Coal news and updates

Australia's Whitehaven Coal (WHC.AX) narrowly beat its annual coal production forecast on Thursday, helped by a record output at its Maules Creek mine, and said it expects strong demand and prices in the coming months.

 

The company was forced cut its full-year output guidance twice in the last four months due to downtime at its Narrabri mine in New South Wales for additional longwall equipment repairs.

 

On market conditions, Whitehaven said there were no signs of weakening demand for thermal or metallurgical coal despite China's ban on coal from Australia after the relations between the two nations soured last year.

 

"Everyone is looking for more coal," Chief Executive Paul Flynn said in a production call, adding that conditions have "turned quite dramatically" as global economic activity improves after the COVID downturn.

 

Source : https://www.reuters.com/business/energy