19 January 2024

December 2023 Quarter Production Report


  • Whitehaven achieved an average coal price of A$216/t¹ for the quarter.
  • December quarter managed run-of-mine (ROM) production of 5.0Mt was down 6% on the September quarter.
  • December quarter total equity sales of produced coal of 3.7Mt was up 21% on the September quarter.
  • December quarter managed sales of produced coal of 4.6Mt up 20% on the September quarter.
  • On 18 October, announced an agreement to acquire BMA’s Daunia and Blackwater coal mines in a highly attractive and transformative acquisition.
  • Agreed terms from a range of financiers for a 5-year credit facility of US$1.1 billion (announced 18 December), refinancing the acquisition bridge facility ahead of the expected completion of the acquisition in early April 2024. Customary long form documentation is expected to be completed in early CY24.
  • Whitehaven held a net cash position of $1.5 billion as at 31 December 2023, after paying a $833 million tax payment in December in relation to FY23 and a US$100 million cash deposit for the acquisition of Daunia and Blackwater mines.


Comments from MD and CEO Paul Flynn

“In the December quarter, managed ROM production of 5.0Mt was down 6% on the September quarter. Maules Creek and the Gunnedah Open Cut mines delivered solid operational performances while ROM production at Narrabri was impacted by geological challenges in the current longwall and equipment reliability.

“Overall ROM production and sales guidance for FY24 remains unchanged. However, production and sales mix is expected to reflect the stronger performance at the open cut mines and lower volumes from Narrabri.

“An average realised price of A$216/t was achieved for the quarter, with thermal coal sales realising a premium of 5% to the gC NEWC index of US$135/t.

“While high CV thermal coal prices remain resilient in the range of around US$120-$150/t, HCC metallurgical coal prices have strengthened to ~US$300-$350/t, which will deliver benefits for Whitehaven post completion of our acquisition.

“The US$1.1 billion 5-year credit facility together with cash held of A$1.6b (US$1.1b) and ongoing cash generation underpin the completion of the announced acquisition of Daunia and Blackwater mines expected in early April 2024.”


Read the full December 2023 Quarter Production Report here.


¹Excludes coal reservation sales and royalties

Back to News

to top