Whitehaven Coal is wary of investing in its development projects due to turbulent coal markets that have been amplified by Chinese restrictions on imports from Australia.
Whitehaven Coal is anticipating a 50 per cent boost in production and processing capacity from the $980 million Winchester South coal project in Queensland.
Subdued coal markets have forced Whitehaven Coal to be cautious in allocating its capital to expansion, the company stated in its September quarterly report.
Whitehaven Coal has achieved record figures across multiple fronts during the 2019 financial year as it benefitted from the high quality of its thermal coal.
Whitehaven Coal has beaten its production guidance for the 2019 financial year on the back of strong performance at its New South Wales mines.
Whitehaven Coal has reached a milestone in the proposed development of the Winchester South metallurgical coal site, with the Queensland Government declaring it a coordinated project.
Rio Tinto will return the sale proceeds of its Australian coal mines, worth $US3.2 billion ($4.4 billion), to its shareholders via a share buy-back.
Rio Tinto has completed the sale of its remaining Australian coal-mining operations in Queensland for $3.95 billion.
Rio Tinto has completed the sale of its 75 per cent stake in the Winchester South coal project in Queensland to Whitehaven Coal.