Australian coal producer, Whitehaven Coal, expects earnings of AUS$100 – 105 million for the six-month period to the end of 2015, according to a company statement. This would represent a doubling of earnings compared to the same period in the previous year and leave the company in profit.
The company also raised its production target range from 18.8 – 19.4 million tpy to 19.5 – 20.1 million tpa.
“During my visits to Asia, customers in Japan, Korea and Taiwan emphasized the strong and growing demand for our Gunnedah Basin coal,” said Managing Director and CEO, Paul Flynn.
“Our coal’s high calorific value, low-ash and low-sulfur qualities attracts premiums of up to 5%. Production growth from our two tier one mines – Narrabri and Maules Creek – has enabled us to expand out portfolio of quality customers.”
In a separate notice to the Australian Stock Exchange, the company said that Anthony Haggarty, its former Managing Director and CEO and current Non-Executive Director, has raised his stake in the company.
Haggarty, who led Whitehaven Coal’s merger with Nathan Tinkler’s Aston Resources in 2008, purchased an additional 220 588 Whitehaven shares for AUS151 389.54, as well as acquiring a further 14 918 shares worth AUS$16 409.80 in an off-market transfer from a family member.
Edited by Jonathan Rowland.
Read the article online at: https://www.worldcoal.com/coal/08012016/whitehaven-expects-profit-in-2h15-/