Whitehaven's Cash Returns to Shareholders Likely to Increase

Whitehaven Coal offers exposure to global energy and steel demand via thermal and metallurgical coal production. Its mines are in New South Wales and Queensland. Salable coal production expanded from 10 million metric tons in fiscal 2014 to about 14 million metric tons in fiscal 2022, largely due to the ramp-up of Maules Creek and the expansion of the Narrabri mine. It purchased the Blackwater and Daunia metallurgical coal mines in Queensland from BHP and Mitsubishi in April 2024, but it sold a 30% stake in Blackwater to two Japanese steelmakers in March 2025. Equity output is expected to grow to 31 million metric tons by fiscal 2031, split roughly 60% coking coal and 40% thermal coal.