Whitehaven releases June 2023 production report

Highlights:

• Whitehaven achieved an average coal price of AUS$264/t for the quarter and AUS$445/t for FY23.
• June quarter managed run-of-mine (ROM) production of 5.1 million t was up 19% on the March quarter and FY23 managed ROM coal production of 18.2 million t was within guidance of 18.0 – 19.2 million t.
• June quarter total equity sales of produced coal of 3.3 million t was steady on the March quarter and FY23 total equity sales of produced coal of 13.0 million t was down 8% on FY22.
• FY23 managed sales of produced coal of 16.0 million t was within guidance of 15.3 – 16.0 million t.
• Cash generated from operations of US$435 million in the June quarter and US$4.2 billion in FY23.
• Whitehaven held a net cash position of US$2.65 billion as at 30 June 2023.
• In the June quarter, we bought back 38.92 million shares for US$255.8 million bringing the share buy-back investment in FY23 to a total of US$948.9 million to acquire 119.67 million shares.

Comments from Whitehaven Coal Managing Director and CEO Paul Flynn:

“During FY23, production and sales volumes were impacted by 1H23 flooding and weather delays, labour shortages, and operational constraints at Maules Creek. However, a stronger June quarter relative to the March period helped deliver our overall FY23 guidance for both production and sales.

“Realised prices were at a record average of AUS$445/t for FY23 compared with the previous high of AUS$325/t in FY22.

“While June quarter price realisations moderated to an average of AUS$264/t as a result of seasonally lower demand and high customer inventories, Whitehaven delivered a 10% premium to the gC NEWC index of US$161/t for our thermal coal.

“Whitehaven generated US$435 million of cash from operations in the quarter and at the end of June we held a net cash position of US$2.65 billion.

“In FY23 we returned US$1.6 billion of capital to shareholders through dividends and buy-backs. We are maintaining a resilient balance sheet, and with strong underlying demand for our high quality products, Whitehaven is well placed to continue to generate strong cash flows and deliver value for our shareholders.

“We look forward to providing further details on our financial results at our FY23 results on 24 August.”

Read the full June 2023 Quarter Production Report here.

Read the article online at: https://www.worldcoal.com/coal/21082023/whitehaven-releases-june-2023-production-report/