Whitehaven Coal $47m Loss 1H2013

Coal mining company Whitehaven Coal (ASX:WHC) have announced its half year financial results for 2013 to its shareholders and investors on the Australian stockmarket.

• Whitehaven Coal have posted a $47 million loss for the first half of 2013.
• WHC revenue fell 18 percent to $281 million.
• Whitehaven saleable coal production up 56 percent to 3.5 million tonnes for the six months but was offset by lower coal prices with average realised coal prices from US$108 a tonne to US$92 a tonne in the prior corresponding period.
• Outgoing Whitehaven Coal chief Tony Haggarty said, "While we are already well placed on the cost-curve, we are continuing to review our open cut operations to identify opportunities to further reduce costs and enhance operating performance and revenue. As outlined previously, our small and relatively high-cost Sunnyside open cut mine was placed on care and maintenance in November 2012. The accounting treatment of closure related costs has contributed a loss of approximately $20 million to our overall result. The ramp up of our Narrabri longwall production progressed well through the later stages of the first half. Ensuring that Narrabri meets consistent high production rates remains a key focus for our business. Higher than anticipated moisture in the Narrabri thermal coal has had a negative impact on our revenue, and while this issue will diminish as production increases, a number of operational actions are being taken to reduce moisture levels in the product coal."
• Whitehaven Coal upgraded its total coal resources by two per cent to 3.788 billion tonnes.
• Whitehaven Coal is 19 percent owned by Nathan Tinkler.
• Whitehaven Coal will not pay a dividend.