Whitehaven Coal have released their quarterly report, with results showing a strong quarter, including an increase in coal production from the March quarter.
Throughout the June quarter, Whitehaven’s run-of-mine (ROM) production of 5.1Mt was up 19 per cent on the previous quarter.
The company was able to achieve an average coal price of AU$264/t for the June quarter, which was 34 per cent lower than the March 2023 quarter, and AU$445/t for FY23.
Whitehaven CEO and Managing Director, Paul Flynn, said the company had a successful quarter.
“During FY23, production and sales volumes were impacted by H1 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 AU$445/t for FY23 compared with the previous high of AU$325/t in FY22.
“While June quarter price realisations moderated to an average of AU$264/t as a result of seasonally lower demand and high customer inventories, Whitehaven delivered a ten per cent premium to the gC NEWC index of US$161/t for our thermal coal.”
Mr Flynn said the company generated $435 million of cash from operations in the quarter, and held a net cash position of $2.65 billion at the end of June.
“In FY23 we returned $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.”
