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New UserWhitehaven Coal posts $87m dollar loss, writes down assets by more than $450m
26 Aug 2021
Gunnedah Basin coal miner Whitehaven Coal (WHC) has posted an operating loss of $87.3 million for the 2020-21 financial year.
The result is down from a $30 million profit in the 2020 financial year and a more than $560m profit in the 2019 financial year.
WHC's annual financial report revealed the average price the company received for its coal fell by $9 per tonne in the last year.
It has put the decrease down to the high value of the Australian dollar in the past year and the low price of coal in late 2020, which has since recovered.
The company will not pay a shareholder dividend.
"The financials we've just released reflect a difficult year," managing director Paul Flynn said.
Geological issues hampered coal production at the Narrabri Underground mine, while production at the Maules Creek mine rebounded after difficulties in the previous year.
The company has also written down the value of its assets by more than $450m after tax.
It said the complications at Narrabri led to a reduction in the coal reserves, reduced the mine's value by $384m.
"We've reconfigured the mine plan, which gives rise to the change in the reserves," Mr Flynn said.
Source : https://www.abc.net.au/news/2021-08-26/whitehaven-coal-posts-87-million-dollar-loss-writes-down-assets/100375766