Welcome to the 2009 Annual General Meeting of White Energy Company Limited. The general meeting materials provide an overview of the activities undertaken by your company during the year to 30th June 2009.
As advised in the Company’s Annual Report, despite the difficult macro economic conditions experienced during the Financial Year to 30th June 2009, White Energy was successful in achieving a number of critical milestones. Of significance were:
- The delivery of the Company’s first commercial plant in Indonesia and the expansion of the joint venture with Bayan Resources from five million tonnes per annum to fifteen million tonnes per annum;
- The formation of a strategic partnership with Peabody Energy Inc. at Peabody’s mine sites in the Powder River Basin in Wyoming to develop plants capable of providing up to 20 million tonnes per annum of upgraded product;
- The implementation of the permitting and approval process with respect to the Company’s first 1 million tonne per annum plant in North America, situated at Kiewit Corporation’s Buckskin mine also located in the Powder River Basin; and
- The completion of a successful capital raising against the back drop of the Global Financial Crisis, which significantly improved the Company’s balance sheet and resulted in a number of substantial institutional holders acquiring equity in the Company.