Rain has hit WhitehavenCoal's production in the Sept quarter, with coal production down 37% mining resources weather Australia
PERTH – Coal miner Whitehaven Coal has reported a 37% decline in run-of-mine production compared with the June quarter as wet weather conditions impacted operations.
“With demand for high quality coal continuing to outstrip global supply, coal prices set another record in the September quarter and continue to be well supported,” said Whitehaven MD and CEOThe company achieved a record average coal price of A$581/t for the quarter, compared with the A$514/t reported in the June quarter.
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Breakingviews - Water risk powers fear-then-greed coal tradeShareholders have found a distressing silver lining to the floods that have been pounding eastern Australia. On Wednesday Whitehaven Coal revealed that its production fell 37% in the three months to the end of September compared to the same period last year in large part because rain cut off access to three of its mines for days at a time. Investors immediately sent stock in both the company and rival New Hope sinking 6% or more.
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