They can instead focus on Vickery which is in NSW and hold Winchester as a developmental bargaining chip to incentivise a royalty reduction in QLD. Vickery is majority Metallurgical coal which will fetch higher prices and it has already been approved by the Independent planning commission in 2020.
Approximate capital investment is $700M for Vickery compared to $1 Billion for Winchester. All in all the board will take all financial risks and benefits into consideration before choosing which project to invest in.
https://whitehavencoal.com.au/our-business/our-assets/vickery-extension-project/
Winchester south, page-7
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