Whitehaven Coal Inks $1.08 Billion Mine Stake Sale as Profit Slides
By Rhiannon Hoyle
Whitehaven Coal said it has signed deals to sell a 30% stake in a newly acquired coal mine to a pair of Japanese steelmakers for a total of US$1.08 billion, as it recorded a sharp fall in annual profit in big part because of a halving in coal prices.
The Australian coal producer on Thursday said Nippon Steel and JFE Steel, both long-term customers of the Blackwater coal mine, will buy a 20% and 10% interest respectively, in deals Whitehaven said will strengthen its balance sheet.
It expects to complete the deals in the first quarter of calendar year 2025.
Whitehaven said its net profit fell by 87% to 355 million Australian dollars (US$239 million) in the year through June, reflecting a pullback in coal prices from record-high levels and higher production costs that more than offset a jump in output.
Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com
(END) Dow Jones Newswires
August 21, 2024 19:23 ET (23:23 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
What’s the Difference Between the CPI and PCE Indexes?
-
Micron Earnings: Great Guidance but Stock Now Looks Fairly Valued
-
August PCE Report Forecasts Show More Good News on Inflation
-
AI Stocks May Be Down, but Don’t Count Them Out
-
4 Stocks to Buy as the Fed Cuts Interest Rates
-
Markets Brief: The Uncertain Path to Neutral Interest Rates
-
What’s Happening in the Markets This Week
-
Where Top Stock Fund Managers Are Looking Next After the Fed Rate Cut
-
Our Top Pick for Investing in US Renewable Energy
-
Undervalued by 25% and Yielding 5%, This Stock Is a Buy
-
Can AI Predict Future Stock Returns?
-
The Best Energy Stocks to Buy Now
-
10 Undervalued Wide-Moat Stocks
-
Obesity Drugs: Can New Firms Take Market Share From Eli Lilly and Novo Nordisk?
-
New 4-Star Stocks
-
Intel Fair Value Left Unchanged Despite Qualcomm Takeover Talk
United States