Whitehaven announces production and sales update for the March quarter

Whitehaven Coal Limited (ASX: WHC) presented its March quarter production report on 11th April 2019. As per the company, the managed Run-of-Mine (ROM) coal production for the quarter ended March 2019 was at 4,879k tonnes, down by 17% as compared to 5,909k tonnes for the quarter ended March 2018.

As per the company, saleable coal production also declined quarterly. The managed saleable coal was at 5,062k tonnes for the quarter ended March 2019, down by 3% as compared to the previous corresponding period. However, the total managed coal sales rose by 12% and was at 6,042k tonnes as compared to just 5,414k tonnes in the previous corresponding quarter.

The equity ROM coal production declined by 15% for the quarter ended March 2019 and was at 3,946k tonnes as compared to 4,634k tonnes in the previous corresponding period. The equity saleable coal production was at 4,009k tonnes for the quarter ended March 2019, down by 1% as compared to the previous corresponding period.

However, Whitehaven’s equity sales of produced coal and total equity coal sales increased, the equity sales of produced coal were at 4,430k tonnes for the quarter ended March 2019, up by 13% as compared to 3,931k tonnes. The total equity coal sales for the company stood at 4,893k tonnes for the quarter ended March 2019, up by 16% as compared to the previous corresponding quarter.

The equity coal stock at the end of the period stood as 1,555k tonnes for the quarter ended March 2019, down by 14% as compared to 1,800k tonnes in the previous corresponding quarter.

Sales and Pricing:

The equity coal sales for the quarter ended in March 2019 were at 4.893 million tonnes, which includes purchased coal, which marked a 16% increase as compared to the previous corresponding year. The managed coal sales were at 6.042 million tonnes, including purchased coal for the quarter ended March 2019, up by 12% as compared to the previous corresponding period.

Sales of coal for the quarter exceeds the production amid built up stockpiles of ROM stocks before the end of the December quarter were processed by the company and was sold in the market.

Whitehaven mentioned the impact of China’s restriction on import amid environmental concern, which in turn, dragged the globalCoal Newc Index (gC NewC) thermal coal price averaged around US$95.88 per tonne for the quarter. However, as per the company its business and its thermal coal are not dependable on China. Whitehaven mentioned that the demand for its thermal coal in Japan and Asia is strong and underpins a high proportion of the company’s thermal coal sales.

The metallurgical coal benchmark averaged around US$120 per tonne for March 2019, hard coking coal average around US$210 per tonne. The company realised an average rate of US$120.42 per tonne.

Whitehaven mentioned that its Maules Creek prospect achieved a premium of 9%, on the sales of its thermal coal, above the Newcastle Index price.

Significant Prospects Production:

 The 75% owned Maules Creek produced 1.696 million tonnes of ROM coal, 2.274 million tonnes of saleable coal. The coal sales were at 2.661 million tonnes form the prospect, up by 4% as compared to the previous corresponding period.

The 70% owned Narrabri produced 1.696 million tonnes, which was up by 39% as compared to the previous corresponding period.

The stock of the company is trading at A$4.030 (as on 11th April 2019, 02:55 PM), up by 1.256% as compared to its previous close.


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