WHC – 2.12%: coal miner Whitehaven was out with their September Quarter production numbers today which looked a bit on the light side. While coal prices have been ripping higher, Whitehaven have struggled to hit production targets, though that is starting to shift. The Narrabri mine, which had struggled lately, saw production stabilise at a run rate of 6mtpa. Their flagship Maules Creek mine was forced to slow production so that it could squeeze in under their 13mtpa allowance, with just 2.6mt permitted in the final quarter which seems to have caught the market by surprise. The positive though is with such strong coal prices, Whitehaven is set to fully repay debt by early CY22. Overall, a reasonable quarter, with plenty of value still to be unlocked as they de-lever the balance sheet.
MM is bullish WHC
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