Whitehaven Coal reported its results for the first quarter of the 2025 financial year (July-September 2024), reflecting steady production and sales figures in line with its operational plans. The company’s guidance for the 2025 financial year remains unchanged.
Operational Performance and Safety
The company reported a total recordable injury frequency rate (TRIFR) of 4.5 for both employees and contractors during Q1 FY25. The TRIFR reflects a higher average rate due to the inclusion of the Queensland (QLD) operations.
Whitehaven’s managed run-of-mine (ROM) production for the September quarter was 9.7 million tonnes (Mt), consistent with the June quarter. Total equity sales of produced coal amounted to 6.4 Mt, down 2% from the previous quarter. Approximately 64% of the company’s revenue came from metallurgical coal sales, with the remaining 36% from thermal coal.
Queensland Operations
Managed ROM production from Queensland reached 5.3 Mt, an 11% increase compared with the June quarter. Sales from the Queensland operations rose by 13%, totaling 3.6 Mt, aided by improved rail performance on the Goonyella line for Daunia coal transport.
The average coal price achieved from Queensland was A$259/t, equivalent to 84% of the PLV HCC Index, compared to 74% in the June quarter. The company continued to implement cost reduction and productivity improvement initiatives.
New South Wales Operations
In New South Wales (NSW), managed ROM production totaled 4.4 Mt, down 12% from the June quarter. The decline was in line with the planned focus on surface overburden removal in the open-cut mines during the first half of the financial year. NSW equity sales of produced coal were 2.8 Mt for the quarter, reflecting a 16% decrease from the previous period.
The average coal price achieved from NSW operations was A$211/t, aligning with the gC NEWC benchmark. The reliability of longwall operations at the Narrabri mine improved, while open-cut mines focused on overburden removal in accordance with FY25 mine plans.
Financial Position and Strategic Developments
Whitehaven reported net debt of A$1.2 billion as of 30 September 2024. The company expects to receive US$1.08 billion from the 30% sell-down of its Blackwater operations in Q3 FY25.
Managing Director and CEO Paul Flynn stated, “In Queensland, we are seeing productivity gains and cost improvements. In New South Wales, we are encouraged by Narrabri’s improving performance. Our costs are tracking towards the bottom end of our full-year cost guidance.”
FY25 Guidance
The company’s full-year guidance remains unchanged, with managed sales expected between 28.0 Mt and 31.5 Mt and managed ROM production in the range of 35.0 Mt to 39.5 Mt.
