Whitehaven Posts Impressive Results
Total run-of-mine (ROM) coal produced and sold during the period year was 23.1 million mt and 20.7 million mt, respectively, a respective 13% and 3% increase, which reflected the ongoing ramp up of Maules Creek mine and strong performance from the Gunnedah open cuts.
“The hard work that preceded fiscal year 2017 has been rewarded by the company reporting its highest ever profit for the year,” said Whitehaven Coal Managing Director and CEO Paul Flynn. “This is a fitting result for a company celebrating its 10-year anniversary of listing on the ASX and reflects well on all of those people who have shared and participated in the journey.”
Full-year ROM coal production from Maules Creek increased 24% to 9.7 million mt. ROM coal production from the smaller open cuts was 6.1 million mt, up by 6%. Metallurgical coal sales continue to grow in line with expectations and reached 21% of total sales for the year.
“Whitehaven’s high-quality coal, which produces more energy and fewer emissions per ton than almost all competing coals, is being widely and rapidly accepted in the growing Asian market,” Flynn said.
For fiscal year 2018, Whitehaven expects to sell 22 million mt to 23 million mt. Costs for the year are likely to increase slightly as production of metallurgical coal increases and the strip ratio at Maules Creek moves toward the life of mine ratio.