A 30 per cent improvement in safety performance and zero environmental enforceable actions were highlights of Whitehaven’s 2023–24 financial year (FY24).
Run of mine managed production volume sat at 24.5 million tonnes, up from 18.2 million tonnes in FY23. Equity sales of produced coal saw an increase of 26 per cent to 16.4 million tonnes.
Cash generated from Whitehaven’s operations was $1.3 billion.
Perhaps the biggest highlight from the year was the sale of the Daunia and Blackwater coal mines. The sale of Blackwater was finalised yesterday, with Nippon Steel Corporation and JFE Steel Corporation paying $1.6 billion for the Queensland mine.
“FY24 has been a pivotal year for Whitehaven as we are transforming the business through the acquisition of Daunia and Blackwater,” Whitehaven chief executive officer and managing director Paul Flynn said.
“The highly attractive acquisition has diversified Whitehaven and brings with it scale benefits and significant value upside for our shareholders.
“[The] announced $US1.08 billion, 30 per cent equity sell down in the Blackwater mine to two long-term customers, firmly validates the value of the acquisition and demand for Blackwater metallurgical coal.”
Flynn said the company had maintained a balance between growing its business and delivering on its already established assets.
“While we have been growing the business, we have maintained focus on the NSW operations to deliver a solid financial result for FY24,” he said.
We delivered an overall underlying NPAT (net profit after tax) of $740 million, before acquisition-related and other one-off costs, and declared a 13 cent final dividend for shareholders.
“The business is very well positioned to continue to deliver strong returns for shareholders from both the metallurgical and thermal coal businesses.”
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