Whitehaven Coal 2Q15: Improved coal production sales

Whitehaven has reported a record full year and quarterly saleable coal production of 14.6 million t and 4.8 million t respectively, which is an improvement of 41% and 66% from the same quarter last year.

Total coal sales for 2Q15 were reported to be 4.252 million t. Metallurgical coal export sales were 0.514 million t and thermal coal export sales were 3.722 million t.

Whitehaven achieved an average price of US$75.90/t from sales of its metallurgical products in 2Q15. The company predicts the price for these products in the next quarter to be between US$70/t – US$75/t.

The benchmark Newcastle thermal coal index (GlobalCOAL NEWC Index) averaged US$59.57/t. The company reached an average price for all its export thermal coal sales of US$60.72/t for 2Q15.

Total coal sales for the year were 13.987 million t. This includes sales from Maules Creek for the first time and is an increase of 29% since the previous year.

Whitehaven reported both thermal and metallurgical coal prices had fallen due to an high supply in the market and a reduce in Chinese demand.

Opencast production

Tarrawonga mine

ROM coal production at Tarrawonga for the 2Q15 and the full year was 0.550 million t and 2.153 million t respectively, lower by 27% and 2% than the previous corresponding period. Saleable coal production for 2Q15 was 0.484 million t and the full year recorded 1.983 million t.

Rocglen mine

ROM and saleable coal production for the Rocglen mine in 2Q15 was 0.311 million t and 0.189 million t respectively. ROM and saleable coal production for the year was 1.103 million t and 0.848 million t respectively.

Werris Creek mine

ROM and saleable coal production was 0.524 million t and 0.543 million t for 2Q15 – lower than expected due to a resoter restructure and the associated workforce reduction.

The full year production was consequently affected. The mine produced 2.242 million t of ROM coal and 2.309 million t saleable coal, which was down slightly from the previous year.

Edited from source: Whitehaven Coal by Harleigh Hobbs

Read the article online at: https://www.worldcoal.com/coal/16072015/whitehaven-coal-2q15-improved-coal-production-sales-2569/