- Australia’s largest independent coal miner Whitehaven Coal (WHC) achieves a record average coal price of $315 per tonne for the quarter
- This is a three fold increase from the previous corresponding period result of $101 per tonne
- Labour market, COVID-19 related restrictions and wet weather disrupted sales and production, however Whitehaven is on track to deliver its FY22 guidance
- Saleable coal production of 4.5 million tonnes, up 50 per cent on the December quarter and 5 per cent on the previous corresponding period
- On the market Whitehaven Coal last traded at $4.66 per share
Coal miner Whitehaven Coal (WHC) has achieved a record average coal price of $315 per tonne for the quarter.
This is a three fold increase from the previous corresponding period result of $101 per tonne and over $100 jump from the first half of FY22 at $204 per tonne.
In the March quarter, Whitehaven achieved a run of mine (ROM) production of 5.2 million tonnes, up 62 per cent on the December quarter but down 5 per cent from the same time last year.
Saleable coal production reached 4.5 million tonnes, up 50 per cent on the December quarter and 5 per cent on the previous corresponding period.
“Coal prices increased to record levels during the March quarter and remain very well supported in an environment of strong demand and constrained supply,” Managing Director and CEO Paul Flynn said.
“Operational and product quality improvements were delivered in the quarter.”
Mr Flynn said over the period there were disruptions in rail and port activities due to a tight labour market, COVID-19 related restrictions and wet weather.
However, despite this “drag” on production and sales, Whitehaven said it is on track to deliver its FY22 guidance.
Additionally, the company has released its updated resource and reserves statement for the Winchester South project in Queensland’s Bowen Basin.
The JORC reserve was upgraded to 380 million tonnes, from 350 million tonnes, with JORC proved reserve upgraded to 270 million tonnes, from 140 million tonnes.
The mine has an 20-plus years life, targeting 15 million tonnes per annum ROM production.
Mr Flynn said the updated resource and reserves were important milestones for the project which provides further confidence around resource definition and increases metallurgical coal tonnage quality.
On the market Whitehaven Coal shares were trading at $4.66 at 10am AEST.