Whitehaven Q1 ROM Output 11.0Mt as Port Delays Hit Sales

Whitehaven (ASX:WHC)'s September quarter report shows production and costs tracking well against FY27 guidance, but export terminal disruptions pushed some sales into the December quarter and lifted net debt.

Managed ROM production was 11.0Mt, up 3% on the June quarter and 22% on the prior corresponding period. Equity sales of produced coal were 6.0Mt, down 5%, reflecting reduced vessel throughput at the RG Tanna and PWCS export terminals. Queensland managed ROM production was 5.5Mt, with planned and unplanned loading outages at RG Tanna totalling 12 days, while New South Wales managed ROM production was 5.5Mt, up 10%. Unit costs were at the low end of the FY27 guidance range of $132 - $147/t, although diesel averaged ~$1.38/litre against the ~$1.16/litre assumed in the midpoint of cost guidance. The average achieved price was A$226/t, up 2% on the June quarter, with A$257/t for Queensland and A$198/t for New South Wales. Net debt increased by ~$0.1 billion to ~$1.4 billion, after $61 million of shareholder distributions and an $84 million contingent payment to BMA for the Queensland acquisition. FY27 guidance remains unchanged, including managed ROM coal production of 38.0 to 41.0Mt.

The company expects elevated inventories to unwind in the December quarter but does not quantify the slipped sales. A final US$100 million deferred payment to BMA is due in April 2027, with the final contingent payment due in July 2027.