  	 	 	0.47	  
	 	4.48	  	  	 	3,125,216	  	 	 	4.75	  	 	 	3,364,971	  	 		 	OVERBURD	  	 	42,751,966	  	 	 	4.77	  	 	 	42,226,067	  	 	 	4.98	  
	 	20.25	  	  	 	/ ROM t	  	 	 	18.04	  	 	 	/ ROM t	  	 		 		  	 	/ ROM t	  	 	 	23.23	  	 	 	/ ROM t	  	 	 	22.35	  
										
				  				 				 				 	 Coal Mining
	 		  				 				 				 			
	 	0.11	  	  	 	16,407	  	 	 	0.07	  	 	 	13,219	  	 	 Coaling - Supervision
	 	320	  	 	209,730	  	 	 	0.11	  	 	 	191,312	  	 	 	0.10	  
	 	2.49	  	  	 	383,697	  	 	 	2.34	  	 	 	436,341	  	 	 Coaling - Mine Coal to ROM
	 	323	  	 	5,467,233	  	 	 	2.97	  	 	 	5,745,702	  	 	 	3.04	  
	 	—  	  	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 Coaling - Coal sampling & analysis R
	 	391	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 	2.59	  	  	 	400,104	  	 	 	2.41	  	 	 	449,561	  	 		 	COALING	  	 	5,676,963	  	 	 	3.08	  	 	 	5,937,014	  	 	 	3.14	  
										
				  				 				 				 	 Rehabilitation
	 		  				 				 				 			
	 	—  	  	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 Rehabilitation - Supervision
	 	330	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 	—  	  	  	 	—  	  	 	 	0.40	  	 	 	75,410	  	 	 Reshape Waste Dumps
	 	331	  	 	76,801	  	 	 	0.04	  	 	 	175,500	  	 	 	0.09	  
	 	—  	  	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 Spread Topsoil
	 	332	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 	—  	  	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 Construct & Maintain Drainage Struc
	 	333	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 	—  	  	  	 	—  	  	 	 	0.09	  	 	 	17,505	  	 	 Seeding & Revegetation
	 	335	  	 	127,932	  	 	 	0.07	  	 	 	767,590	  	 	 	0.41	  
	 	—  	  	  	 	—  	  	 	 	0.50	  	 	 	92,915	  	 		 	REHAB	  	 	203,733	  	 	 	0.11	  	 	 	943,090	  	 	 	0.50	  
										
				  				 				 				 	 Technical Services
	 		  				 				 				 			
	 	0.38	  	  	 	59,094	  	 	 	0.33	  	 	 	61,676	  	 	 Supervision
	 	371	  	 	664,317	  	 	 	0.37	  	 	 	690,081	  	 	 	0.37	  
	 	0.29	  	  	 	44,200	  	 	 	0.32	  	 	 	59,028	  	 	 Mine Plan & Scheduling
	 	372	  	 	348,279	  	 	 	0.19	  	 	 	193,400	  	 	 	0.10	  
	 	—  	  	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 Environmental Monitoring
	 	374	  	 	2,270	  	 	 	0.00	  	 	 	—  	  	 	 	—  	  
	 	0.01	  	  	 	2,000	  	 	 	—  	  	 	 	—  	  	 	 Geological Modeling
	 	375	  	 	116,900	  	 	 	0.06	  	 	 	24,000	  	 	 	0.01	  
	 	0.68	  	  	 	105,294	  	 	 	0.65	  	 	 	120,704	  	 		 	OCTS	  	 	1,151,766	  	 	 	0.63	  	 	 	907,481	  	 	 	0.48	  
										
				  				 				 				 	 Safety and Training
	 		  				 				 				 			
	 	0.18	  	  	 	27,682	  	 	 	0.19	  	 	 	34,604	  	 	 Opencut Safety
	 	392	  	 	345,307	  	 	 	0.19	  	 	 	332,180	  	 	 	0.18	  
	 	—  	  	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 Opencut Training
	 	393	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 	0.18	  	  	 	27,682	  	 	 	0.19	  	 	 	34,604	  	 		 		  	 	345,307	  	 	 	0.19	  	 	 	332,180	  	 	 	0.18	  
	 	—  	  	  				 				 				 		 		  				 				 				 			
	 	—  	  	  				 				 				 	 Other
	 		  				 				 				 			
	 	0.18	  	  	 	28,500	  	 	 	0.21	  	 	 	39,341	  	 	 Open Cut Facilities
	 	355	  	 	492,441	  	 	 	0.27	  	 	 	342,000	  	 	 	0.18	  
	 	0.18	  	  	 	28,500	  	 	 	0.21	  	 	 	39,341	  	 		 		  	 	492,441	  	 	 	0.27	  	 	 	342,000	  	 	 	0.18	  
										
				  				 				 				 	 Maintenance
	 		  				 				 				 			
	 	0.65	  	  	 	100,191	  	 	 	0.47	  	 	 	88,807	  	 	 Supervision
	 	340	  	 	1,208,663	  	 	 	0.66	  	 	 	1,202,288	  	 	 	0.64	  
	 	0.23	  	  	 	36,200	  	 	 	0.21	  	 	 	38,611	  	 	 Workshop General
	 	341	  	 	546,459	  	 	 	0.30	  	 	 	434,400	  	 	 	0.23	  
	 	0.20	  	  	 	31,168	  	 	 	0.10	  	 	 	18,920	  	 	 Mechanical Maintenance - General
	 	342	  	 	1,069,317	  	 	 	0.58	  	 	 	373,992	  	 	 	0.20	  
	 	0.19	  	  	 	30,000	  	 	 	0.13	  	 	 	24,463	  	 	 Electrical Maintenance - General
	 	343	  	 	483,697	  	 	 	0.26	  	 	 	360,006	  	 	 	0.19	  
	 	0.22	  	  	 	33,378	  	 	 	0.11	  	 	 	21,224	  	 	 Maintenance Facilities
	 	344	  	 	246,389	  	 	 	0.13	  	 	 	400,536	  	 	 	0.21	  
	 	0.19	  	  	 	29,778	  	 	 	0.17	  	 	 	31,048	  	 	 Purchasing Stores & Logistics
	 	345	  	 	411,612	  	 	 	0.22	  	 	 	357,338	  	 	 	0.19	  
	 	0.59	  	  	 	90,600	  	 	 	0.32	  	 	 	59,225	  	 	 Servicing
	 	346	  	 	936,186	  	 	 	0.51	  	 	 	1,087,201	  	 	 	0.58	  
	 	—  	  	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 Demob/Mob Plant Equipment
	 	347	  	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 	—  	  	  	 	—  	  	 	 	0.20	  	 	 	37,821	  	 	 Accident Damage
	 	348	  	 	318,649	  	 	 	0.17	  	 	 	—  	  	 	 	—  	  
	 	(2.28)	  	  	 	(351,313	) 	 	 	(1.66	) 	 	 	(309,849	) 	 	 Plant Recovery
	 		  	 	(4,856,948	) 	 	 	(2.64	) 	 	 	(4,215,761	) 	 	 	(2.23	) 
	 	(0.00)	  	  	 	(0	) 	 	 	0.05	  	 	 	10,070	  	 		 	MAINT	  	 	364,025	  	 	 	0.20	  	 	 	—  	  	 	 	—  	  
	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 		 		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
										
	 	24.05	  	  	 	3,711,630	  	 	 	22.20	  	 	 	4,140,834	  	 	 Opencut Costs (ex Depreciation)
	 		  	 	51,339,675	  	 	 	27.89	  	 	 	50,977,752	  	 	 	28.98	  
	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 		 		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	1.11	  	  	 	171,246	  	 	 	2.19	  	 	 	407,602	  	 	 Administration
	 		  	 	2,862,538	  	 	 	1.56	  	 	 	3,019,778	  	 	 	1.60	  
	 	0.36	  	  	 	55,210	  	 	 	0.80	  	 	 	148,763	  	 	 Environmental Mgt
	 		  	 	973,825	  	 	 	0.53	  	 	 	1,064,364	  	 	 	0.56	  
	 	2.37	  	  	 	365,954	  	 	 	2.77	  	 	 	517,467	  	 	 Depreciation
	 		  	 	5,161,698	  	 	 	2.80	  	 	 	4,351,214	  	 	 	2.30	  
	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 		 		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	27.89	  	  	 	4,304,041	  	 	 	27.95	  	 	 	5,214,666	  	 	Total Opencut Cost	 		  	 	60,337,736	  	 	 	32.78	  	 	 	59,413,107	  	 	 	31.44	  
	 	 	 	  	 	 	 	 	 	 	 	 	 	 	 	 		 		  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 Advanced overburden stripping calculation 

 

																									
	  	  	Jun-10	 	  	12 Months to June 10	 
	            VALUE $000’s	  	BCM	 	  	Rate	 	  	$000’s	 	  	BCM	 	  	Rate	 	  	$000’s	 
	 Opening Stock
	  	 	1,566,232	  	  	 	4.81	  	  	 	7,533,574	  	  	 	2,727,636	  	  	 	4.95	  	  	 	13,501,798	  
	 Removed - value
	  	 	707,858	  	  	 	4.75	  	  	 	3,364,971	  	  	 	8,966,321	  	  	 	4.77	  	  	 	42,751,966	  
		  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 
	 Subtotal
	  	 	2,274,090	  	  	 	4.79	  	  	 	10,898,545	  	  	 	11,693,957	  	  	 	4.81	  	  	 	56,253,764	  
							
	 Closing stock 30/06/10
	  	 	1,105,775	  	  	 	4.79	  	  	 	5,296,662	  	  	 	1,105,775	  	  	 	4.79	  	  	 	5,296,662	  
		  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 
							
	 Consumed - value $000’s
	  	 	1,168,315	  	  	 	4.79	  	  	 	5,601,883	  	  	 	10,588,182	  	  	 	4.81	  	  	 	50,957,102	  
		  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 
							
	 INVENTORY
	  				  				  				  				  				  			
	 	  	Jun-10	 	  	12 Months to June 10	 
	 UNDERGROUND

ROM
	  	Tonnes	 	  	Rate	 	  	Total	 	  	Tonnes	 	  	Rate	 	  	Total	 
	 Opening Stock
	  	 	10,555	  	  	 	29.47	  	  	 	311,036	  	  	 	117,416	  	  	 	16.24	  	  	 	1,906,408	  
	 ROM Production
	  	 	6,156	  	  	 	1284.72	  	  	 	7,908,753	  	  	 	2,690,667	  	  	 	33.71	  	  	 	90,707,412	  
		  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 
		  	 	16,711	  	  	 	491.88	  	  	 	8,219,789	  	  	 	2,808,083	  	  	 	32.98	  	  	 	92,613,620	  
	 Washed
	  	 	-13,989	  	  	 	481.88	  	  	 	-6,880,909	  	  	 	-2,805,361	  	  	 	32.97	  	  	 	-92,498,835	  
	 NRV Adj
	  				  				  	 	-1,223,894	  	  				  				  			
		  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 
	 Closing stock 30/06/10
	  	 	2,722	  	  	 	42.24	  	  	 	114,986	  	  	 	2,722	  	  	 	42.24	  	  	 	114,986	  
		  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 
							
	 Production
	  				  				  				  				  				  			
	 Opening Stock
	  	 	208,088	  	  	 	56.70	  	  	 	11,799,480	  	  	 	157,286	  	  	 	39.87	  	  	 	6,271,326	  
	 Product
	  	 	5,472	  	  	 	1257.48	  	  	 	6,880,909	  	  	 	1,615,492	  	  	 	57.26	  	  	 	92,498,835	  
	 Washing Costs
	  	 	0	  	  				  	 	508,807	  	  				  				  	 	13,519,602	  
		  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 
		  	 	213,561	  	  	 	89.85	  	  	 	19,189,196	  	  	 	1,772,778	  	  	 	63.34	  	  	 	112,289,765	  
	 Coal sales
	  	 	-21,001	  	  	 	89.85	  	  	 	-1,886,969	  	  	 	-1,570,972	  	  	 	63.34	  	  	 	-101,190,650	  
	 Adj +/-
	  	 	819	  	  	 	0	  	  	 	0	  	  	 	-8,428	  	  	 	0	  	  	 	0	  
	 NRV Adj
	  				  				  	 	-6,203,113	  	  				  				  			
		  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 
	 Closing stock 30/05/10
	  	 	193,378	  	  	 	57.40	  	  	 	11,099,114	  	  	 	193,378	  	  	 	57.40	  	  	 	11,099,114	  
		  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 
							
	 OPEN CUT

ROM
	  	Tonnes	 	  	Rate	 	  	Total	 	  	Tonnes	 	  	Rate	 	  	Total	 
	 Opening Stock
	  	 	15,762	  	  	 	39.61	  	  	 	624,283	  	  	 	62,285	  	  	 	32.92	  	  	 	2,050,138	  
	 AOB Movement
	  	 	0	  	  				  	 	2,236,912	  	  	 	0	  	  	 	0.00	  	  	 	8,205,136	  
	 ROM Production
	  	 	186,545	  	  	 	28.17	  	  	 	5,254,526	  	  	 	1,840,478	  	  	 	32.81	  	  	 	60,377,596	  
		  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 
		  	 	202,307	  	  	 	40.12	  	  	 	8,115,721	  	  	 	1,902,763	  	  	 	37.12	  	  	 	70,632,870	  
	 Washed
	  	 	-162,880	  	  	 	40.12	  	  	 	-6,533,943	  	  	 	-1,863,318	  	  	 	37.06	  	  	 	-69,051,093	  
		  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 
	 Closing stock 30/06/10
	  	 	39,447	  	  	 	40.10	  	  	 	1,581,778	  	  	 	39,447	  	  	 	40.10	  	  	 	1,581,778	  
		  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 
							
	 Production
	  				  				  				  				  				  			
	 Opening Stock
	  	 	109,674	  	  	 	75.08	  	  	 	8,234,667	  	  	 	76,847	  	  	 	57.88	  	  	 	4,448,016	  
	 Production
	  	 	95,623	  	  	 	68.33	  	  	 	6,633,943	  	  	 	1,135,916	  	  	 	60.79	  	  	 	69,051,093	  
	 Washing Costs
	  				  				  	 	1,053,743	  	  				  				  	 	8,979,697	  
		  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 
		  	 	205,297	  	  	 	77.07	  	  	 	15,822,353	  	  	 	1,212,763	  	  	 	68.01	  	  	 	82,478,805	  
	 Coal sales
	  	 	-103,114	  	  	 	77.07	  	  	 	-7,946,971	  	  	 	-1,104,605	  	  	 	68.01	  	  	 	-74,603,423	  
	 Adj +/-
	  	 	48	  	  	 	0	  	  	 	0	  	  	 	-5,926	  	  	 	0	  	  	 	0	  
		  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 
	 Closing stock 30/06/10
	  	 	102,232	  	  	 	77.03	  	  	 	7,875,382	  	  	 	102,232	  	  	 	77.03	  	  	 	7,875,382	  
		  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 
							
	 Total Inventory
	  				  				  				  	 	337, 779	  	  				  	 	20,671,250	  

 ASHTON COAL OPERATIONS PTY LIMITED 

CAPITAL EXPENDITURE & JV RATIFICATON REPORT 
 12 Months to June10 
  

																											
	CAPITAL EXPENDITURE	 
	 COST

CODE
	 	  	 DESCRIPTION
	  	 Ratified by

Operating Committee
	  	CER
AMT	 	  	ACTUAL
MONTH	 	 	ACTUAL
YEAR TO 
DATE	 	  	BUDGET
MONTH	 	  	BUDGET
YEAR TO 
DATE	 
	 	 	  	 	  	 	  	 	 	  	$’000’s	 	 	$’000’s	 	  	$’000’s	 	  	$’000’s	 
				  	2008 / 2009 Program Carried forward approved Capital	  		  				  				 				  				  			
				  	 UNDERGROUND
	  		  				  				 				  				  			
	 	20018109	  	  	 Rib Bolting Rigs for Miners
	  	 15/06/2009
	  	 	343,872	  	  	 	0	  	 	 	172	  	  	 	0	  	  	 	350	  
	 	20018110	  	  	 1400 & 1600 Structure and Conveyor
	  	 3rd Develop. Unit (Approved 2008)
	  	 	—  	  	  	 	2	  	 	 	728	  	  	 	0	  	  			
	 	20018112	  	  	 Submersible Pump Relocation
	  	 15/06/2009
	  	 	280,000	  	  	 	0	  	 	 	344	  	  	 	0	  	  	 	280	  
	 	20018113	  	  	 New Ventilation Shaft
	  	 3rd Develop. Unit (Approved 2009)
	  	 	—  	  	  	 	0	  	 	 	0	  	  	 	0	  	  	 	220	  
	 	20200112	  	  	 Shuttle Cars
	  	 3rd Develop. Unit (Approved 2009)
	  	 
	—  
	  
	  	 	0	  	 	 	1,259	  	  	 	0	  	  	 	1,350	  
	 	20200131	  	  	 Personnel Transport
	  	 3rd Develop. Unit (Approved 2009)
	  	 
	—  
	  
	  	 	0	  	 	 	314	  	  	 	0	  	  	 	315	  
	 	20200191	  	  	 Maingate Drive
	  	 3rd Develop. Unit (Approved 2009)
	  	 
	—  
	  
	  	 	0	  	 	 	2,697	  	  	 	0	  	  	 	2,486	  
	 	20200192	  	  	 Northwest Mains Tripper
	  	 3rd Develop. Unit (Approved 2009)
	  	 
	—  
	  
	  	 	76	  	 	 	1,398	  	  	 	0	  	  	 	1,080	  
	 	20200133	  	  	 2MVA Section Transformer
	  	 3rd Develop. Unit (Approved 2009)
	  	 
	—  
	  
	  	 	0	  	 	 	165	  	  	 	0	  	  	 	180	  
	 	20200143	  	  	 Diesel Attachements
	  	 3rd Develop. Unit (Approved 2009)
	  	 
	—  
	  
	  	 	0	  	 	 	56	  	  	 	0	  	  	 	100	  
	 	20200150	  	  	 Bat Bag Man Basket
	  	 3rd Develop. Unit (Approved 2009)
	  	 
	—  
	  
	  	 	34	  	 	 	34	  	  	 	0	  	  			
	 	25405000	  	  	 Longwall (Final Settlement)
	  		  	 
	—  
	  
	  	 	0	  	 	 	261	  	  	 	0	  	  			
	 	20200114	  	  	 Trailer
	  	 3rd Develop. Unit (Approved 2009)
	  	 
	—  
	  
	  	 	0	  	 	 	49	  	  	 	0	  	  			
	 	20200132	  	  	 LHD
	  	 3rd Develop. Unit (Approved 2009)
	  	 
	—  
	  
	  	 	79	  	 	 	79	  	  	 	0	  	  			
	 	20200173	  	  	 Emergency Cache
	  	 3rd Develop. Unit (Approved 2009)
	  	 
	—  
	  
	  	 	64	  	 	 	77	  	  	 	0	  	  			
	 	20200175	  	  	 Air Equipment
	  	 3rd Develop. Unit (Approved 2009)
	  	 
	—  
	  
	  	 	0	  	 	 	18	  	  	 	0	  	  			
				  	 CHPP
	  		  				  				 	 	0	  	  	 	0	  	  			
	 	20018132	  	  	 Feeder/Breaker
	  	 (CER Approval $1,431M)22/04/2009
	  	 	250,000	  	  	 	0	  	 	 	598	  	  	 	0	  	  	 	250	  
	 	20018130	  	  	 Tripper Power Control System
	  	 15/06/2009
	  	 	85,000	  	  	 	0	  	 	 	180	  	  	 	0	  	  	 	85	  
	 	20018115	  	  	 Train Loadout Weightometers
	  	 15/06/2009
	  	 	90,000	  	  	 	0	  	 	 	52	  	  	 	0	  	  	 	90	  
				  	 Administration
	  		  				  				 	 	0	  	  	 	0	  	  			
	 	20018124	  	  	 Upgrade Toilet Facilities
	  	 22/10/2009
	  	 	57,572	  	  	 	0	  	 	 	70	  	  	 	0	  	  	 	70	  
	 	20018125	  	  	 VOP Equipment
	  		  	 	—  	  	  	 	0	  	 	 	89	  	  	 	0	  	  			
	 	20018122	  	  	 Main Office Refurbishment
	  		  	 	—  	  	  	 	0	  	 				  	 	0	  	  	 	100	  
				  		  		  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 
				  	 Total 08/09 carried forward Capital
	  		  	 	1,106,444	  	  	 	255	  	 	 	8,640	  	  	 	0	  	  	 	6,956	  
				  		  		  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 
								
				  	 2009 / 2010 Program
	  		  				  				 				  				  			
				  	 OPENCUT (NEOC)
	  		  				  				 				  				  			
	 	20018511	  	  	 Two Way Radios
	  		  	 	—  	  	  	 	0	  	 				  	 	0	  	  	 	10	  
	 	20018512	  	  	 Aluminum Work Platforms
	  		  	 	—  	  	  	 	0	  	 				  	 	0	  	  	 	20	  
	 	20018513	  	  	 Various Hydraulic Press Equipment
	  		  	 	—  	  	  	 	0	  	 				  	 	0	  	  	 	20	  
	 	20018514	  	  	 GPS Survey Unit
	  		  	 	—  	  	  	 	0	  	 	 	68	  	  	 	0	  	  	 	80	  
	 	20018526	  	  	 Excavator Damage
	  		  	 	—  	  	  	 	0	  	 	 	175	  	  	 	0	  	  	 	0	  
	 	20018527	  	  	 Purchase Hired D10 Dozer TD3073
	  	 14/12/2009
	  	 	425,000	  	  	 	0	  	 	 	400	  	  	 	0	  	  	 	0	  
				  		  		  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 
				  	 Total Open Cut
	  		  	 	425,000	  	  	 	0	  	 	 	643	  	  	 	0	  	  	 	130	  
				  		  		  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 
								
				  	 UNDERGROUND
	  		  				  				 				  				  			
				  	 Scheduled Overhauls/Replacement
	  		  				  				 				  				  			
	 	20018506	  	  	 Replace Shuttle Cars No. 1, 2 & 3
	  	 25/08/2009
	  	 	1,650,000	  	  	 	265	  	 	 	1,276	  	  	 	900	  	  	 	1,650	  
				  	 Conveyors
	  		  				  				 				  				  	 	0	  
	 	20018504	  	  	 1400mm Conveyor Belt
	  	 25/08/2009
	  	 	480,000	  	  	 	0	  	 	 	0	  	  	 	0	  	  	 	480	  
	 	20018504	  	  	 1400mm Structure
	  	 25/08/2009
	  	 	560,000	  	  	 	0	  	 	 	1,132	  	  	 	0	  	  	 	560	  
	 	20018504	  	  	 1600mm Structure and Conveyor Belt
	  	 25/08/2009
	  	 	189,000	  	  	 	0	  	 	 	0	  	  	 	0	  	  	 	189	  
	 	20018504	  	  	 1600mm Conveyor belt
	  	 25/08/2009
	  	 	144,000	  	  	 	0	  	 	 	0	  	  	 	0	  	  	 	144	  
				  	 Infrastructure
	  		  				  				 	 	0	  	  				  	 	0	  
	 	20018508	  	  	 Submersible Pump Relocation
	  	 25/08/2009
	  	 	494,240	  	  	 	29	  	 	 	414	  	  	 	0	  	  	 	600	  
	 	20018525	  	  	 ULD Access
	  	 - $5.3M budgeted for FY 2010/11 - 1
	  	 	12,650,000	  	  	 	751	  	 	 	3,865	  	  	 	1,768	  	  	 	5,300	  
	 	20018509	  	  	 Back Road Ventilation Shaft
	  	 25/08/2009
	  	 	450,000	  	  	 	0	  	 	 	458	  	  	 	0	  	  	 	450	  
	 	20018516	  	  	 Power Distrubtion & Communications
	  		  	 	—  	  	  	 	0	  	 	 	0	  	  	 	0	  	  	 	250	  
	 	20018505	  	  	 Compressor
	  	 25/08/2009
	  	 	480,000	  	  	 	0	  	 	 	518	  	  	 	0	  	  	 	350	  
	 	20018507	  	  	 Road Sealing
	  	 25/08/2009
	  	 	376,452	  	  	 	0	  	 	 	376	  	  	 	0	  	  	 	400	  
	 	20018530	  	  	 6x 330MM 11KV Cables
	  		  	 	228,676	  	  	 	229	  	 	 	229	  	  	 	0	  	  	 	0	  
				  	 Safety
	  		  				  				 	 	0	  	  				  	 	0	  
	 	20018517	  	  	 Emergency Excape System
	  	 22/10/2009
	  	 	145,000	  	  	 	0	  	 	 	0	  	  	 	0	  	  	 	250	  
	 	20018518	  	  	 Seal Goaf Inertisation
	  		  	 	—  	  	  	 	0	  	 	 	0	  	  	 	0	  	  	 	500	  
	 	20018131	  	  	 Gas Chromatograph
	  	 25/08/2009
	  	 	67,950	  	  	 	0	  	 	 	66	  	  	 	0	  	  	 	140	  
	 	20018519	  	  	 Geological Database Management System
	  	 25/08/2009
	  	 	25,000	  	  	 	0	  	 	 	23	  	  	 	0	  	  	 	25	  
				  		  		  				  	 	0	  	 				  				  			
				  		  		  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 
				  	 Total Underground
	  		  	 	17,711,642	  	  	 	1,274	  	 	 	8,358	  	  	 	2,668	  	  	 	11,288	  
				  		  		  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 
								
				  	 CHPP
	  		  				  				 				  				  			
				  	 Mechanical
	  		  				  				 				  				  			
	 	20018510	  	  	 Crane inspection platform mod 2
	  	 25/08/2009
	  	 	25,000	  	  	 	0	  	 	 	17	  	  	 	0	  	  	 	25	  
				  	 Electrical
	  		  				  				 	 	0	  	  				  	 	0	  
	 	20018130	  	  	 Tripper cable reel and control panel
	  	 15/06/2009
	  	 	85,000	  	  	 	0	  	 	 	0	  	  	 	0	  	  	 	85	  
	 	20018500	  	  	 High Voltage Swithroom PLC
	  	 25/08/2009
	  	 	10,000	  	  	 	(3	) 	 	 	0	  	  	 	0	  	  	 	10	  
	 	20018521	  	  	 Thickener Bed Level Monitoring
	  		  	 	—  	  	  	 	0	  	 	 	0	  	  	 	0	  	  	 	30	  
	 	20018502	  	  	 UPS for #1 415 volt switch room
	  	 25/08/2009
	  	 	6,000	  	  	 	0	  	 	 	6	  	  	 	0	  	  	 	6	  
	 	20018501	  	  	 MCC 6 Weather Protection
	  	 25/08/2009
	  	 	9,000	  	  	 	0	  	 	 	0	  	  	 	0	  	  	 	9	  
	 	20018533	  	  	 Reloc 33 KV Power Lines Mac Gen
	  		  	 	110,000	  	  	 	110	  	 	 	110	  	  	 	0	  	  	 	0	  
	 	20018534	  	  	 4th Continuous Miner
	  		  	 	5,239,466	  	  	 	786	  	 	 	786	  	  	 	0	  	  	 	0	  
				  	 Operational
	  		  				  				 				  				  	 	0	  
	 	20018503	  	  	 Bobcat
	  	 25/08/2009
	  	 	50,000	  	  	 	0	  	 	 	45	  	  	 	0	  	  	 	50	  
	 	20018520	  	  	 Upgrade Fire systems for council approval
	  	 25/08/2009
	  	 	100,000	  	  	 	0	  	 	 	0	  	  	 	0	  	  	 	100	  
	 	20018536	  	  	 Ravensworth Dam Lift 2
	  		  	 	2,400,000	  	  	 	839	  	 	 	839	  	  	 	0	  	  	 	0	  
				  		  		  				  	 	0	  	 				  				  			
				  		  		  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 
				  	 Total CHPP
	  		  	 	285,000	  	  	 	1,732	  	 	 	1,803	  	  	 	0	  	  	 	315	  
				  		  		  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 
								
				  	 ENVIRONMENTAL
	  		  				  				 				  				  			
	 	20018522	  	  	 Talings Dam Saddle Dam Wall
	  	 14/12/2009
	  	 	627,000	  	  	 	0	  	 	 	606	  	  	 	0	  	  	 	500	  
	 	20018523	  	  	 Bowmans Creek Pump
	  		  				  	 	0	  	 				  	 	0	  	  	 	97	  
				  		  		  				  				 				  				  	 	0	  
				  		  		  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 
				  	 Total Environmental
	  		  	 	627,000	  	  	 	0	  	 	 	606	  	  	 	0	  	  	 	597	  
				  		  		  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 
								
				  	 ADMINISTRATION
	  		  				  				 				  				  			
	 	20018524	  	  	 7 x motor vehicle replacements
	  		  				  	 	(8	) 	 	 	361	  	  	 	0	  	  	 	330	  
	 	20018529	  	  	 Glennies Creek Rd Insurance Part 11
	  		  				  	 	281	  	 	 	281	  	  	 	0	  	  	 	0	  
				  		  		  				  				 				  	 	0	  	  	 	0	  
				  		  		  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 
				  	 Total Administration
	  		  	 	0	  	  	 	273	  	 	 	642	  	  	 	0	  	  	 	330	  
				  		  		  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 
								
				  	 PROJECTS
	  		  				  				 				  				  			
	 	20025009	  	  	 Southeast Open Cut/West Pit & Other New Projects
	  	 Project approval pending
	  				  	 	1,824	  	 	 	11,196	  	  	 	1,973	  	  	 	18,819	  
	 	20018531	  	  	 Bengalia Coal Conveyor
	  		  	 	1,300	  	  	 	0	  	 	 	41	  	  				  			
				  		  		  				  				 	 	0	  	  				  			
				  		  		  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 
				  	 Total Projects
	  		  	 	1,300	  	  	 	1,824	  	 	 	11,237	  	  	 	1,973	  	  	 	18,819	  
				  		  		  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 
				  	 Total 2009/ 2010 Program
	  		  	 	20,156,386	  	  	 	5,357	  	 	 	31,931	  	  	 	4,641	  	  	 	38,435	  
				  		  		  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	  	 	 	 

 Ashton Coal Operations Limited 

Administration & Overheads Cost Report 
  

																																					
	Jun-10	 	 	 	  	 	 	  	12 Months to June 10	 
	 Unit Cost per
ROM tonne
	 	  	Budget	 	  	Unit Cost per
ROM tonne	 	 	Actual	 	 	 	  	 	 	  	Actual	 	 	Unit Cost per
ROM tonne	 	 	Budget	 	  	Unit Cost per
ROM
tonne	 
										
				  	 	154,305	  	  				 	 	186,545	  	 	 Opencut ROM Mined (Tonnes)
	  				  	 	1,840,478	  	 				 	 	1,889,466	  	  			
				  	 	407,052	  	  				 	 	6,156	  	 	 Underground ROM Mined (Tonnes)
	  				  	 	2,690,667	  	 				 	 	3,056,548	  	  			
				  	 	 	 	  				 	 	 	 	 		  				  	 	 	 	 				 	 	 	 	  			
				  	 	561,357	  	  				 	 	192,701	  	 	 Total ROM (Tonnes)
	  				  	 	4,531,145	  	 				 	 	4,946,014	  	  			
				  	 	 	 	  				 	 	 	 	 		  				  	 	 	 	 				 	 	 	 	  			
										
				  				  				 				 	Administration	  				  				 				 				  			
	 	0.16	  	  	 	88,465	  	  	 	0.63	  	 	 	12,1425	  	 	       Salaries
	  	 	80510	  	  	 	1,178,406	  	 	 	0.26	  	 	 	1,031,535	  	  	 	0.21	  
	 	0.00	  	  	 	2,500	  	  	 	0.03	  	 	 	6,471	  	 	       Recruitment Costs
	  	 	80710	  	  	 	88,055	  	 	 	0.02	  	 	 	30,000	  	  	 	0.01	  
				  				  	 	—  	  	 	 	—  	  	 	       Staff Relocation
	  	 	80715	  	  	 	82	  	 	 	0.00	  	 	 	—  	  	  	 	—  	  
				  				  	 	—  	  	 	 	—  	  	 	       Temporary Staff
	  	 	81090	  	  	 	—  	  	 	 	—  	  	 	 	52,500	  	  	 	0.01	  
	 	00.4	  	  	 	22,000	  	  	 	—  	  	 	 	—  	  	 	       FBT
	  	 	80760	  	  	 	—  	  	 	 	—  	  	 	 	264,000	  	  	 	0.05	  
	 	00.0	  	  	 	1,000	  	  	 	0.00	  	 	 	294	  	 	       Staff Pvt Accomodation
	  	 	80766	  	  	 	3,582	  	 	 	0.00	  	 	 	12,000	  	  	 	0.00	  
				  				  	 	(0.00	) 	 	 	(39	) 	 	       Luxury Car Tax
	  	 	80755	  	  	 	(534	) 	 	 	(0.00	) 	 	 	—  	  	  	 	—  	  
				  				  	 	—  	  	 	 	—  	  	 	       Employee Gifts
	  	 	80780	  	  	 	76,845	  	 	 	0.02	  	 	 	—  	  	  	 	—  	  
	 	0.04	  	  	 	23,000	  	  	 	0.11	  	 	 	22,119	  	 	       Contractors - General
	  	 	82000	  	  	 	217,321	  	 	 	0.05	  	 	 	276,000	  	  	 	0.06	  
				  				  	 	—  	  	 	 	—  	  	 	       Contractors - Wonnarua
	  	 	82037	  	  	 	—  	  	 	 	—  	  	 	 	—  	  	  	 	—  	  
				  				  	 	(0.02	) 	 	 	(4,138	) 	 	       Materials, Consumables & Spare
	  	 	83010	  	  	 	12,396	  	 	 	0.00	  	 	 	—  	  	  	 	—  	  
				  				  	 	0.22	  	 	 	43,350	  	 	       Stocktake Adjustment
	  	 	83110	  	  	 	(68,460	) 	 	 	(0.02	) 	 	 	—  	  	  	 	—  	  
				  				  	 	—  	  	 	 	—  	  	 	       Safety
	  	 	83410	  	  	 	—  	  	 	 	—  	  	 	 	—  	  	  	 	—  	  
				  				  	 	—  	  	 	 	—  	  	 	       Vehicles
	  	 	84010	  	  	 	1,194	  	 	 	0.00	  	 	 	—  	  	  	 	—  	  
	 	0.01	  	  	 	3,000	  	  	 	0.01	  	 	 	1,360	  	 	       Electricity
	  	 	84510	  	  	 	16,619	  	 	 	0.00	  	 	 	36,000	  	  	 	0.01	  
	 	0.02	  	  	 	9,000	  	  	 	0.01	  	 	 	2,768	  	 	       Water
	  	 	84520	  	  	 	95,044	  	 	 	0.02	  	 	 	108,000	  	  	 	0.02	  
	 	0.01	  	  	 	4,000	  	  	 	0.02	  	 	 	4,407	  	 	       Cleaning
	  	 	84530	  	  	 	46,943	  	 	 	0.01	  	 	 	48,000	  	  	 	0.01	  
	 	0.00	  	  	 	2,000	  	  	 	0.05	  	 	 	9,383	  	 	       Security
	  	 	84535	  	  	 	110,531	  	 	 	0.02	  	 	 	24,000	  	  	 	0.00	  
				  				  	 	—  	  	 	 	—  	  	 	       Rates
	  	 	84540	  	  	 	—  	  	 	 	—  	  	 	 	—  	  	  	 	—  	  
				  				  	 	—  	  	 	 	—  	  	 	       Rental Expense
	  	 	84545	  	  	 	—  	  	 	 	—  	  	 	 	—  	  	  	 	—  	  
	 	0.02	  	  	 	12,500	  	  	 	0.05	  	 	 	10,119	  	 	       Office Consumables
	  	 	85010	  	  	 	120,082	  	 	 	0.03	  	 	 	150,000	  	  	 	0.03	  
	 	0.01	  	  	 	5,000	  	  	 	—  	  	 	 	—  	  	 	       Printing and Stationery
	  	 	85015	  	  	 	—  	  	 	 	—  	  	 	 	60,000	  	  	 	0.01	  
	 	0.00	  	  	 	2,500	  	  	 	0.01	  	 	 	2,000	  	 	       Courier Charges
	  	 	85025	  	  	 	25,817	  	 	 	0.01	  	 	 	30,000	  	  	 	0.01	  
	 	0.04	  	  	 	25,000	  	  	 	0.01	  	 	 	1,620	  	 	       Subscriptions
	  	 	85040	  	  	 	274,390	  	 	 	0.06	  	 	 	300,000	  	  	 	0.06	  
	 	0.02	  	  	 	10,000	  	  	 	0.04	  	 	 	6,996	  	 	       Computer Operating Costs
	  	 	85125	  	  	 	139,610	  	 	 	0.03	  	 	 	120,000	  	  	 	0.02	  
	 	0.01	  	  	 	7,500	  	  	 	0.06	  	 	 	11,653	  	 	       Telephones - Fixed
	  	 	85210	  	  	 	81,405	  	 	 	0.02	  	 	 	90,000	  	  	 	0.02	  
	 	0.02	  	  	 	9,000	  	  	 	0.04	  	 	 	6,618	  	 	       Telephones - Mobile
	  	 	85015	  	  	 	82,248	  	 				 	 	108,000	  	  	 	0.02	  
	 	0.01	  	  	 	5,000	  	  	 	0.03	  	 	 	4,830	  	 	       Travel - Domestic
	  	 	85410	  	  	 	42,723	  	 	 	0.01	  	 	 	60,000	  	  	 	0.01	  
	 	0.00	  	  	 	2,000	  	  	 	0.00	  	 	 	631	  	 	       Entertainment
	  	 	85430	  	  	 	51,400	  	 	 	0.01	  	 	 	87,000	  	  	 	0.02	  
				  				  	 	0.01	  	 	 	1,200	  	 	       Public Relations
	  	 	85620	  	  	 	52,548	  	 	 	0.01	  	 	 	—  	  	  	 	—  	  
				  				  	 	—  	  	 	 	—  	  	 	       Donations Allow
	  	 	85630	  	  	 	3,772	  	 	 	0.00	  	 	 	30,000	  	  	 	0.01	  
	 	0.00	  	  	 	2,500	  	  	 	0.04	  	 	 	7,216	  	 	       Legal Fees - Allowable
	  	 	86010	  	  	 	176,876	  	 	 	0.04	  	 	 	30,000	  	  	 	0.01	  
	 	0.25	  	  	 	140,667	  	  	 	1.24	  	 	 	239,568	  	 	       Insurance - Industrial
	  	 	86410	  	  	 	1,458,205	  	 	 	0.32	  	 	 	1,688,000	  	  	 	0.34	  
				  				  	 	—  	  	 	 	—  	  	 	       Other Bank Charges
	  	 	87045	  	  	 	—  	  	 	 	—  	  	 	 	—  	  	  	 	—  	  
				  				  	 	0.34	  	 	 	64,586	  	 	       Fringe Benefits
	  	 	87510	  	  	 	240,447	  	 	 	0.05	  	 	 	—  	  	  	 	—  	  
				  				  	 	0.07	  	 	 	12,833	  	 	       Other Expenses
	  	 	87899	  	  	 	27,193	  	 	 	0.01	  	 	 	—  	  	  	 	—  	  
				  				  	 	0.10	  	 	 	19,055	  	 	       Minor Capital
	  	 	88010	  	  	 	105,245	  	 	 	0.02	  	 	 	—  	  	  	 	—  	  
	 	0.01	  	  	 	3,000	  	  	 	0.01	  	 	 	2,716	  	 	       Allocated Plant Costs
	  	 	90440	  	  	 	30,890	  	 	 	0.01	  	 	 	36,000	  	  	 	0.01	  
				  				  	 	—  	  	 	 	—  	  	 	       Internal Service
	  	 	90660	  	  	 	—  	  	 	 	—  	  	 	 	—  	  	  	 	—  	  
				  				  				 				 	       Minor Capital < $1000
	  	 	88010	  	  				 				 	 	—  	  	  			
				  				  				 				 	       Minor Capital > $1000 < $5000
	  	 	88020	  	  				 				 	 	60,000	  	  			
										
	 	0.68	  	  	 	379,632	  	  	 	3.11	  	 	 	599,240	  	 		  	 	Total	  	  	 	4,690,873	  	 	 	1.04	  	 	 	4,731,035	  	  	 	0.96	  
										
				  				  				 				 	 Environmental Management
	  				  				 				 				  			
	 	0.07	  	  	 	41,768	  	  				 	 	99,523	  	 	       Salaries
	  	 	80510	  	  	 	714,286	  	 	 	0.16	  	 	 	501,213	  	  	 	0.10	  
	 	0.25	  	  	 	142,668	  	  	 	0.54	  	 	 	103,564	  	 	       Contractors - General
	  	 	82000	  	  	 	1,497,391	  	 	 	0.33	  	 	 	1,712,018	  	  	 	0.35	  
				  				  	 	—  	  	 	 	—  	  	 	       Contractors - Wonnaru
	  	 	82037	  	  	 	18,270	  	 	 	0.00	  	 	 	—  	  	  	 	—  	  
	 	0.01	  	  	 	8,333	  	  	 	0.15	  	 	 	29,350	  	 	       Materials, Consumables & Spare
	  	 	83010	  	  	 	118,841	  	 	 	0.03	  	 	 	102,000	  	  	 	0.02	  
				  				  	 	—  	  	 	 	—  	  	 	       Telephones - Fixed
	  	 	85210	  	  	 	2,773	  	 	 	0.00	  	 	 	—  	  	  	 	—  	  
	 	0.01	  	  	 	7,083	  	  	 	0.00	  	 	 	280	  	 	       Public Relations
	  	 	85620	  	  	 	36,114	  	 	 	0.01	  	 	 	85,000	  	  	 	0.02	  
	 	0.00	  	  	 	1,000	  	  	 	0.00	  	 	 	555	  	 	       Allocated Plant Costs
	  	 	90440	  	  	 	9,823	  	 	 	0.00	  	 	 	12,000	  	  	 	0.00	  
										
	 	0.36	  	  	 	200,852	  	  	 	1.21	  	 	 	233,272	  	 		  	 	Total	  	  	 	2,397,497	  	 	 	0.53	  	 	 	2,412,231	  	  	 	0.49	  
										
				  				  				 				 	 Safety and Training
	  				  				 				 				  			
	 	0.04	  	  	 	22,083	  	  	 	0.18	  	 	 	35,387	  	 	       Salaries
	  	 	80510	  	  	 	328,180	  	 	 	0.07	  	 	 	264,993	  	  	 	0.05	  
	 	0.02	  	  	 	8,600	  	  	 	0.05	  	 	 	9,241	  	 	       Contractors - General
	  	 	82000	  	  	 	88,933	  	 	 	0.02	  	 	 	103,200	  	  	 	0.02	  
	 	0.00	  	  	 	1,596	  	  	 	0.07	  	 	 	13,306	  	 	       Materials, Consumable & Spare
	  	 	83010	  	  	 	33,964	  	 	 	0.01	  	 	 	19,150	  	  	 	0.00	  
				  				  	 	—  	  	 	 	—  	  	 	       Telephones - Fixed
	  	 	85210	  	  	 	—  	  	 	 	—  	  	 	 	—  	  	  	 	—  	  
				  				  	 	—  	  	 	 	—  	  	 	       Other Expenses
	  	 	87899	  	  	 	—  	  	 	 	—  	  	 	 	—  	  	  	 	—  	  
	 	0.00	  	  	 	1,000	  	  	 	0.02	  	 	 	3,172	  	 	       Allocated Plant Costs
	  	 	90440	  	  	 	10,808	  	 	 	0.00	  	 	 	12,000	  	  	 	0.00	  
										
	 	0.06	  	  	 	33,279	  	  	 	0.32	  	 	 	61,106	  	 		  	 	Total	  	  	 	461,885	  	 	 	0.10	  	 	 	399,343	  	  	 	0.08	  
	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 		  				  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 
										
	 	1.09	  	  	 	613,762	  	  	 	4.62	  	 	 	893,619	  	 	 Administration Costs (ex Depreciation)
	  				  	 	7,550,256	  	 	 	1.67	  	 	 	7,542,609	  	  	 	1.52	  
	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 		  				  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 
	 	0.37	  	  	 	205,079	  	  	 	(0.27	) 	 	 	(52,513	) 	 	       Depreciation
	  				  	 	1,894,637	  	 	 	0.42	  	 	 	1,933,076	  	  	 	0.39	  
	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 		  				  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 
	 	1.46	  	  	 	818,841	  	  	 	4.36	  	 	 	841,106	  	 	 Total Administration Cost
	  				  	 	9,444,893	  	 	 	2.08	  	 	 	9,475,685	  	  	 	1.92	  
	 	 	 	  	 	 	 	  	 	 	 	 	 	 	 	 		  				  	 	 	 	 	 	 	 	 	 	 	 	  	 	 	 
										
	 	1.11	  	  	 	171,248	  	  	 	2.19	  	 	 	407,602	  	 	 Opencut Share of Admin & Safety Costs
	  				  	 	2,862,538	  	 	 	1.56	  	 	 	3,019,778	  	  	 	1.60	  
	 	1.11	  	  	 	451,743	  	  	 	32.53	  	 	 	200,232	  	 	 Underground Share of Admin & Safety Costs
	  				  	 	4,184,857	  	 	 	1.56	  	 	 	4,043,677	  	  	 	1.32	  
	 	0.14	  	  	 	55,210	  	  	 	0.80	  	 	  
	 148,763
	   
	 	 Opencut Share of Environmental Costs
	  				  	 	973,825	  	 	 	0.53	  	 	 	1,064,364	  	  	 	0.56	  
	 	0.36	  	  	 	145,643	  	  	 	13.73	  	 	 	84,509	  	 	 Underground Share of Environmental Costs
	  				  	 	1,423,673	  	 	 	0.53	  	 	 	1,347,868	  	  	 	0.44	  

 Ashton Coal Operations Limited 

Maintenance Cost Report 
  

																																			
	Jun-10	 	 	 	 	 	 	 	12 Months to June 10	 
	 Unit Cost per
ROM tonne
	 	Budget	 	 	Unit Cost per
ROM
tonne	 	 	Actual	 	 	 	 	 	 	 	Actual	 	 	Unit Cost per
ROM
tonne	 	 	Budget	 	 	Unit Cost per
ROM
tonne	 
										
		 				 				 				 	EQUIPMENT	 				 				 				 				 			
		 	 	2,080,324	  	 				 	 	2,540,777	  	 	Mobile Equipment Expenditure	 				 	 	27,460,381	  	 				 	 	30,363,907	  	 			
										
		 				 				 				 	Maintenance	 				 				 				 				 			
		 	 	100,191	  	 				 	 	88,607	  	 	 Supervision
	 	 
	340
	  
	 	 	1,208,663	  	 				 	 	1,202,288	  	 			
		 	 	36,200	  	 				 	 	38,811	  	 	 Workshop General
	 	 	341	  	 	 	546,459	  	 				 	 	434,400	  	 			
		 	 	31,166	  	 				 	 	18,920	  	 	 Mechanical Maintenance - General
	 	 	342	  	 	 	1,069,317	  	 				 	 	373,992	  	 			
		 	 	30,000	  	 				 	 	24,463	  	 	 Electrical Maintenance - General
	 	 	343	  	 	 	483,697	  	 				 	 	360,006	  	 			
		 	 	33,378	  	 				 	 	21,224	  	 	 Maintenance Facilities
	 	 	344	  	 	 	246,389	  	 				 	 	400,538	  	 			
		 	 	29,778	  	 				 	 	31,048	  	 	 Purchasing Stores & Logistics
	 	 
	345
	  
	 	 	411,612	  	 				 	 	357,338	  	 			
		 	 	90,800	  	 				 	 	59,225	  	 	 Servicing
	 	 	346	  	 	 	936,188	  	 				 	 	1,087,201	  	 			
		 	 	—  	  	 				 	 	—  	  	 	 Demob/Mob Plant Equipment
	 	 
	347
	  
	 	 	—  	  	 				 	 	—  	  	 			
		 				 				 				 		 				 	 	 	 	 				 	 	 	 	 			
		 	 	351,313	  	 				 	 	282,097	  	 		 				 	 	4,902,325	  	 				 	 	4,215,761	  	 			
		 	 	 	 	 				 	 	 	 	 		 				 	 	 	 	 				 	 	 	 	 			
										
		 	 	2,441,638	  	 				 	 	2,822,874	  	 	 Total Costs (ex Depreciation)
	 				 	 	32,362,705	  	 				 	 	34,579,668	  	 			
		 	 	 	 	 				 	 	 	 	 		 				 	 	 	 	 				 	 	 	 	 			
										
		 	 	2,441,638	  	 				 	 	2,822,874	  	 	 Total Cost
	 				 	 	32,362,705	  	 				 	 	34,579,668	  	 			
		 	 	 	 	 				 	 	 	 	 		 				 	 	 	 	 				 	 	 	 	 			

 Ashton Coal Operations Limited 

Underground Detail Cost Report 
  

																																					
	Jun-10	 	 	 	 	 	 	 	12 Months to June-10	 
	 Unit Cost per
ROM tonne
	 	 	Budget	 	 	Unit Cost per
ROM tonne	 	 	Actual	 	 	 	 	 	 	 	Actual	 	 	Unit Cost per
ROM tonne	 	 	Budget	 	 	Unit Cost per
ROM tonne	 
										
				 	 	407,052	  	 				 	 	6,156	  	 	 Underground ROM Mined (Tonnes)
	 				 	 	2,690,667	  	 				 	 	3,056,548	  	 			
				 	 	2,035	  	 				 	 	255	  	 	 Development Meters
	 				 	 	16.448	  	 				 	 	22,216	  	 			
				 	 	 	 	 				 	 	 	 	 		 				 	 	 	 	 				 				 			
										
				 				 				 				 	 Mine Management
	 				 				 				 				 			
	 	0.24	  	 	 	96,947	  	 	 	13.19	  	 	 	81,210	  	 	 Underground Mine Management
	 	 	401	  	 	 	1,167,193	  	 	 	0.43	  	 	 	1,141,686	  	 	 	0.37	  
	 	0.24	  	 	 	96,947	  	 	 	13.19	  	 	 	81,210	  	 		 	 	UGMM	  	 	 	1,167,193	  	 	 	0.43	  	 	 	1,141,686	  	 	 	0.37	  
										
				 				 				 				 	 Technical Services
	 				 				 				 				 			
	 	0.17	  	 	 	69,130	  	 	 	21.11	  	 	 	129,929	  	 	 Supervision
	 	 	421	  	 	 	988,527	  	 	 	0.37	  	 	 	814,301	  	 	 	0.27	  
	 	0.05	  	 	 	20,000	  	 	 	8.71	  	 	 	53,638	  	 	 Bowman Crk Aquidude
	 	 	420	  	 	 	1,287,543	  	 	 	0.48	  	 	 	240,000	  	 	 	0.08	  
	 	0.06	  	 	 	25,000	  	 	 	2.50	  	 	 	15,366	  	 	 Mine Planning and Scheduling
	 	 	422	  	 	 	104,724	  	 	 	0.04	  	 	 	300,000	  	 	 	0.10	  
	 	0.01	  	 	 	6,000	  	 	 	0.42	  	 	 	2,609	  	 	 Surveying & Mine Planning
	 	 	423	  	 	 	126,755	  	 	 	0.05	  	 	 	72,000	  	 	 	0.02	  
	 	0.05	  	 	 	20,000	  	 	 	(1.30	) 	 	 	(8,000	) 	 	 Multi Seam Assessment
	 	 	424	  	 	 	343,541	  	 	 	0.13	  	 	 	240,000	  	 	 	0.08	  
	 	0.14	  	 	 	58,000	  	 	 	1.92	  	 	 	11,792	  	 	 Exploration & Infill Drilling
	 	 	425	  	 	 	336,121	  	 	 	0.12	  	 	 	696,000	  	 	 	0.23	  
	 	0.00	  	 	 	1,000	  	 	 	—  	  	 	 	—  	  	 	 Geological Modelling
	 	 	426	  	 	 	—  	  	 	 	—  	  	 	 	12,000	  	 	 	0.00	  
	 	0.04	  	 	 	15,000	  	 	 	2.92	  	 	 	18,005	  	 	 Geotechnical Assessment Modelling
	 	 	427	  	 	 	252,165	  	 	 	0.09	  	 	 	180,000	  	 	 	0.06	  
	 	0.08	  	 	 	32,000	  	 	 	(12.29	) 	 	 	(75,672	) 	 	 Subsidence Assessment Modelling
	 	 	428	  	 	 	296,725	  	 	 	0.11	  	 	 	384,000	  	 	 	0.13	  
	 	0.02	  	 	 	8,000	  	 	 	2.07	  	 	 	12,750	  	 	 Ventilation Assessment Monitoring
	 	 	429	  	 	 	128,090	  	 	 	0.05	  	 	 	96,000	  	 	 	0.03	  
	 	0.82	  	 	 	254,130	  	 	 	26.06	  	 	 	160,416	  	 		 	 	UGTS	  	 	 	3,864,191	  	 	 	1,44	  	 	 	3,034,301	  	 	 	0.99	  
										
				 				 				 				 	 Development Mining
	 				 				 				 				 			
	 	0.10	  	 	 	41,600	  	 	 	1.23	  	 	 	7,542	  	 	 Stonedusting & Barriers
	 	 	430	  	 	 	313,223	  	 	 	0.12	  	 	 	453,320	  	 	 	0.15	  
	 	0.43	  	 	 	173,703	  	 	 	18.17	  	 	 	111,851	  	 	 Supervision
	 	 	431	  	 	 	1,787,431	  	 	 	0.66	  	 	 	2,044,432	  	 	 	0.67	  
	 	4.80	  	 	 	1,955,471	  	 	 	386.51	  	 	 	2,379,354	  	 	 Development Mining
	 	 	432	  	 	 	22,773,408	  	 	 	8.46	  	 	 	20,910,607	  	 	 	6.84	  
	 	0.10	  	 	 	40,700	  	 	 	6.86	  	 	 	42,234	  	 	 Ventilation
	 	 	433	  	 	 	249,762	  	 	 	0.09	  	 	 	444,320	  	 	 	0.15	  
	 	5.43	  	 	 	2,211,473	  	 	 	412.76	  	 	 	2,540,981	  	 		 	 	UGDM	  	 	 	25,123,824	  	 	 	9.34	  	 	 	23,852,679	  	 	 	7.80	  
										
				 				 				 				 	 Longwall Mining
	 				 				 				 				 			
	 	2.36	  	 	 	960,797	  	 	 	41.28	  	 	 	254,131	  	 	 Longwall Mining
	 	 	434	  	 	 	9,052,517	  	 	 	3.36	  	 	 	12,508,536	  	 	 	4.09	  
	 	—  	  	 	 	—  	  	 	 	138.75	  	 	 	854,144	  	 	 Longwall Relocation
	 	 	435	  	 	 	5,692,860	  	 	 	2.12	  	 	 	4,500,000	  	 	 	1.47	  
	 	0.05	  	 	 	22,062	  	 	 	5.16	  	 	 	31,752	  	 	 Stone Dusting & Barriers
	 	 	437	  	 	 	227,230	  	 	 	0.08	  	 	 	175,591	  	 	 	0.06	  
	 	0.16	  	 	 	64,732	  	 	 	11.23	  	 	 	69,105	  	 	 Ventilation
	 	 	439	  	 	 	947,986	  	 	 	0.35	  	 	 	547,519	  	 	 	0.18	  
	 	0.22	  	 	 	87,931	  	 	 	22.66	  	 	 	139,518	  	 	 Supervision
	 	 	481	  	 	 	1,670,035	  	 	 	0.62	  	 	 	1,035,077	  	 	 	0.34	  
	 	2.79	  	 	 	1,135,521	  	 	 	219.08	  	 	 	1,348,650	  	 		 	 	UGLM	  	 	 	17,590,627	  	 	 	6.54	  	 	 	18,766,722	  	 	 	6.14	  
										
				 				 				 				 	 Outbye Mining
	 				 				 				 				 			
	 	1.88	  	 	 	764,052	  	 	 	96.49	  	 	 	594,018	  	 	 Outbye Mining
	 	 	438	  	 	 	9,028,409	  	 	 	3.36	  	 	 	9,047,090	  	 	 	2.96	  
	 	0.37	  	 	 	151,400	  	 	 	29.42	  	 	 	181,091	  	 	 Roadworks
	 	 	438	  	 	 	1,974,350	  	 	 	0.73	  	 	 	1,671,800	  	 	 	0.55	  
	 	0.47	  	 	 	191,177	  	 	 	18.95	  	 	 	116,654	  	 	 Supervision
	 	 	462	  	 	 	1,585,208	  	 	 	0.59	  	 	 	2,249,368	  	 	 	0.74	  
	 	2.72	  	 	 	1,106,629	  	 	 	144.86	  	 	 	891,763	  	 		 	 	UGDM	  	 	 	12,587,967	  	 	 	4.68	  	 	 	12,968,257	  	 	 	4.24	  
										
				 				 				 				 	 Underground Services
	 				 				 				 				 			
	 	0.60	  	 	 	245,967	  	 	 	23.59	  	 	 	145,235	  	 	 Coal Conveying
	 	 	440	  	 	 	1,597,495	  	 	 	0.59	  	 	 	1,875,992	  	 	 	0.61	  
	 	0.10	  	 	 	40,700	  	 	 	15.25	  	 	 	93,861	  	 	 Water Supply
	 	 	441	  	 	 	774,176	  	 	 	0.29	  	 	 	444,320	  	 	 	0.15	  
	 	0.11	  	 	 	43,200	  	 	 	2.35	  	 	 	14,494	  	 	 Compressed Air
	 	 	442	  	 	 	243,856	  	 	 	0.09	  	 	 	474,320	  	 	 	0.16	  
	 	0.14	  	 	 	55,400	  	 	 	11.52	  	 	 	70,927	  	 	 Electrical Power Supply
	 	 	443	  	 	 	534,786	  	 	 	0.20	  	 	 	662,400	  	 	 	0.22	  
	 	0.10	  	 	 	40,700	  	 	 	1.33	  	 	 	8,211	  	 	 Communications / Monitoring
	 	 	444	  	 	 	372,186	  	 	 	0.14	  	 	 	444,320	  	 	 	0.15	  
	 	0.03	  	 	 	12,000	  	 	 	0.61	  	 	 	3,763	  	 	 Gas Monitoring
	 	 	445	  	 	 	265,867	  	 	 	0.10	  	 	 	144,000	  	 	 	0.05	  
	 	0.02	  	 	 	8,000	  	 	 	0.04	  	 	 	270	  	 	 Fire Fighting
	 	 	446	  	 	 	124,850	  	 	 	0.05	  	 	 	98,000	  	 	 	0.03	  
	 	0.02	  	 	 	8,000	  	 	 	5.24	  	 	 	32,230	  	 	 Emergency Escape System
	 	 	447	  	 	 	88,931	  	 	 	0.03	  	 	 	306,000	  	 	 	0.10	  
	 	0.19	  	 	 	78,050	  	 	 	3.05	  	 	 	18,747	  	 	 Dewatering and Pumping
	 	 	448	  	 	 	919,112	  	 	 	0.34	  	 	 	870,480	  	 	 	0.28	  
	 	0.33	  	 	 	135,000	  	 	 	24.36	  	 	 	149,937	  	 	 Underground Electricity
	 	 	486	  	 	 	1,566,767	  	 	 	0.58	  	 	 	1,620,000	  	 	 	0.53	  
	 	1.64	  	 	 	667,017	  	 	 	87.34	  	 	 	537,677	  	 		 	 	UGUS	  	 	 	6,488,028	  	 	 	2.41	  	 	 	6,937,832	  	 	 	2.27	  
										
				 				 				 				 	 Surface Facilities
	 				 				 				 				 			
	 	0.02	  	 	 	8,200	  	 	 	0.72	  	 	 	4,461	  	 	 Offices
	 	 	451	  	 	 	95,842	  	 	 	0.04	  	 	 	98,400	  	 	 	0.03	  
	 	0.04	  	 	 	16,000	  	 	 	2.56	  	 	 	15,783	  	 	 Bath House & Ablutions
	 	 	452	  	 	 	210,593	  	 	 	0.08	  	 	 	192,000	  	 	 	0.06	  
	 	0.00	  	 	 	1,000	  	 	 	—  	  	 	 	—  	  	 	 Crib Room
	 	 	453	  	 	 	4,785	  	 	 	0.00	  	 	 	12,000	  	 	 	0.00	  
	 	0.13	  	 	 	52,000	  	 	 	7.98	  	 	 	49,142	  	 	 Services
	 	 	454	  	 	 	753,038	  	 	 	0.28	  	 	 	624,000	  	 	 	0.20	  
	 	0.12	  	 	 	48,000	  	 	 	11.23	  	 	 	69,145	  	 	 Diesel Fuel Station
	 	 	456	  	 	 	419,649	  	 	 	0.16	  	 	 	576,000	  	 	 	0.19	  
	 	0.31	  	 	 	125,200	  	 	 	22.50	  	 	 	138,532	  	 		 	 	UGSF	  	 	 	1,483,908	  	 	 	0.55	  	 	 	1,502,400	  	 	 	0.49	  
										
				 				 				 				 	 Maintenance
	 				 				 				 				 			
	 	0.40	  	 	 	184,604	  	 	 	22.38	  	 	 	137,768	  	 	 Supervision - UG Maintenance
	 	 	460	  	 	 	2,061,686	  	 	 	0.77	  	 	 	1,938,064	  	 	 	0.63	  
	 	0.04	  	 	 	16,000	  	 	 	2.21	  	 	 	13,590	  	 	 Maintenance Facilities
	 	 	461	  	 	 	97,311	  	 	 	0.04	  	 	 	192,000	  	 	 	0.06	  
	 	0.03	  	 	 	12,000	  	 	 	4.03	  	 	 	24,838	  	 	 Workshop General
	 	 	462	  	 	 	185,535	  	 	 	0.07	  	 	 	144,000	  	 	 	0.05	  
	 	0.02	  	 	 	8,000	  	 	 	1.02	  	 	 	6,257	  	 	 Maintenance Tooling
	 	 	463	  	 	 	150,254	  	 	 	0.06	  	 	 	98,000	  	 	 	0.03	  
	 	0.01	  	 	 	5,000	  	 	 	—  	  	 	 	—  	  	 	 Demob / Mob Plan Equipment
	 	 	464	  	 	 	1,260	  	 	 	0.00	  	 	 	60,000	  	 	 	0.02	  
	 	0.22	  	 	 	90,891	  	 	 	12.95	  	 	 	79,725	  	 	 Servicing
	 	 	465	  	 	 	914,462	  	 	 	0.34	  	 	 	1,065,934	  	 	 	0.36	  
	 	0.07	  	 	 	28,000	  	 	 	2.76	  	 	 	16,972	  	 	 Mechanical Maintenance- General
	 	 	466	  	 	 	196,864	  	 	 	0.07	  	 	 	336,000	  	 	 	0.11	  
	 	0.05	  	 	 	20,000	  	 	 	1.07	  	 	 	6,576	  	 	 Electrical Maintenance- General
	 	 	467	  	 	 	125,936	  	 	 	0.05	  	 	 	240,000	  	 	 	0.08	  
	 	0.05	  	 	 	20,000	  	 	 	3.29	  	 	 	20,272	  	 	 Cable Repairs
	 	 	468	  	 	 	153,309	  	 	 	0.06	  	 	 	240,000	  	 	 	0.08	  
	 	0.01	  	 	 	6,000	  	 	 	0.50	  	 	 	3,105	  	 	 Lifting Equipment
	 	 	469	  	 	 	54,935	  	 	 	0.02	  	 	 	72,000	  	 	 	0.02	  
	 	0.19	  	 	 	77,467	  	 	 	11.20	  	 	 	68,960	  	 	 Purchasing Stores & Logistics
	 	 	470	  	 	 	807,433	  	 	 	0.30	  	 	 	923,544	  	 	 	0.30	  
	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 Damage Repairs
	 	 	471	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
	 	1.10	  	 	 	447,962	  	 	 	61.41	  	 	 	378,064	  	 		 	 	UGMA	  	 	 	4,748,984	  	 	 	1.76	  	 	 	5,327,542	  	 	 	1.74	  
										
				 				 				 				 	 Safety and Training
	 				 				 				 				 			
	 	0.10	  	 	 	40,172	  	 	 	9.18	  	 	 	56,501	  	 	 Underground Safety
	 	 	492	  	 	 	616,655	  	 	 	0.23	  	 	 	482,060	  	 	 	0.16	  
	 	0.10	  	 	 	40,172	  	 	 	9.18	  	 	 	56,501	  	 		 				 	 	616,655	  	 	 	0.23	  	 	 	482,060	  	 	 	0.16	  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
										
	 	14.95	  	 	 	6,085,052	  	 	 	996.39	  	 	 	6,133,794	  	 	 Underground Costs (ex Depreciation)
	 				 	 	73,671,378	  	 	 	27.38	  	 	 	74,013,480	  	 	 	24.21	  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	1.11	  	 	 	451,743	  	 	 	32.53	  	 	 	200,232	  	 	 Administration
	 				 	 	4,184,857	  	 	 	1.56	  	 	 	4,043,677	  	 	 	1.32	  
	 	0.36	  	 	 	145,643	  	 	 	13.73	  	 	 	84,509	  	 	 Environmental Mgt
	 				 	 	1,423,673	  	 	 	0.53	  	 	 	1,347,868	  	 	 	0.44	  
	 	3.66	  	 	 	1,489,767	  	 	 	232.61	  	 	 	1,431,946	  	 	 Depreciation
	 				 	 	11,369,232	  	 	 	4.23	  	 	 	12,292,430	  	 	 	4.02	  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	20.08	  	 	 	8,172,205	  	 	 	1,275.26	  	 	 	7,850,480	  	 	 Total Underground Cost
	 				 	 	90,649,139	  	 	 	33.69	  	 	 	91,697,454	  	 	 	30.00	  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

					
		 	 Ashton Coal Operations Limited
 CHPP Cost Report
	  	

  

																																					
	Jun-10	 	 	 	 	 	 	 	12 Months to June 10	 
	Unit Cost per
ROM
tonne	 	 	Budget	 	 	Unit Cost per
ROM
tonne	 	 	Actual	 	 	 	 	 	 	 	Actual	 	 	Unit Cost per
ROM tonne	 	 	Budget	 	 	Unit Cost per
ROM tonne	 
										
				 	 	154,305	  	 				 	 	162,860	  	 	 Opencut ROM Feed (Tonnes)
	 				 	 	1,863,316	  	 				 	 	1,934,466	  	 			
				 	 	372,375	  	 				 	 	13,989	  	 	 Underground ROM Feed (Tonnes)
	 				 	 	2,805,361	  	 				 	 	3,066,871	  	 			
				 	 	 	 	 				 	 	 	 	 		 				 	 	 	 	 				 	 	 	 	 			
				 	 	526,680	  	 				 	 	176,849	  	 	 Total ROM Feed
	 				 	 	4,668,677	  	 				 	 	5,001,337	  	 			
				 	 	95,266	  	 				 	 	95,623	  	 	 Opencut Product (Tonnes)
	 				 	 	1,135,916	  	 				 	 	1,137,635	  	 			
				 	 	217,095	  	 				 	 	5,472	  	 	 Underground Product (Tonnes)
	 				 	 	1,615,492	  	 				 	 	1,824,082	  	 			
				 	 	 	 	 				 	 	 	 	 		 				 	 	 	 	 				 	 	 	 	 			
				 	 	312,361	  	 				 	 	101,095	  	 	 Total Product
	 				 	 	2,751,408	  	 				 	 	2,961,717	  	 			
				 	 	62%	  	 				 	 	59	% 	 	 Opencut Yield
	 				 	 	61	% 	 				 	 	59	% 	 			
				 	 	58%	  	 				 	 	39	% 	 	 Underground Yield
	 				 	 	57.59	% 	 				 	 	59	% 	 			
				 				 				 				 		 				 	 	 	 	 				 	 	 	 	 			
				 	 	59%	  	 				 	 	57	% 	 	 Average Yield
	 				 	 	59	% 	 				 	 	59	% 	 			
										
	 	0.20	  	 	 	104,272	  	 	 	0.29	  	 	 	51,635	  	 	 Management CHPP
	 	 	501	  	 	 	1,067,330	  	 	 	0.23	  	 	 	1,251,260	  	 	 	0.25	  
	 	0.64	  	 	 	440,306	  	 	 	1.42	  	 	 	250,872	  	 	 ROM Coal Handling
	 	 	531	  	 	 	4,216,897	  	 	 	0.90	  	 	 	5,570,322	  	 	 	1.11	  
	 	0.62	  	 	 	324,842	  	 	 	2.18	  	 	 	385,894	  	 	 Coal Processing
	 	 	532	  	 	 	4,731,834	  	 	 	1.01	  	 	 	4,633,481	  	 	 	0.93	  
	 	0.48	  	 	 	252,568	  	 	 	1.01	  	 	 	177,794	  	 	 Product Coal Handling
	 	 	533	  	 	 	2,974,099	  	 	 	0.64	  	 	 	3,261,017	  	 	 	0.65	  
	 	0.31	  	 	 	161,354	  	 	 	0.55	  	 	 	96,471	  	 	 Rejects
	 	 	534	  	 	 	1,377,996	  	 	 	0.30	  	 	 	2,220,558	  	 	 	0.44	  
	 	0.19	  	 	 	99,428	  	 	 	0.33	  	 	 	58,580	  	 	 Tailings Treatment
	 	 	535	  	 	 	1,059,507	  	 	 	0.23	  	 	 	1,218,993	  	 	 	0.24	  
	 	0.02	  	 	 	8,120	  	 	 	0.16	  	 	 	28,832	  	 	 CHPP Facilities / Services
	 	 	543	  	 	 	367,174	  	 	 	0.08	  	 	 	328,629	  	 	 	0.07	  
	 	0.06	  	 	 	30,612	  	 	 	0.13	  	 	 	23,088	  	 	 Purchasing, Stores & Logistics
	 	 	544	  	 	 	266,729	  	 	 	0.06	  	 	 	367,340	  	 	 	0.07	  
	 	0.21	  	 	 	111,315	  	 	 	0.51	  	 	 	90,939	  	 	 CHPP Electricity
	 	 	586	  	 	 	1,263,165	  	 	 	0.27	  	 	 	1,421,409	  	 	 	0.28	  
	 	0.09	  	 	 	45,000	  	 	 	0.24	  	 	 	42,896	  	 	 Coal Sampling & Analysis
	 	 	591	  	 	 	627,798	  	 	 	0.13	  	 	 	540,000	  	 	 	0.11	  
	 	0.03	  	 	 	14,143	  	 	 	0.11	  	 	 	19,761	  	 	 Safety/Training
	 	 	592	  	 	 	123,114	  	 	 	0.03	  	 	 	169,720	  	 	 	0.03	  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
										
	 	3.02	  	 	 	1,591,960	  	 	 	6.94	  	 	 	1,226,762	  	 	 CHPP Cost (ex Depreciation)
	 				 	 	18,075,643	  	 	 	3.87	  	 	 	20,982,728	  	 	 	4.20	  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	0.86	  	 	 	451,156	  	 	 	1.90	  	 	 	335,788	  	 	 Depreciation
	 				 	 	4,423,655	  	 	 	0.95	  	 	 	4,394,349	  	 	 	0.88	  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	3.88	  	 	 	2,043,115	  	 	 	8.84	  	 	 	1,562,550	  	 	 Total CHPP Cost
	 				 	 	22,499,299	  	 	 	4.82	  	 	 	25,377,077	  	 	 	5.07	  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		 				 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
										
				 	 	596,246	  	 				 	 	1,053,743	  	 	 Opencut Share of CHPP Costs
	 				 	 	8,979,697	  	 				 	 	10,544,386	  	 			
				 	 	1,554,497	  	 				 	 	508,807	  	 	 Underground Share of CHPP Costs
	 				 	 	13,519,602	  	 				 	 	15,621,741	  	 			

					
		 	 Ashton Joint Venture
 Cost per Tonne Sold Analysis
 Opencut
	  	

  

																	
	Jun-10	 	 	 	  	YTD Jun-10	 
	Budget	 	  	Actual	 	 	 	  	Actual	 	  	Budget	 
					
	 	154,305	  	  	 	186,545	  	 	ROM Coal Mined	  	 	1,840,478	  	  	 	1,889,466	  
					
	 	82,347	  	  	 	103,114	  	 	Net Tonnes Sold (Invoiced)	  	 	1,104,543	  	  	 	1,190,414	  
					
	 	45.07	  	  	 	40.16	  	 	OC Mining	  	 	46.48	  	  	 	42.82	  
	 	0.00	  	  	 	0.00	  	 	UG Mining	  	 	0.00	  	  	 	0.00	  
	 	5.64	  	  	 	8.02	  	 	Coal Processing	  	 	6.53	  	  	 	7.32	  
	 	2.07	  	  	 	5.89	  	 	Site Admin and Overheads	  	 	2.78	  	  	 	2.81	  
	 	(0.76)	  	  	 	15.89	  	 	Movement in OBIA and Coal Stocks	  	 	4.75	  	  	 	9.45	  
				  				 	Finance Leases	  				  			
	 	 	 	  	 	 	 	 		  	 	 	 	  	 	 	 
					
	 	52.02	  	  	 	69.96	  	 	Total FOR Cash Costs per Tn Sold	  	 	60.54	  	  	 	62.41	  
					
	 	3.88	  	  	 	3.17	  	 	Rail	  	 	3.64	  	  	 	3.88	  
	 	3.52	  	  	 	4.87	  	 	Port	  	 	3.92	  	  	 	3.52	  
	 	1.35	  	  	 	1.90	  	 	(Despatch)/Demurrage	  	 	1.79	  	  	 	1.35	  
	 	3.13	  	  	 	4.43	  	 	Management & Marketing Fees	  	 	3.38	  	  	 	3.11	  
	 	1.01	  	  	 	0.93	  	 	Brisbane Corporate and Other Costs	  	 	1.06	  	  	 	1.05	  
	 	 	 	  	 	 	 	 		  	 	 	 	  	 	 	 
					
	 	64.91	  	  	 	85.31	  	 	FOB Cash Costs per Tn Sold	  	 	74.33	  	  	 	75.32	  
					
	 	8.71	  	  	 	13.10	  	 	Royalties and Levies	  	 	10.34	  	  	 	8.70	  
	 	1.02	  	  	 	2.22	  	 	Finance Costs	  	 	0.72	  	  	 	0.84	  
	 	6.73	  	  	 	6.72	  	 	Depreciation and Amortisation	  	 	6.97	  	  	 	5.81	  
	 	 	 	  	 	 	 	 		  	 	 	 	  	 	 	 
					
	 	81.37	  	  	 	107.35	  	 	Total FOB Costs per Tn Sold	  	 	92.36	  	  	 	90.67	  
	 	 	 	  	 	 	 	 		  	 	 	 	  	 	 	 
					
	 	Input:	  	  				 		  				  			
					
	 	49.52	  	  	 	45.18	  	 	OC Mining	  	 	51.15	  	  	 	46.48	  
				  				 	UG Mining	  				  			
	 	7.24	  	  	 	10.22	  	 	Coal Processing	  	 	8.13	  	  	 	8.86	  
	 	2.75	  	  	 	5.40	  	 	Site Admin and Overheads	  	 	3.47	  	  	 	3.43	  
				  				 	Finance Leases (Principal)	  				  			
	 	 	 	  	 	 	 	 		  	 	 	 	  	 	 	 
					
	 	59.51	  	  	 	60.79	  	 	FOR Cost per Tn Sold	  	 	62.76	  	  	 	58.77	  
					
	 	366	  	  	 	517	  	 	OC Mining D&A	  	 	5,162	  	  	 	4,351	  
				  				 	UG Mining D&A	  				  			
	 	132	  	  	 	226	  	 	Coal Processing D&A	  	 	1,766	  	  	 	1,826	  
	 	56	  	  	 	(51	) 	 	Site Admin and Overheads D&A	  	 	770	  	  	 	738	  
	 	0	  	  	 	0	  	 	Exploration Amortisation	  	 	0	  	  	 	0	  
	 	 	 	  	 	 	 	 		  	 	 	 	  	 	 	 
					
	 	554	  	  	 	693	  	 	Depn & Amortn [$‘000]	  	 	7,697	  	  	 	6,916	  
	 	 	 	  	 	 	 	 		  	 	 	 	  	 	 	 
					
				  				 	Cross Check to P&L	  				  			
					
	 	20.59	  	  	 	27.53	  	 	Total Selling Costs	  	 	23.06	  	  	 	20.56	  
	 	60.80	  	  	 	79.83	  	 	Total Costs	  	 	69.29	  	  	 	70.51	  
	 	 	 	  	 	 	 	 		  	 	 	 	  	 	 	 
					
	 	81.39	  	  	 	107.36	  	 	Total Costs per Tn Sold	  	 	92.35	  	  	 	91.07	  
	 	 	 	  	 	 	 	 		  	 	 	 	  	 	 	 
					
	 	(0.02)	  	  	 	(0.01	) 	 	Difference	  	 	0.01	  	  	 	(0.40	) 

					
		 	 Ashton Joint Venture
 Cost per Tonne Sold Analysis
 Underground
	 	

  

																	
	Jun-10	 	 	 	  	YTD Jun-10	 
	Budget	 	 	Actual	 	 	 	  	Actual	 	 	Budget	 
					
	 	407,052	  	 	 	6,156	  	 	ROM Coal Mined	  	 	2,690,667	  	 	 	3,056,548	  
					
	 	187,653	  	 	 	21,001	  	 	Net Tonnes Sold (Invoiced)	  	 	1,570,873	  	 	 	1,929,587	  
					
	 	0.00	  	 	 	0.00	  	 	OC Mining	  	 	0.00	  	 	 	0.00	  
	 	32.43	  	 	 	292.07	  	 	UG Mining	  	 	46.90	  	 	 	38.36	  
	 	6.45	  	 	 	19.02	  	 	Coal Processing	  	 	6.91	  	 	 	6.69	  
	 	2.39	  	 	 	13.64	  	 	Site Admin and Overheads	  	 	2.85	  	 	 	2.18	  
	 	(9.60	) 	 	 	42.68	  	 	Movement in OBIA and Coal Stocks	  	 	(1.93	) 	 	 	2.86	  
				 				 	Finance Leases	  				 			
	 	 	 	 	 	 	 	 		  	 	 	 	 	 	 	 
					
	 	31.67	  	 	 	367.41	  	 	Total FOR Cash Costs per Tn Sold	  	 	54.74	  	 	 	50.09	  
					
	 	3.88	  	 	 	0.10	  	 	Rail	  	 	3.64	  	 	 	3.88	  
	 	3.52	  	 	 	11.16	  	 	Port	  	 	3.92	  	 	 	3.52	  
	 	1.35	  	 	 	2.64	  	 	(Despatch)/Demurrage	  	 	1.79	  	 	 	1.35	  
	 	3.11	  	 	 	11.79	  	 	Management & Marketing Fees	  	 	3.38	  	 	 	3.11	  
	 	1.01	  	 	 	0.83	  	 	Brisbane Corporate and Other Costs	  	 	1.09	  	 	 	1.05	  
	 	 	 	 	 	 	 	 		  	 	 	 	 	 	 	 
					
	 	44.54	  	 	 	393.93	  	 	FOB Cash Costs per Tn Sold	  	 	68.56	  	 	 	63.00	  
					
	 	7.71	  	 	 	32.71	  	 	Royalties and Levies	  	 	8.88	  	 	 	7.70	  
	 	0.00	  	 	 	13.98	  	 	Finance Costs	  	 	(0.04	) 	 	 	0.00	  
	 	10.56	  	 	 	73.31	  	 	Depreciation and Amortisation	  	 	9.65	  	 	 	8.39	  
	 	 	 	 	 	 	 	 		  	 	 	 	 	 	 	 
					
	 	62.81	  	 	 	513.93	  	 	Total FOB Costs per Tn Sold	  	 	87.04	  	 	 	79.09	  
	 	 	 	 	 	 	 	 		  	 	 	 	 	 	 	 
	
	 	Input:	  
					
				 				 	OC Mining	  				 			
	 	40.37	  	 	 	360.25	  	 	UG Mining	  	 	54.14	  	 	 	44.73	  
	 	8.28	  	 	 	24.23	  	 	Coal Processing	  	 	8.61	  	 	 	8.10	  
	 	3.18	  	 	 	13.56	  	 	Site Admin and Overheads	  	 	3.57	  	 	 	2.79	  
				 				 	Finance Leases (Principal)	  				 			
	 	 	 	 	 	 	 	 		  	 	 	 	 	 	 	 
					
	 	51.83	  	 	 	398.04	  	 	FOR Cost per Tn Sold	  	 	66.31	  	 	 	55.62	  
					
				 				 	OC Mining D&A	  				 			
	 	1,490	  	 	 	1,432	  	 	UG Mining D&A	  	 	11,369	  	 	 	12,292	  
	 	343	  	 	 	109	  	 	Coal Processing D&A	  	 	2,658	  	 	 	2,705	  
	 	149	  	 	 	(2	) 	 	Site Admin and Overheads D&A	  	 	1,125	  	 	 	1,195	  
	 	0	  	 	 	0	  	 	Exploration Amortisation	  	 	0	  	 	 	0	  
	 	 	 	 	 	 	 	 		  	 	 	 	 	 	 	 
					
	 	1,982	  	 	 	1,540	  	 	Depn & Amortn [$’000]	  	 	15,152	  	 	 	16,192	  
	 	 	 	 	 	 	 	 		  	 	 	 	 	 	 	 
					
				 				 	Cross Check to P&L	  				 			
					
	 	19.57	  	 	 	58.40	  	 	Total Selling Costs	  	 	21.59	  	 	 	19.56	  
	 	42.66	  	 	 	455.53	  	 	Total Costs	  	 	65.44	  	 	 	58.88	  
	 	 	 	 	 	 	 	 		  	 	 	 	 	 	 	 
					
	 	62.23	  	 	 	513.93	  	 	Total Costs per Tn Sold	  	 	87.03	  	 	 	78.44	  
	 	 	 	 	 	 	 	 		  	 	 	 	 	 	 	 
					
	 	0.58	  	 	 	(0.00	) 	 	Difference	  	 	0.01	  	 	 	0.65	  

 Ashton Coal Joint Venture(incl ACML) 

Consolidated Cash Generation 
  

																									
	Jun-10	 	 	 	  	12 Months to June10	 
	 Variance
$000’s
	 	 	Budget
$000’s	 	 	Actual
$000’s	 	 	 	  	Actual
$000’s	 	 	Budget
$000’s	 	 	Variance
$000’s	 
							
	 	(5,208	) 	 	 	9,672	  	 	 	4,464	  	 	 Consolidated Profit
	  	 	68,788	  	 	 	64,060	  	 	 	4,728	  
							
				 				 				 	 Add back:
	  				 				 			
	 	152	  	 	 	366	  	 	 	517	  	 	 O/C depn
	  	 	5,162	  	 	 	4,351	  	 	 	810	  
	 	(58	) 	 	 	1,490	  	 	 	1,432	  	 	 U/G Depn
	  	 	11,369	  	 	 	12,292	  	 	 	(923	) 
	 	(115	) 	 	 	451	  	 	 	336	  	 	 CHPP Depn
	  	 	4,424	  	 	 	4,394	  	 	 	29	  
	 	(258	) 	 	 	205	  	 	 	(53	) 	 	 Admin Depn
	  	 	1,895	  	 	 	1,933	  	 	 	(38	) 
	 	(41	) 	 	 	84	  	 	 	42	  	 	 Lease Interest
	  	 	840	  	 	 	1,009	  	 	 	(168	) 
	 	1,540	  	 	 	696	  	 	 	2,237	  	 	 Change in O/B in Advance
	  	 	8,205	  	 	 	5,934	  	 	 	2,271	  
	 	2,859	  	 	 	(2,560	) 	 	 	298	  	 	 Change in Coal Stocks
	  	 	(5,995	) 	 	 	10,840	  	 	 	(16,836	) 
							
	 	(1,130	) 	 	 	10,404	  	 	 	9,274	  	 	 Operating Cash Surplus
	  	 	94,687	  	 	 	104,814	  	 	 	(10,127	) 
							
				 				 				 	 Finance/Capital
	  				 				 			
	 	1,266	  	 	 	0	  	 	 	1,266	  	 	 Lease Payments
	  	 	(6,065	) 	 	 	(8,915	) 	 	 	2,850	  
	 	(536	) 	 	 	(4,641	) 	 	 	(5,177	) 	 	 Capex
	  	 	(31,931	) 	 	 	(38,435	) 	 	 	6,504	  
							
	 	(399	) 	 	 	5,763	  	 	 	5,364	  	 	 Total Cash Generation
	  	 	56,691	  	 	 	57,464	  	 	 	(773	) 

					
		 	 Ashton Joint Venture
 Cost per Tonne Sold Analysis
 Underground
	 	

  

																	
	Jun-10	 	 	 	  	YTD Jun-10	 
	Budget	 	 	Actual	 	 	 	  	Actual	 	  	Budget	 
					
	 	561,357	  	 	 	192,701	  	 	ROM Coal Mined	  	 	4,531,145	  	  	 	4,946,014	  
					
	 	270,000	  	 	 	124,115	  	 	Net Tonnes Sold (Invoiced)	  	 	2,675,416	  	  	 	3,120,000	  
					
	 	13.75	  	 	 	33.36	  	 	OC Mining	  	 	19.19	  	  	 	16.34	  
	 	22.54	  	 	 	49.42	  	 	UG Mining	  	 	27.54	  	  	 	23.72	  
	 	5.90	  	 	 	9.88	  	 	Coal Processing	  	 	6.76	  	  	 	6.73	  
	 	2.27	  	 	 	7.20	  	 	Site Admin and Overheads	  	 	2.82	  	  	 	2.42	  
	 	(6.90	) 	 	 	20.42	  	 	Movement in OBIA and Coal Stocks	  	 	0.83	  	  	 	5.37	  
	 	 	 	 	 	 	 	 	Finance Leases	  	 	 	 	  	 	 	 
					
	 	37.55	  	 	 	120.29	  	 	Total FOR Cash Costs per Tn Sold	  	 	57.13	  	  	 	54.57	  
					
	 	3.88	  	 	 	2.65	  	 	Rail	  	 	3.54	  	  	 	3.88	  
	 	3.52	  	 	 	5.93	  	 	Port	  	 	3.92	  	  	 	3.52	  
	 	1.35	  	 	 	2.03	  	 	(Despatch)/Demurrage	  	 	1.79	  	  	 	1.35	  
	 	3.12	  	 	 	5.72	  	 	Management & Marketing Fees	  	 	3.38	  	  	 	3.11	  
	 	1.01	  	 	 	0.91	  	 	Brisbane Corporate and Other Costs	  	 	1.08	  	  	 	1.05	  
					
	 	50.43	  	 	 	137.53	  	 	FOB Cash Costs per Tn Sold	  	 	70.94	  	  	 	67.48	  
					
	 	8.01	  	 	 	16.42	  	 	Royalties and Levies	  	 	9.48	  	  	 	8.08	  
	 	0.31	  	 	 	4.21	  	 	Finance Costs	  	 	0.27	  	  	 	0.32	  
	 	9.30	  	 	 	17.99	  	 	Depreciation and Amortisation	  	 	8.54	  	  	 	7.36	  
	 	 	 	 	 	 	 	 		  	 	 	 	  	 	 	 
					
	 	68.06	  	 	 	176.15	  	 	Total FOB Costs per Tn Sold	  	 	89.23	  	  	 	83.25	  
	 	 	 	 	 	 	 	 		  	 	 	 	  	 	 	 
	
	  
	 Input:
	   

					
	 	15.10	  	 	 	37.53	  	 	OC Mining	  	 	21.12	  	  	 	17.73	  
	 	28.05	  	 	 	60.96	  	 	UG Mining	  	 	31.79	  	  	 	27.66	  
	 	7.57	  	 	 	12.59	  	 	Coal Processing	  	 	8.41	  	  	 	8.13	  
	 	3.03	  	 	 	6.78	  	 	Site Admin and Overheads	  	 	3.53	  	  	 	3.04	  
				 				 	Finance Leases (Principal)	  				  			
	 	 	 	 	 	 	 	 		  	 	 	 	  	 	 	 
					
	 	53.76	  	 	 	117.86	  	 	FOR Cost per Tn Sold	  	 	64.84	  	  	 	56.57	  
					
	 	366	  	 	 	517	  	 	OC Mining D&A	  	 	5,162	  	  	 	4,351	  
	 	1,490	  	 	 	1,432	  	 	UG Mining D&A	  	 	11,369	  	  	 	12,292	  
	 	451	  	 	 	336	  	 	Coal Processing D&A	  	 	4,424	  	  	 	4,394	  
	 	205	  	 	 	(53	) 	 	Site Admin and Overheads D&A	  	 	1,895	  	  	 	1,933	  
	 	0	  	 	 	0	  	 	Exploration Amortisation	  	 	0	  	  	 	0	  
	 	 	 	 	 	 	 	 		  	 	 	 	  	 	 	 
					
	 	2,512	  	 	 	2,233	  	 	Depn & Amortn [$’000]	  	 	22,849	  	  	 	22,971	  
	 	 	 	 	 	 	 	 		  	 	 	 	  	 	 	 
					
				 				 	Cross Check to P&L	  				  			
					
	 	19.88	  	 	 	32.75	  	 	Total Selling Costs	  	 	22.20	  	  	 	19.94	  
	 	48.19	  	 	 	143.41	  	 	Total Costs	  	 	67.03	  	  	 	63.31	  
	 	 	 	 	 	 	 	 		  	 	 	 	  	 	 	 
					
	 	68.07	  	 	 	176.16	  	 	Total Costs per Tn Sold	  	 	89.23	  	  	 	83.25	  
	 	 	 	 	 	 	 	 		  	 	 	 	  	 	 	 
					
	 	(0.01	) 	 	 	(0.01	) 	 	Difference	  	 	0.00	  	  	 	(0.00	)Joint Venture Contract by Yankuang Group Company Ltd.

 EXHIBIT 4.6 
 Joint Venture Contract 
 Party A: Yankuang Group Co., Ltd. 

Party B: Yanzhou Coal Mining Company Limited 

Party C: Shaanxi Yanchang Petroleum (Group) Co., Ltd. 
 WHEREAS: 
 Party A is a mega-sized state-owned enterprise mainly engaged in coal
production and sales, coal chemicals, machining and coal-power-aluminum. It is an important coal production and export base in China and is currently a mega-sized state-owned conglomerate under the supervision of Shandong Province State-owned Assets
Supervision and Administration Commission. 
 Party B became the first enterprise in China’s coal industry that
simultaneously issued shares domestically and abroad when it successfully listed shares in New York, Hong Kong and Shanghai, respectively. It is a majority-controlled subsidiary of Party A. 

Party C is one of the four qualified enterprises for oil and gas exploration in China. It is a solely state-owned enterprise with limited
liability directly under Shaanxi Provincial Government, and endeavors to promote common development of the oil, gas, coal and salt industries. 
 Based on the principles of fairness and mutual benefit, complementarity and common development and after friendly consultations, Party A, B, and C jointly

  
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establish a joint venture, namely Shaanxi Future Energy Chemical Corp. for the co-construction of a coal-to-oil project. This contract is hereby signed and intended to be bound by the parties
hereto. 
 Chapter 1 Establishment of the Company 

Article 1 Company name: 陕西未来能源化工有限公司(Shaanxi
Future Energy Chemical Corp.) (hereinafter referred to as the “Company”). 
 Article 2 Company address: Yulin
City, Shaanxi Province 
 Article 3 Business scope of the Company: manufacture and sale of chemical products, oil
products and coal. 
 Article 4 Operation period: Long-term. Business license issue date is the date of establishment of
the Company. 
 With regard to the registration items set out above, the registration details with the State’s industry and
commerce department shall prevail. 
 Article 5 The Company can set up branches as required by the development of
production and operations. The branch does not have legal person status and its civil liability will be borne by the Company. 

Upon establishment, the Company will register with company registration authority and obtain the Business License for Enterprise as a
Legal Person. 
 Article 6 The Company is a limited liability company. The chairman of the board of directors shall be
the legal representative. 
 Article 7 All three parties agree to jointly appoint the Company’s attorney (by way of
a power of attorney signed separately) to apply to the company registration authority for the registration of the pre-approval of the Company’s name as well as 

  
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the registration of the Company’s establishment. 
 Article 8
The Company bears all expenses spent in relation to the establishment of the Company. The expenses shall be audited and shall be reviewed and approved by a shareholders’ meeting of the Company. 

In view of the fact that Party A has pre-paid some expenses for the project’s early stage preparation work, the newly established
Company will reimburse Party A after auditing of such expenses and upon confirmation by the respective investing parties. 

Chapter 2 Capital Contribution 
 Article 9 The Company’s registered capital is RMB5,400,000,000. 

Article 10 The amount and percentage of capital contribution by the respective contributing parties are as follows: 

Party A to contribute RMB2,700,000,000, representing 50% of the total contribution; 

Party B to contribute RMB1,350,000,000, representing 25% of the total contribution; 

Party C to contribute RMB1,350,000,000, representing 25% of the total contribution 

Article 11 Form and Timing of Contribution 
 Contributions by the respective contributing parties shall all be made in cash (RMB) and fully paid up in three installments. 
 Initial contribution amounts to RMB2,160,000,000 (40% of the registered capital) in total, which shall be paid up by the three shareholders on the basis of their respective percentage of capital
contributions within 7 days after the set-up of the 

  
 3 

 
Company’s provisional account, i.e.: initial payment by Party A: RMB1,080,000,000; initial payment by Party B: RMB540,000,000; initial payment by Party C: RMB540,000,000. 

Second contribution amounts to RMB1,620,000,000 (30% of the registered capital) in total, which shall be paid up by the three
shareholders on the basis of their respective percentage of capital contributions within 12 months from the date of establishment of the Company, of which: Party A to contribute RMB810,000,000; Party B to contribute RMB405,000,000; Party C to
contribute RMB405,000,000. 
 Third contribution amounts to RMB1,620,000,000 (30% of the registered capital) in total, which
shall be paid up by the three shareholders on the basis of their respective percentage of capital contributions within 18 months from the date of establishment of the Company, of which: Party A to contribute RMB810,000,000; Party B to contribute
RMB405,000,000; Party C to contribute RMB405,000,000. 
 Article 12 Upon establishment of the Company, all shareholders
shall be issued a capital contribution certificate, which shall be signed by the Company’s legal representative. 
 The
shareholders’ name, address and amount of capital contribution shall be included in the Company’s register of members. 

Chapter 3 Share Transfer 
 Article 13 Upon establishment of the Company, all or some of the equity interests of the shareholders may be transferred between the shareholders. Where a shareholder intends to transfer its equity
interest to any non-shareholder, it shall be approved by more than half of the other shareholders. The shareholder shall notify the other 

  
 4 

 
shareholders in written form of the share transfer for their approval. If any of the other shareholders fails to give a reply within 30 days after the receipt of the written notice, it shall be
deemed to have agreed to the transfer. If half or more of the other shareholders disagree to the transfer, the shareholders who disagree to the transfer shall purchase the equity interest to be transferred. If they refuse to purchase the equity
interest, they shall be deemed to have agreed to the transfer. 
 Under the same conditions, the other shareholders have a
preemptive right to purchase the equity interest to be transferred upon their approval. If two or more shareholders claim the preemptive rights, they shall determine their respective percentage of purchase through negotiation. If they fail to reach
an agreement during the negotiation, they shall exercise the preemptive rights on the basis of their respective percentage of capital contributions. 
 Chapter 4 Undertakings of the Contributing Parties 
 Article 14 The
contributing parties undertake that they are all legally established and validly existing enterprise legal persons and have the investment capability and the legal subject qualification to make investments. 

Article 15 The contributing parties undertake that all necessary approvals have been obtained for their contributions made under
this contract according to their respective articles of association and relevant laws and regulations. 
 Chapter 5 Rights and
Obligations of the Contributing Parties 
 Article 16 Each contributing party shall have the rights as follows:

  
 5 

 (I) To make the contribution according to this contract and obtain the corresponding capital
contribution certificate based on the amount of its contribution; 
 (II) In the event of any substantive changes in the
conditions agreed in this contract, the contributing parties shall have the right to receive notice thereon, express their opinion and demand modification to or termination of this contract as agreed herein; 

(III) To receive compensation in case of any loss incurred as a result of other contributing parties’ default; 

(IV) To participate in the drafting, consideration and approval of the articles of association; 

(V) To recommend and elect directors and supervisors (not including worker directors and worker supervisors) of the Company; 

(VI) To examine the Company’s preparation expenses and participate in the preparation of the Company’s establishment;

 (VII) Upon establishment of the Company, to be entitled to such other rights as shareholders shall be entitled to according
to laws and regulations and articles of association. 
 Article 17 Each contributing party shall assume obligations as
follows: 
 (I) To make its full contribution according to the time and form as prescribed; 

(II) If the Company fails to be established due to reasons not attributable to any party, each contributing party agrees to assume the
expenses and liabilities incurred during the establishment of the Company in proportion to their respective subscribed capital; 

(III) To make compensation or damages to the performing parties if it has failed to perform its obligation of contribution according to
the time, form or amount as 

  
 6 

 
agreed; 
 (IV) All contributing parties shall timely provide all
necessary documents and certificates for the registration of the Company and shall provide all kinds of services and facilities for the establishment of the Company in their respective areas of competence; 

(V) In the event of damage to the Company’s interest by virtue of any contributing party’s fault during the establishment of
the Company, such party shall be liable for Company’s damages to the extent of its proportionate fault; 
 (VI) No
contribution shall be withdrawn after the establishment of the Company. 
 Chapter 6 Corporate Governance Structure

 Article 18 The Company holds shareholders’ meeting. The shareholders’ meeting of the Company, consisting
of three shareholders, namely Party A, Party B and Party C, is the Company’s organ of authority and shall exercise its powers in accordance with the laws and regulations and the Company’s articles of association. 

Article 19 The Company sets up a board of directors comprising nine directors recommended by the Company’s shareholders of
whom four directors shall be nominated by Yankuang Group Co., Ltd., two directors shall be nominated by Yanzhou Coal Mining Company Limited and two directors shall be nominated by Shaanxi Yanchang Petroleum (Group) Co., Ltd., which director
nominations by the shareholders shall be approved by voting at the shareholders’ committee; one employee director who is to be elected at the general meeting of the staff and workers through democratic voting processes. The term of each
director shall be three years. A director may continue for the next term if he is re-elected upon the expiration of his 

  
 7 

 
term. 
 The board shall have one chairman and one vice-chairman. The
chairman and vice-chairman are appointed by Party A among the directors as it has recommended. 
 Article 20 The Company
shall have one general manager who is to be nominated by the chairman of the board and appointed or removed by the board of directors. The general manager is responsible for the board and shall be in charge of managing the Company’s production
and operation and organizing the implementation of board resolutions. 
 The Company shall have seven deputy general managers
and one chief engineer; the deputy general managers and chief engineer are to be nominated by the general manager and appointed or removed by the board of directors. 
 The Company shall have one chief financial officer who is to be recommended by Party C and appointed or removed by the board of directors after being nominated by the general manager. 

Article 21 The Company shall have a board of supervisors comprising five supervisors. Of whom: one shall be recommended by Party
A, one shall be recommended by Party B and one shall be recommended by Party C. The above supervisors recommended by the shareholders shall be elected by voting at the shareholders’ meeting. Two employee supervisors are to be elected at the
general meeting of the staff and workers through democratic voting processes. 
 The board of supervisors shall have one
chairman who is to be recommended by Party B and elected by half or more of the votes by all the supervisors. Meetings of the board of supervisors shall be convened and presided over by the chairman of the board of supervisors; in the event that the
chairman is unable to perform or does not perform his duties, another supervisor may be elected to convene and preside over the meeting 

  
 8 

 
by half or more of the votes cast therefor by the supervisors. 

Article 22 Upon signing of this contract, the parties shall jointly draft the articles of association. Other specific issues
related to this chapter shall be otherwise stipulated by the articles of association. 
 Chapter 7 Confidentiality

 Article 23 Any party to this contract shall have an obligation both now and in the future not to intentionally or
negligently disclose or make use of other parties’ trade secrets learned in this joint venture. Unless: 
 (I) the trade
secrets have been made publicly known by its owner; 
 (II) a prior written consent from the owner of the trade secrets has been
obtained; 
 (III) by implementation of effective court judgments, rulings and arbitration awards; 

(VI) by performance of the obligations provided under the state laws and regulations. 

The three parties shall be liable for the confidentiality of the cooperation project and shall not make separate information release in
relation thereto without prior consent from the other parties. 
 Chapter 8 Amendment and Termination of the Contract

 Article 24 Any amendment to this contract shall take effect only when it is unanimously approved by all
contributing parties through consultations and a written 

  
 9 

 
contract or agreement is signed therefor. 
 Article 25 In the
process of the Company’s incorporation, the contributing parties agree that all parties hereto shall have the right to propose to other parties to amend or terminate this contract upon occurrence of any of the following conditions: 

(I) Force majeure event continues for six months and is not expected to be eliminated, resulting in the inability to perform the
contract; 
 (II) Impossible to perform this contract as a result of a party’s default; 

(III) Other reasons as agreed by the three parties. 
 Chapter 9 Liability for Breach of Contract 
 Article 26 Liability for
breach of contract 
 (I) The contributing parties shall conscientiously perform this contract based on the principles of
honesty and trustworthiness. If the business purpose stipulated in this contract cannot be achieved as result of a party’s non-performance of its obligation as prescribed herein, other contributing parties to the Company shall have the right to
claim damages against such default party. 
 (II) In the event of full or partial non-performance of this contract as a result
of a party’s default, the default party shall be liable for breach of contract. In the case where two or all three parties default, the parties shall assume the liability for breach of contract respectively according to the actual situation of
their defaults. 
 (III) Upon signing of the contract, the parties shall make timely contributions as agreed and for each day
overdue, the default party shall make a default penalty of 0.5% for the non-contributed amount to the observant party and shall be liable for damages if any loss incurred thereon. 

  
 10 

 (IV) Upon establishment of the Company, no party to this contract shall withdraw its
contribution and if any loss caused to the Company or other shareholders as a result of contribution withdrawal or other acts of default, the default party shall be liable for damages therefor. 

Chapter 10 Force Majeure 
 Article 27 Force majeure 
 Force majeure means unforeseeable,
unavoidable and insurmountable objective conditions, including, inter alias, earthquakes, floods, fires and other natural disasters; war, strikes, riots and other social anomalies. 

In the event of force majeure that directly affects the performance of this contract by the three parties pursuant to the
conditions as agreed hereunder, a prompt notice on the situation shall forthwith be made to the other contributing parties or their authorized representatives and, within 15 days, details of the force majeure event and reasons for full or
partial non-performance or late performance of this contract together with any effective proof thereof shall be furnished. In this case, neither party shall be responsible for any loss or increased costs suffered by other parties as a result of the
non-performance or late performance of this contract, and that such act of non-performance or late performance of this contract shall not be deemed an act of default. The party claiming force majeure shall take measures to minimize or
eliminate the impact of force majeure and shall in the shortest time possible recover the performance of the obligations under this contract thus delayed or hindered by force majeure. 

  
 11 

 Chapter 11 Dispute Settlement 

Article 28 Any dispute occurred in relation to the interpretations or performance of this joint venture contract among the
contributing parties shall, as far as possible, be resolved through consultations; in the event of failure to reach an agreement through consultation, any dispute arising from or related to this contract shall be submitted for arbitration before the
China International Economic and Trade Arbitration Commission in accordance with the commission’s prevailing arbitration rules. The arbitral award is final and binding on all parties. 

Chapter 12 Effectiveness of the Contract and Miscellaneous 

Article 29 This contract shall take effect upon signing by the legal representatives or authorized representatives of Party A,
Party B and Party C and being stamped with the Company’s official seal. 
 Article 30 The contributing parties
hereby agree that: after the Company has commenced production, Party C shall have a preemptive right on the Company’s products under the same conditions. 
 Article 31 The Company’s registered capital (RMB5.4 billion) shall be settled by the three shareholders, being Party A, Party B and Party C, with their own funds. 

Project investment funds other than the Company’s registered capital shall be settled by the Company with bank loans, of which: the
form of security for 75% of the loans to be determined by Party A and Party B through separate consultations; 25% of the loans to be secured by Party C. 
 Article 32 This contract is executed in ten counterparts, of which two to be held by each of the three parties hereto, two to be retained by the Company; and two to be

  
 12 

 
reported and submitted to the business registration authority. All counterparts hereof shall have the same legal effect. 
 [No text below] 
 [This is the signing page for Yankuang Group Co., Ltd., Yanzhou Coal Mining
Company Limited and Shaanxi Yanchang Petroleum (Group) Co., Ltd. in respect of the Joint Venture Contract] 
 Yankuang Group Co., Ltd.:

 Legal representative or authorized representative: 
 Yanzhou Coal Mining Company Limited: 
 Legal representative or authorized representative:

  
 13 

 Shaanxi Yanchang Petroleum (Group) Co., Ltd.: 
 Legal representative or authorized representative: 

Date:                  
   

  
 14

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