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.

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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

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(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

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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;

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(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

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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;

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(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.

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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

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(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:

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(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:

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(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

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(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;

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(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

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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	)