Australias Whitehaven Expects To Be Debt Free Next Year As Coal Prices Soar

Whitehaven says thermal, metallurgical coal prices to stay high

Expects to fully repay its debt facility in early 2022

Expects to be in a net-cash position by March quarter

Rewrites throughout, adds coal prices

Oct 14 (Reuters) - Australia's Whitehaven Coal WHC.AX said on Thursday it expects to be debt-free by early 2022, as thermal coal prices surge to record highs on recovering power demand and supply constraints.

Newcastle thermal coal futures - Asia's benchmark - averaged $168.52 a tonne in the September quarter, Whitehaven said, more than tripling from a year earlier and 54% higher from the prior three months.

Whitehaven said it would be in a net cash position by March 2022 as it expects coal prices to remain high on industrial activity rebounding, tighter supply due to adverse weather conditions and export restrictions in Indonesia.

Its average realised price of $142 a tonne was lower than the Asia benchmark's in the quarter as over half of its thermal coal book was priced in the prior periods.

Whitehaven said it expects to rake in the benefits of higher prices in the coming months.

Source : https://www.nasdaq.com/articles/australias-whitehaven-expects-to-be-debt-free-next-year-as-coal-prices-soar-2021-10-14

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Australias Whitehaven expects to be debt-free next year as coal prices soar

Source:Nasdaq

Australias Whitehaven expects to be debt-free next year as coal prices soar

Australias Whitehaven expects to be debt-free next year as coal prices soar

Source:Reuters

Australias Whitehaven expects to be debt-free next year as coal prices soar