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Whitehaven Coal cuts production guidance after floods

Tom Richardson
Coal miner Whitehaven Coal has lowered its production guidance at its Maules Creek and Gunnedah open cut mines amid persistent wet weather from La Nina.

“As announced in the September quarterly production report, ROM production was lower than planned across all three open cut mines primarily as a result of disruption caused by rain and flooding impacts in September,” the company said.

“As referenced at the company’s annual general meeting in October, access roads and haulage roads continued to be impacted. Wet weather has persisted into November with soil moisture profiles, dams and river systems at capacity in the Gunnedah Basin.”
The company said it expected to produce between 10.3 million to 11 million tonnes of coal at Maules Creek. That compared to prior guidance of between 11.7 million tonnes and 12.6 million tonnes.

The miner also marginally upgraded production guidance at its Narrabi operations.

The stock has rocketed 268 per cent over the past year and last closed at $9.41.