At the annual general meeting yesterday, Macarthur Coal chairman Keith De Lacy said the Crime and Corruption Commission investigation into the $300,000 loan made by Talbot to former Industrial Relations minister Gordon Nuttall would not disrupt the company’s operations.
“The board has every confidence in Nicole and the management team and their capacity to maintain Macarthur’s momentum … Nicole Hollows knows more about Macarthur Coal than anyone else,” he said.
Hollows said the board's guidance for Macarthur’s net profit after tax had been estimated as $63–73 million, as compared to $149.6 million for 2005-06.
Macarthur’s production and sales target for the year is 4.5 million tonnes.
“Our guide is $63 million to $73 million and that range has to be given due to the highly sensitive throughput that we can actually get through the Dalrymple Bay Coal Terminal," Hollows said.
She said the company is working with DBCT to increase its allocation for the 2006-07 year from 4.1Mtpa to 4.3Mtpa.
De Lacy told shareholders he was unconcerned about the effect of the loan scandal on Macarthur’s fluctuating share price or the company's performance.
“The share price is a long-term thing and short-term fluctuations don't mean anything and I'm sure most wise investors will look at the fundamentals of the company and its long-term future, rather than short-term unfavourable publicity,” De Lacy said.
