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Whitehaven Announces December Quarter Results

Coal News - Published on Tue, 21 Jan 2020

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Whitehaven MD and CEO Paul Flynn “This quarter Narrabri’s scheduled longwall change out and chock leg cylinder replacement were completed on time, on budget and without injury. The December quarter production results reflect the impact of the previously reported labour shortages and dust events at our largest mine, Maules Creek and the scheduled Narrabri mine longwall move from LW108 to LW109. Whitehaven is investing in the people, processes and equipment needed to overcome short-term challenges, to deliver improved operational performance and to execute on its growth strategy."


Narrabri longwall change out completed on time on budget and without injury. Ramp up to full production on plan

In-pit dumping commenced at Maules Creek

December quarter of 3.1 million tonnes ROM coal production, down 58% on the previous corresponding period

December quarter saleable coal production of 3.1 million tonnes, down 44% on pep

December quarter coal sales of 4.5 million tonnes, down 17% on pep

Completed the acquisition of EDF Trading Australia Pty Limited, which owns a 7.5% interest in the Narrabri underground mine. Closing the acquisition brings Whitehaven’s ownership interest in the mine to 77.5%

Thermal and Metallurgical Coal Outlook - The trade dispute between the United States of America and China has contributed to softness in global demand and in demand for thermal coal; it has also contributed to weakness in the seaborne thermal coal price, while low European gas prices, an increase in the European price of carbon and relatively low seaborne spot LNG prices have also weighed upon coal prices over the past two years. Today's signing of the Phase 1 trade deal is expected to provide a boost to global trade. Whitehaven continues to see strong end user and trader demand for high quality thermal coal. The gC Newc coal price has found a floor in the past two quarters of circa USD 67/t, while API 4 pricing is now ~ USD 90/t. There is strength in the physical Richards Bay market as it rallied strongly in the December quarter. The gC Newc price levels have seen ‘swing’ suppliers from Colombia, Canada and the USA withdraw from the market which has led to a rebalancing of the fundamentals, and pricing being well supported in a range around the high USD 60’s.

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Posted By : Rabi Wangkhem on Tue, 21 Jan 2020
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