Ann: December 2015 Quarterly Report, page-30

and ....""there's simply way too much global debt in the context of anaemic global growth ""
Right?. That's what Stephen Bartholomeuz says in today's Australian .
and... there's way too much debt on the Whitehaven balance sheet.
Right?
Wrong.
I was interested to read in WEdnesday's AFR an interview with fund manager cowboy Peter Hall of Hunter Hall Management. His funds own 10% of St Barbara's ( the gold miner) capital and have ridden the steep climb up to be the best performing resources stock on ASX in 2015.
He is looking for debt laden resource companies.
Should WHC shares be in his sights ? of course.
Here is a company fully invested with relatively cheap 5% debt - spread across numerous banks any one of which should be able to transfer to another bank- which is evidently well placed to pay down that debt as and when it suits the company.
With the benefit of currency hedging [ at current exchange rates] I believe the $100million in EBIT earned in 1H of 2016 year can be repeated for another 6 periods at least .
In this mode - fully invested, fully funded, fully commissioned and fully profitable- Whitehaven has all the cards .
It offers good debt.