August 10, 2022

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Whitehaven Flags posts $3 billion revenue as coal costs soar

Flynn mentioned the coal miner had acquired inquiries from Europe and dedicated to check deliveries earlier than the European Union’s ban on Russian coal begins in August, whereas Asian demand remained robust.

“That is the time whenever you want you had somewhat bit extra manufacturing than you might have,” Flynn mentioned in an investor name.

Whitehaven had downgraded its manufacturing forecast earlier this yr as NSW flooding and Omicron COVID-19 surge affected operations, however the firm mentioned its present money place of $1 billion now permits it to pay dividends absolutely stamped to shareholders pour out.

Paul Flynn, Whitehaven's managing director and chief executive, said high coal prices were likely to continue as countries were reminded of the importance of energy security.

Paul Flynn, Whitehaven’s managing director and chief govt, mentioned excessive coal costs had been prone to proceed as international locations had been reminded of the significance of power safety.Recognition:Oscar Coleman

Flynn additionally mentioned authorities infrastructure spending is growing competitors for expert staff whereas Whitehaven nonetheless struggles with labor shortages.

“The federal government is contributing a lot of the inflationary strain right here by its personal actions,” he mentioned.

Flynn additionally mentioned a authorized problem by environmentalists to the corporate’s proposed enlargement of the Narrabri underground coal mine was “vexing”, however he was assured NSW’s earlier planning approval had addressed local weather change considerations expressed by campaigners.

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The proposed Whitehaven enlargement would add 13 years to the mine’s life by 2044, with Bushfire Survivors for Local weather Motion difficult the venture’s approval by the NSW Impartial Planning Fee (IPC).

Flynn additionally criticized the Queensland authorities’s enhance in coal tariffs, which he says was accomplished with out session.

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Mining large BHP final week slammed the transfer to finish a decades-long freeze on coal royalties, arguing it was hurting Australia’s funding status.

“They only see this as a chance to fill a gap within the funds and I think the Queensland voters could have an opinion on that in some unspecified time in the future,” Flynn mentioned.

The Palaszczuk authorities mentioned elevating royalties would guarantee the general public received a fairer share of the sector’s “tremendous income” as coal costs skyrocketed after Russia’s invasion of Ukraine.

“It’s clearly not a royalty, it’s a tax,” Flynn mentioned.

“We hope that the place in NSW doesn’t change and we’ll be certain that the NSW Authorities understands the essential function the useful resource sector performs for NSW forward of subsequent March’s elections.”

Whitehaven will report its remaining outcomes for the yr on August twenty fifth.

The Enterprise Briefing publication delivers essential tales, unique protection and skilled opinions. Signal as much as obtain it each weekday morning.

https://www.smh.com.au/enterprise/corporations/whitehaven-flags-record-3-billion-profit-as-coal-prices-surge-20220718-p5b2cj.html?ref=rss&utm_medium=rss&utm_source=rss_business Whitehaven Flags posts $3 billion revenue as coal costs soar