Key Highlights

  • Whitehaven Coal reported managed ROM coal production of 11.0 million tonnes in the September 2026 quarter, up 3 per cent on the June quarter.
  • The average achieved price was A$226 a tonne, and closing stocks rose 37 per cent to 5.292 million tonnes.
  • Net Debt was approximately A$1.4 billion at 30 September 2026, and the December quarter report is due on 28 January 2027.

Whitehaven Coal Limited (ASX:WHC) said managed run-of-mine (ROM) coal production in the September 2026 quarter was 11.0 million tonnes, up 3 per cent on the June quarter and 22 per cent on the same period a year earlier. The company reconfirmed all FY27 guidance, including managed ROM production of 38.0 to 41.0 million tonnes, and said unit costs were at the low end of their range.

Saleable production was 8.467 million tonnes, 5 per cent above the previous quarter. Equity sales of produced coal were 6.0 million tonnes, down 5 per cent quarter on quarter, which Whitehaven attributed mainly to reduced vessel throughput at the RG Tanna and Port Waratah Coal Services terminals. Closing stocks rose 37 per cent to 5.292 million tonnes.

The group average achieved price was A$226 a tonne, up 2 per cent on the June quarter and 20 per cent on the prior corresponding period. By revenue, metallurgical coal made up 57 per cent of sales and thermal coal 43 per cent.

Queensland and New South Wales

In Queensland, ROM production was 5.5 million tonnes, down 4 per cent, with the Daunia southern box-cut beginning. Managed sales there fell 12 per cent to 3.5 million tonnes. RG Tanna recorded 12 days of loading outages, and Queensland stocks rose 49 per cent to 3.1 million tonnes. The average price was A$257 a tonne, and metallurgical coal realised US$184 a tonne, or 74 per cent of the PLV hard coking coal index, in line with the 12-month average.

In New South Wales, ROM production rose 10 per cent to 5.5 million tonnes. Narrabri produced 1.9 million tonnes and Maules Creek 2.7 million tonnes, down 22 per cent. Managed sales were 4.0 million tonnes at an average of A$198 a tonne. Thermal coal realised US$140 a tonne, or 103 per cent of the Newcastle index. Stocks rose 23 per cent to 2.2 million tonnes on sales timing, and a planned loader outage at Port Waratah is due to be completed in November.

Costs, cash and Capital returns

Whitehaven Coal (ASX:WHC) said unit costs, excluding royalties, were at the low end of the A$132 to A$147 a tonne guidance range, helped by Narrabri volumes and cost-reduction initiatives. Diesel averaged about A$1.38 a litre, compared with roughly A$1.16 assumed at the guidance midpoint.

Net debt was approximately A$1.4 billion at 30 September 2026, up about A$0.1 billion. Outflows included A$61 million of Shareholder distributions and an A$84 million contingent payment to BMA. Whitehaven expects the Working Capital tied up in higher inventories and receivables to unwind in the December quarter. It also bought back about 1.8 million shares for about A$14 million, and said its framework targets shareholder returns of 40 to 60 per cent of underlying group net profit after tax, measured on full-year earnings.

On the BMA Acquisition payments, the company said US$58 million was paid on 2 July 2026, and the year-to-date Year 3 contingent payment is estimated at US$109 million, subject to verification, against a full-year cap of US$350 million. The final US$100 million deferred payment is due in April 2027 and the final contingent payment in early July 2027.

Projects, guidance and next dates

Whitehaven spent A$1.6 million on development at Vickery and Winchester South and A$2.4 million on exploration. It said the Vickery Extension holds all required government approvals, and that a final Investment decision remains subject to board approval. At Winchester South, the Land Court judgment is reserved, the draft environmental authority has been approved, and the federal environmental approval process is progressing.

Other FY27 guidance is unchanged: managed coal sales of 30.4 to 33.0 million tonnes, equity sales of 23.9 to 26.0 million tonnes and Capital Expenditure of A$390 to A$490 million. The next scheduled milestones are an expected Narrabri longwall move in March 2027, lasting about nine weeks, and the December quarter production report on 28 January 2027.