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Whitehaven Coal positive about the future despite loss

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World Coal,

Australian coal miner, Whitehaven Coal, has announced a loss of AU$38.4 million in the financial year to June 2014 – significantly lower than the AU$88.7 million loss the company suffered in 2013 and reflecting improved EBITDA of AU$90.4 million, 429% higher than the previous year.

Record output at the company’s Werris Creek, Tarrawonga and Narrabri coal mines brought saleable production up to 8.2 million t, 23% higher than 2013. The Werris Creek expansion project was completed and helped to boost the mine’s output to 2.5 million t.

Meanwhile, the company’s Maules Creek project cleared its final legal hurdles and began construction in December 2013. The project was 50% complete by June 2014 and is expected to be finished by March 2015.

“Whitehaven completed an extraordinary year by delivering on the many targets that the company set for itself early in the year,” said Paul Flynn, managing director at Whitehaven. ““Looking ahead, commencement of construction at Maules Creek is a major milestone for Whitehaven in our target of creating Australia’s premier listed coal company. The combination of Narrabri and Maules Creek, when it is fully ramped, will make Whitehaven one of the largest and lowest cost coal producers in Australia.

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