Whitehaven shares gain as production, sales track guidance
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More news: Whitehaven Coal shares lifted on the ASX after the coal miner said it was tracking the upper half of its full year production and sales guidance.
Whitehaven shares were up 2.8% to $6.22 by midday AEDT, having retreated by around 25% over the last 12 months.
Whitehaven expects to reach 'upper half' of FY25 guidance
The news: Whitehaven Coal said it is on track to reach the upper half of its full-year guidance, as production for the December quarter came in flat compared to the previous quarter.
The numbers: Overall production for the three months to December was 9.69 million tonnes, marginally higher than the September quarter.
However, sales of produced coal jumped 23% to 8.68 million tonnes, with an average coal price of $211 per tonne for the NSW operations and $237 a tonne from Queensland.
The context: The miner said production at its Daunia mine in Queensland was lower, but it delivered record sales volumes during the quarter. Production from NSW rose 17%, with sales also tracking similarly higher.
Managing director Paul Flynn said the company is on track to deliver in the upper half of FY25 production and sales guidance, and at the low end of the full-year cost guidance range.
The miner expects to further strengthen its balance sheet with the $1.08 billion proceeds from its stake sale in the Blackwater mine due to be received in the March quarter, and said it will review capital allocation at the end of FY25.
The source: ASX announcement
