Target $18.72, page-6353

And an extract from a long illustrated article in AUST Business today:

WHITEHAVEN’S FUNDING FOR BHP COAL STILL IN QUESTION
Yancoal and Whitehaven Coal are shaping up as the front-runners in the contest to buy BHP’s Queensland coal mines, with price expectations ranging from $2bn to $9bn.
But while some believe the $5.5bn listed Whitehaven is a motivated buyer, some question whether it will gain the support of its shareholders to raise equity for a deal.
On the one hand, Whitehaven could be a more favourable buyer than China-backed Yancoal, which would need clearance from the Foreign Investment Review Board.
But Yancoal is likely to be in a position to pay a higher price.
Whitehaven’s performance has disappointed some investors, frustrated with the cost of some of its projects.
Sources say it has spent about $400m on Boardwalk, which it purchased in 2012.
It has spent about $300m on Aston Resources, which it earlier purchased from Nathan Tinkler.
It was through that deal that it first gained a Coalworks stake.
It is also understood to have outlaid between $500m and $1.2bn on its Winchester South metallurgical coal project in Queensland.
The argument from some is that the shareholder value delivered has not justified the spending.
The problem is that if Whitehaven pays up for the BHP assets, it will not be able to fund the $1.5bn-plus development cost of Winchester South, according to one observer.
Sources have suggested that Whitehaven has been trying to borrow from ANZ, CBA and NAB for a purchase, but without success.
Around 2019, Whitehaven’s production slumped after being hit by labour shortages and bushfires at its flagship Maules Creek mine and an eight-week outage at its Narrabri underground mine.
The problems came as a surprise to investors.
It now faces litigation over its plan to expand is Narrabri underground coal mine in NSW by 13 years, for which it secured planning approval last year.
Community activist group Bushfire Survivors for Climate Action sought a judicial review of the ruling, but the court this month dismissed the challenge.
Whitehaven still requires approval from the federal Environment Minister.
…..