19 April 2024

March 2024 Quarter Production Report

Highlights

The acquisition of BMA’s Daunia and Blackwater coal mines completed on 2 April, transforming Whitehaven into a leading metallurgical coal producer.
Whitehaven achieved an average coal price of A$219/t¹ for the quarter.
March quarter managed run-of-mine (ROM) production of 4.4Mt is 13% lower than the December quarter, while year to date ROM production of 14.7Mt is 12% above prior year.
March quarter managed sales of produced coal of 3.8Mt is 16% lower than the December quarter, and total equity sales of produced coal of 3.1Mt is 16% lower.
Whitehaven is on track to meet overall ROM production guidance of 18.2 – 20.7Mt and sales guidance for FY24, before an additional contribution from the acquired Queensland business of around 4.5 – 5.0Mt of ROM production and around 3.5 – 4.0Mt of sales in the June quarter.

Comments from MD and CEO Paul Flynn

“In the March quarter, Whitehaven produced 4.4Mt of ROM production with Maules Creek and the Gunnedah Open Cut mines continuing to deliver strong operational performance. ROM production at Narrabri was lower than expected reflecting the geological challenges in the current panel and associated equipment reliability and maintenance stoppages.

“An average realised price of A$219/t was achieved for the quarter, with thermal coal sales reflecting a premium of 8% to the gC NEWC index.

“A clear highlight for the quarter was completing the transformational acquisition of Daunia and Blackwater metallurgical coal mines on 2 April 2024 and welcoming more than 2,100 people in Queensland to the Whitehaven team.

“The Queensland mines are expected to deliver around 4.5 – 5.0Mt of ROM production in the first quarter of Whitehaven’s ownership, and we are on track to meet our overall guidance of ~18.2 – 20.7Mt for FY24 from our NSW business.

“As a result of the acquisition, Whitehaven’s annual revenue is expected to be ~70% from metallurgical coal sales and ~30% from thermal coal.”