Whitehaven will report a 15-fold increase in earnings but warned NSW politicians they could kill future investment if they match Queensland’s coal royalty raise.
and resulted in prices for top quality NSW thermal coal being nine times higher than they were in August 2020.
But fresh from a trip to Whitehaven’s biggest sales destination, Japan, Mr Flynn said he remained focused on servicing the North Asian customers that had supported the business over the past decade and the South East Asian customers that are expected to beMr Flynn said those Asian customers were more focused on long-term security of supply than the extremely high prices they were having to pay for coal.
Mr Flynn said the changes were “very negative” and had reduced the net present value of Whitehaven’s undeveloped Winchester South coking coal project in Queensland by 3 per cent. The NSW government did not change coal royalty rates in last month’s pre-election budget but many in the mining industry fear it will be politically easier to raise royalties next year after the election.Asked whether governments still cared whether there was investment in more coal projects, Mr Flynn said he believed they did, particularly in Queensland where coal was a big part of the economy.
By waiting longer before developing Vickery, Whitehaven may allow the market for skilled labour to cool from the extreme tightness that is currently forcing it to pay quarterly retention bonuses to key staff. “They are brand new units coming on with 30 or 40 year type horizons on them and they are wondering where that coal of the future is going to come from if people stop investing [in new mines].”
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