Whitehaven Coal’s recoverable coal reserves increased by 1 million t to 888 million t in the 12 months to 2014 compared to the August 2013 Coal Reserves and Resources Statement, according to the company. Its marketable coal reserves also increased by 5 million t to 801 million t.
Mining depletion totaled 12 million t for the financial year.
Coal reserves – both marketable and recoverable – jumped 20 million t each at the company’s Maules Creek project. Coal resources at the project dropped by 28.6 million t to 650 million t but classification of the resources improved with significant upgrades in both the measured resource and indicated resource categories.
Whitehaven Coal has announced a loss of AU$38.4 million but improved performance at its mines and commencement of its Maules Creek projects leaves it optimistic about the future.
Jonathan Moylan has been given a 20 month suspended sentence over a bogus press release, which wiped AU$ 300 million off coal mining company’s share price.