“Latest disruptions within the provide of steelmaking coal have added to cost volatility,” it mentioned.
The feedback come after a hearth at an Anglo American coking coal mine in Queensland state. Anglo reduce its manufacturing forecast for coking coal this 12 months by as a lot as 9% after an underground hearth at its Grosvenor coal mine.
Whitehaven on Friday posted a 91.8% bounce in fourth-quarter coal manufacturing from a 12 months earlier, underpinned by robust efficiency at its New South Wales operations and Narrabri, with the mines acquired from BHP boosting output additional.
Whitehaven mentioned its managed run-of-mine (ROM) coal manufacturing for the three months ended June 30 was 9.7 million metric tons, in contrast with 5.1 million tons a 12 months earlier.
The Blackwater and Daunia mines in Queensland, bought from BHP for $4.1 billion, produced 4.8 million tons, their first quarterly manufacturing beneath Whitehaven’s possession.
Manufacturing at its Narrabri coal mine greater than doubled in contrast with the third quarter, following engineering upgrades early within the quarter to end-June.
Prices for the quarter got here in at $114 a ton, above steering of $103/$113, reflecting decrease output from Narrabri in contrast with a 12 months earlier and inflation.
Whitehaven offered metallurgical coal from its newly acquired Queensland operations for a mean value of A$271 ($182) a metric ton, it mentioned.
The potential sale of a strategic 20% stake within the Blackwater mine to a steelmaker was progressing, it additionally mentioned.
Whitehaven shares fell 2.1% on Friday amid related declines in Australia’s mining sector.
($1 = 1.4914 Australian {dollars})
(By Rajasik Mukherjee, Sherin Sunny and Melanie Burton; Modifying by Maju Samuel and Tom Hogue)