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Whitehaven’s ‘transformational’ quarter

Queensland coal regions

Whitehaven Coal closed out the March 2024 quarter with two new Queensland coal mines under its belt, while remaining on track to deliver its 2023–24 financial year (FY24) guidance.

The coal miner produced 4.4 million tonnes (Mt) of run-of-mine coal (ROM) production during the period.

While the result is 13 per cent lower than Whitehaven’s December 2023 quarter figure, the company’s year to date ROM production total of 14.7Mt is 12 per cent higher than the previous year.

“In the March quarter, Whitehaven produced 4.4Mt of ROM production with Maules Creek and the Gunnedah open cut mines continuing to deliver strong operational performance,” Whitehaven managing director and chief executive officer Paul Flynn said.

“ROM production at Narrabri was lower than expected reflecting the geological challenges in the current panel and associated equipment reliability and maintenance stoppages.”

Whitehaven also sold 3.8Mt of produced coal during the period at an average coal price of $219 per tonne.

Flynn said officially acquiring the Daunia and Blackwater metallurgical coal mines in Queensland was a “clear highlight” for the company. Through the $US4.1 billion acquisition, Whitehaven has welcomed more than 2100 employees to its team.

“The Queensland mines are expected to deliver around 4.5–5.0Mt of ROM production in the first quarter of Whitehaven’s ownership, and we are on track to meet our overall guidance of (about) 18.2–20.7Mt for FY24 from our NSW business,” Flynn said.

“As a result of the acquisition, Whitehaven’s annual revenue is expected to be (around) 70 per cent from metallurgical coal sales and (around) 30 per cent from thermal coal.”

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