Whitehaven coal (ASX:WHC) warns thermal coal prices weaker
Coal mining powerhouse Whitehaven (ASX:WHC) has warned thermal coal prices have continued to exhibit weakness.
Whitehaven says a number of factors are to blame including the impact of ongoing market conditions such as low seaborne LNG prices into Europe and Asia, Chinese import restrictions and the generally negative sentiment on global GDP stemming from the trade tensions between the United States and China.
The company’s September quarter of run of mine coal production was 4.4 million tonnes, up 22 per cent on the year earlier period.
Meantime, September quarter saleable coal production was also higher, up 23 per cent on the same time last year to of 4.9 million tonnes.
The miner’s FY20 guidance remains unchanged since issued to the market on 15 August 2019.
Shares in Whitehaven Coal (ASX:WHC) are trading 2.53 per cent higher at $3.24.
Copyright 2019 – Finance News Network
Source: Finance News Network
