Of his departure from Wesfarmers after nearly 46 years of service, Eastwood said he would prefer to leave in a better economic climate, “but so be it”

Looking at share price damage, a common theme for the majority of Australian Securities Exchange-listed companies these days, Eastwood said the coal price outlook along with debt refinancing were contributing factors to recent negative sentiment.

“We cannot predict or control coal prices – except to say that we believe the long-term demand for coal will remain strong,” he said.

“However, coal is a large part of the group’s profit and the market’s view of future coal prices will inevitably impact on our share price both positively and negatively.

“In this context it is worth noting our current relatively high coal prices are fixed until well into 2009.

“This fact, together with the recent falls in the Australian dollar, means that strong earnings from our coal exports are secure in the short to medium term.”

Debt refinancing concerns centre on the some $2.2 billion of debt due by December 2009 and $5 billion due in October 2010 although Eastwood said the company had excellent long-term relationships with a group of banks.

Wesfarmers wholly owns the Premier and Curragh coal mines and has a 40% stake in Bengalla, while the company is well known for its acquisition of the Coles Group, the owner of the namesake major supermarket chain.

The Curragh mine is based in Queensland’s Bowen Basin; the Premier open cut lies 200km south of Perth, Western Australia; and the Bengalla joint venture is based in the Hunter Valley, New South Wales.

Wesfarmers shares last traded at $17.80.