Australia’s Whitehaven Coal achieved an average coal price of A$527/mt ($375/mt) for the quarter, compared with A$581/mt ($413/mt) in the September quarter, and A$211/mt ($150/mt) in the same period one year ago, to deliver a record average H1 coal price of A$552/mt ($393/mt).

Subject to final audit, Whitehaven said it expects to report an H1 FY23 EBITDA of approximately $2.6 billion (compared with $600 million in H1 FY22).

“During the December quarter, we maintained strong operational performance at our Narrabri underground mine which helped offset the impact of continued wet weather on volumes from our open cut mines,” Whitehaven Coal Managing Director and CEO Paul Flynn said. “Strong ongoing demand for high CV coal, coupled with supply constraints, underpinned high prices, a solid December quarter and an exceptional first-half result.

December quarter managed run-of-mine (ROM) production of 4.8 million mt was up 21% on the September quarter (up 50% year-on-year). The company reported December quarter total equity sales of produced coal of 3.4 million mt, up 16% on the September quarter (up 20% year-on-year).

“We generated $2.5 billion of cash from operations in the half year, including $1 billion in the December quarter,” Flynn said. “At the end of December, we held a net cash position of $2.5 billion.”