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Whitehaven Achieves Record Average Coal Price of A$445/t in FY23
Whitehaven Coal Limited has released its production report for the June 2023 quarter, detailing production and sales volumes, realised prices, and financial highlights. Despite operational constraints at Maules Creek and weather delays, Whitehaven achieved an average coal price of A$445/t for FY23, a record high compared to the previous high of A$325/t in FY22.
Although June quarter price realisations were lower compared to earlier periods, Whitehaven still managed to deliver a 10% premium to the gC NEWC index of US$161/t for its thermal coal. The company generated $435 million of cash from operations in the quarter and held a net cash position of $2. 65 billion as at 30 June 2023.
Whitehaven returned $1. 6 billion of capital to shareholders through dividends and buy-backs in FY23, maintaining a resilient balance sheet and positioning itself to continue generating strong cash flows.
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The company's MD and CEO, Paul Flynn, remains optimistic about the future, citing the strong underlying demand for Whitehaven's high-quality products.
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Whitehaven Achieves Record Average Coal Price of A$445/t in FY23