Whitehaven narrows loss as it steps up operating performance
PERTH (miningweekly.com) – Coal miner Whitehaven Coal has delivered significantly improved financial results for the year ended June, on the back of improved operational performances at all its mines and reduced supplier costs.
During the full year under review, Whitehaven narrowed its after-tax loss to A$38.4-million, compared with an after-tax loss of A$88.7-million reported in 2013.
This was driven by an earnings before interest, taxes, depreciation and amortisation of A$90.4-million, a 429% improvement on the previous financial year. Sales revenue for the full year increased by 21%, to A$755.4-million as a result of the higher coal sales and slightly better coal prices.
“Whitehaven completed an extraordinary year by delivering the targets that the company set for itself early in the year. Production records were delivered by three of the operating mines and construction of the world-class Maules Creek project started in December, and is on time and on budget,” said Whitehaven MD Paul Flynn.
Record production was achieved at the Werris Creek, Tarrawonga and Narrabri mines during the year, with saleable coal production reaching 8.2-million tonnes for the full year, a 23% increase on the previous financial year.
“Looking ahead, the start of construction at Maules Creek is a major milestone for Whitehaven in our target of creating Australia’s premier listed coal company,” said Flynn.
First coal at the project was scheduled to be railed in March 2015. The $767-million Maules Creek operation would extract some 13-million tons of coal a year.
“The combination of Narrabri and Maules Creek, when it is fully ramped, will make Whitehaven one of the largest and lowest-cost coal producers in Australia.”
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