Response to ABC Four Corners – 15 June 2015

Here is the full statement by Paul Flynn, Managing Director and CEO, Whitehaven Coal, issued to ABC’s Four Corners in relation to their episode which aired on 15 June 2015.

“Whitehaven is very well positioned due to the strong current, as well as projected, demand for the type of high quality thermal and metallurgical coal produced by our operations in the NSW Gunnedah Basin.

The Maules Creek Mine, was brought in ahead of schedule and well under budget as one of the lowest cost mines per tonne of installed capacity, despite the concerted campaign waged against it by the global anti-coal movement. Maules Creek is now ramping up to full production in line with our projections and will be one of the lowest cost mines to operate in Australia, as well.

The fact that Whitehaven secured a $1.4 billion refinancing of its debt facility earlier this year (on more favourable terms than the facility it replaces) with a syndicate of major Australian and international banks, reflects their confidence in the project and the industry. In terms of comparative share price performance over the past 12 months Whitehaven sits in the top quartile relative to industry peers.

Whitehaven is strongly positioned to deliver returns for investors long after the current fixation about global commodity prices – including coal – has subsided, because coal, and especially the coal we produce, will continue to be the predominant driver of growth and prosperity in our region over the medium to long term.”