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103
24
NOTE 24
CONTINGENT LIABILITIES
Details and estimates of maximum amounts of contingent liabilities
for which no provision is included in the accounts, are as follows:
2016
2015
$’000
$’000
i. Undertakings and guarantees issued by a Controlled entity’s bankers
to the Department of Natural Resources and Mines, Statutory Power
Authorities and various other entities
19,262
20,981
ii. Undertakings and guarantees issued by a Controlled entity’s bankers for
stage 1 and stage 2 of the Wiggins Island Coal Export Terminal expansion
project and expansion of rail facitlities
12,494
9,095
31,756
30,076
The contingent liabilities as described above are not secured by any charges on the Consolidated entity’s assets.
For contingent liabilities of the parent company, refer to note 1c, page 60.
For contingent liabilities relating to associates refer to note 10d, page 79.
c) Other financing arrangements
The Consolidated entity has access to bank overdraft and
bank guarantee facilities as follows:
2016
2015
$’000
$’000
Bank overdraft
Total facility
1,000
1,000
Used at balance date
–
–
Unused at balance date
1,000
1,000
Bank guarantees
Total facilities
141,377
106,377
Used at balance date
(124,356)
(82,276)
Unused at balance date
17,021
24,101
Bank guarantees include:
Unsecured facilities, for no fixed term and bear variable rates:
i. Mining restoration and rehabilitation
91,667
50,836
The liability has been recognised by New Hope Corporation Limited
in relation to its rehabilitation obligations.
ii. Statutory Body suppliers
26,744
25,063
No liability was recognised by New Hope Corporation Limited in
relation to these guarantees as no losses are foreseen on these
contingent liabilities.
Secured, for no fixed term and bear variable rates:
iii. Environmental bond
5,013
5,013
The net present value of this liability has been recognised by
CopperChem Limited in relation this guarantee. The guarantee
has been provided by Washington H. Soul Pattinson and Company
Limited (the Parent company).
123,424
80,912