Whitehaven’s March 2015 quarterly report shows the Narrabri Coal Mine continues to create new production records with 2.2 megatons (Mt) of run-of-mill coal (unprocessed coal) produced in the March quarter.
The quarterly results were also buoyed by production at the Maules Creek Coal Mine, with managed coal sales from the new mine included in the company’s total for the first time.
The Maules Creek Coal Mine was 93% complete at the end of March this year.
The encouraging quarterly results were followed by a disappointing down turn in the market which experienced its largest one-day decline in nine months this week.
Whitehaven Coal shares lost 6.07 per cent to $2.94, with the fall thought to be compounded by the company’s announcement that Paul Flynn would replace the departing chief executive Tony Haggarty.
In what was a busy March quarter for Whitehaven, the company also refinanced debt facilities at a lower interest rate with the term ending in July 2019.