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Miners deliver record growth

Whitehaven Coal has delivered record financial results in the 2023 financial year (FY23), while South32 recorded growth in critical minerals needed for the global energy transition. 

Whitehaven Coal

 Whitehaven Coal has delivered a record net profit after tax (NPAT) of $2.7 billion for the FY23, a 37 per cent increase from FY22.

The coal producer also recorded earnings before interest, tax, depreciation and amortisation (EBITDA) of $4.0 billion, a 30 per cent increase from FY22, and $4.2 billion of cash was generated from Whitehaven’s operations, a $1.6 billion increase from FY22.

The company also delivered record revenue of $6.1 billion which was underpinned by an achieved average coal price of $445 per tonne, compared to the $4.9 billion revenue and an average price of $325 per tonne in FY22.

“Record coal prices and our portfolio of high quality thermal and metallurgical products allowed Whitehaven to optimise the sales mix for FY23 and maximise our exposure to the strong gC NEWC thermal index,” Whitehaven chief executive officer (CEO) Paul Flynn said.

“With strong underlying market demand for high-CV, high quality thermal coal and metallurgical coal, coupled with forecast supply tightness, we recognise the opportunity and importance to improve operational performance.”


South32’s statutory profit after tax has decreased by $US2.8 billion (4.3 billion) to a loss of $US173 million ($267 million) in FY23, following the recognition of a non-cash impairment expense of $US1.3 billion ($2 billion) in relation to its Taylor deposit at the Hermosa project.

Despite the profit slump, South32 increased its supply of commodities critical for a low-carbon future.

“During the year, we delivered strong production growth in commodities that are critical for a low-carbon future. We set three annual production records and realised the benefit of our recent portfolio improvements, increasing aluminium production by 14 per cent, base metals by 17 per cent and manganese by 4 per cent,” South32 CEO Graham Kerr said.

“This growth, coupled with our continued focus on cost efficiencies, underpinned one of our largest underlying financial results, with underlying EBITDA of $US2.5 billion ($3.9 billion). This was achieved despite lower commodity prices and industry-wide inflationary pressures.”

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