Whitehaven cuts loss as production rises, costs fall

By Sue Lannin

It says production will start at the Maules Creek mine next year, with first coal expected in the March quarter.

Whitehaven Coal has reduced its annual loss from last year as it cut costs and boosted production.

“The combination of Narrabri and Maules Creek, when it is fully ramped, will make Whitehaven one of the largest and lowest cost coal producers in Australia,” he said.

Construction began in December last year and Whitehaven says the mine is more than 50 per cent completed.

It says it is cautiously optimistic that coal prices could rise given recent mine closures globally, production cutbacks and growth in demand for coal globally.

Whitehaven made an after-tax loss of $38. 3 million in 2014, down from $88. 7 million last year in a better-than-expected result.

Whitehaven’s coal projects in New South Wales‘s Gunnedah Basin have been beset with protests by environmentalists.

Read more here: ABC

    

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