Highlights

  • Coal prices approached USD 110/t, driven by record Chinese production and energy security priorities.
  • Bell Potter retained Hold ratings on Coronado (AUD 0.47) and Whitehaven (AUD 8.40).
  • Operational updates and reserve upgrades supported near-term stability across both producers.

ASX-listed coal stocks have returned to focus as global coal prices move higher, nearing a six-week peak. Thermal coal prices strengthened toward USD 110 per tonne, supported by fresh data showing China’s coal production reached a record level in 2025. Despite long-term clean energy targets, Beijing continues to prioritise energy security, influencing near-term coal demand. Against this backdrop, Bell Potter Securities has maintained Hold ratings on two Australian coal producers—Coronado Global Resources (ASX:CRN) and Whitehaven Coal (ASX:WHC).

Coronado Global Resources

Bell Potter Securities (Institutional) reaffirmed its Hold rating on Coronado Global Resources with a target price of AUD 0.47. The view aligns with similar neutral ratings from Ord Minnett (AUD 0.38) and Jefferies (AUD 0.51).

Coming to the company’s financial performance, in September 2025 quarterly report, it showed gains across production and sales metrics, including a 21% increase in saleable production—its highest level since Q1 2021—and a 9% rise in sales volumes. Investments in new operations delivered a step-up in output, with Mammoth doubling quarterly production to reach 65% of nameplate capacity. Unit costs were reported below guidance, with September costs around $80/t.

Liquidity support was also boosted through a recently announced transaction with Stanwell, expected to add near-term funding via a $265 million ABL facility, a 2026 rebate waiver of approximately $110 million, and additional financial support tied to liquidity thresholds.

Whitehaven Coal

Bell Potter also maintained a Hold rating on Whitehaven Coal with a target price of AUD 8.40. The stance follows a significant upgrade to coal resources and reserves at the Blackwater Mine in Queensland.

Through an ASX update, Whitehaven reported total recoverable reserves at Blackwater increased to 365Mt, up from 191Mt, while coal resources rose to 1,919Mt. The update was underpinned by extensive drilling data and revised economic assumptions, supporting long-term mine life and production continuity.

In its September 2025 quarterly report, Whitehaven recorded managed ROM production of 9.0Mt, with equity sales of 5.9Mt. The company continues to advance cost-reduction initiatives, targeting $60 million to $80 million in annualised savings by June 2026.