25 Sept 2024other● Neutral
Appendix 4G and corporate governance statement for FY24, a standard annual compliance filing confirming where governance disclosures can be found. No substantive new information.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
25 Sept 2024annual report● Neutral
The 2024 Annual Report restates the year's results: $3.8b revenue, $740m underlying profit, net debt $1.3b, and 20c full-year dividend. It describes the Daunia/Blackwater purchase as doubling the business, and notes the 30% Blackwater sell-down. No new figures in the extract.
25 Sept 2024regulatory community update▲ GoodMajor
The Federal Government approved Narrabri Stage 3 under the EPBC Act, subject to conditions. This resolves the long-awaited Minister's decision and extends mine life from 2031 to 2044, supporting about 500 continuing jobs.
22 Aug 2024annual report● NeutralMajor
FY24 underlying profit $740m on revenue of $3.8b; statutory profit $355m after $385m of mostly acquisition costs. Net debt A$1.3b; final dividend 13c. FY25 guidance is 35.0-39.5Mt managed ROM, now including a full year of Queensland.
22 Aug 2024farm in farm out agreement▲ GoodMajor
Whitehaven agreed to sell 30% of Blackwater to Nippon Steel (20%) and JFE Steel (10%) for US$1.08b cash, with offtake agreements. Completion is expected in the March quarter 2025. Whitehaven stays operator and remains liable for 100% of deferred and contingent payments. Delivers the sell-down flagged earlier.
22 Aug 2024annual report▼ Bad
FY24 revenue $3.82b (down 37%), statutory profit $355m (down 87%), underlying profit $740m. Final dividend 13 cents plus 7 cent interim. AGM set for 30 October 2024.
22 Aug 2024investor presentation● Neutral
Full-year results presentation repeating the announced figures: $3.8b revenue, $1.4b underlying EBITDA, $740m underlying profit, 13c final dividend and 24.5Mt ROM output. No new information.
9 Aug 2024regulatory community update▲ Good
The High Court refused the Environment Council of Central Queensland special leave to appeal over Narrabri Stage 3, ending that legal challenge. Whitehaven now awaits the Environment Minister's final EPBC decision, which it says is over two years delayed.
16 May 2024regulatory community update▲ Good
The Full Federal Court dismissed the Environment Council of Central Queensland's appeal over the EPBC process for Narrabri Stage 3, clearing the way for the Environment Minister's final decision. The project would extend mine life from 2031 to 2044.
2 Apr 2024asset acquisition disposition▲ GoodMajor
Whitehaven completed the acquisition of 100% of the Daunia and Blackwater metallurgical coal mines from BMA, announced October 2023. This resolves the pending deal and makes it a metallurgical coal producer. Next update is due 19 April 2024.
8 Mar 2024material agreement▲ GoodMajor
All conditions are satisfied for the Daunia and Blackwater acquisition, with completion scheduled for 2 April 2024. Whitehaven will pay US$2.0b, funded by the US$1.1b term facility and balance sheet cash. Resolves the regulatory-approval thread.
15 Feb 2024half year report● Neutral
Half-year underlying profit $372.3m on a realised price of A$220/t; net cash $1.5b. Acquisition completion targeted 2 April 2024, funded by the US$1.1b facility plus cash. The Maules Creek autonomous haulage trial is being concluded, resolving that open thread.
15 Feb 2024investor presentation● Neutral
Half-year results presentation repeating known figures: $1.6b revenue, $372m underlying profit, 7 cent dividend, and completion of the Daunia/Blackwater acquisition expected 2 April 2024. No new information.
15 Feb 2024half year report▼ Bad
Half-year to December 2023: revenue $1.59b (down 58%), statutory profit $257.6m (down 86%), underlying profit $372.3m after excluding $114.7m of acquisition costs. Interim dividend 7 cents, versus 32 cents a year earlier.
15 Feb 2024director officer appointment● Neutral
Mick McCormack, a director of Origin Energy, Austal and Central Petroleum with 40+ years in energy and infrastructure including 15 years as APA CEO, joins the Whitehaven board as independent non-executive director from 16 February 2024.
8 Feb 2024regulatory community update▲ Good
Queensland's environment department approved the draft Environmental Authority for the 100%-owned Winchester South coking coal project, following the Coordinator General's November 2023 recommendation. It adjoins Daunia, so future integration is possible. Further approvals may still be needed.
18 Dec 2023debt financing▲ GoodMajor
Whitehaven has agreed terms for a 5-year US$1,100m credit facility, up from the US$900m bridge, to refinance the acquisition bridge for Daunia and Blackwater. Long-form documentation is expected early in 2024.
29 Nov 2023regulatory community update● Neutral
Bell Rock withdrew its review application after complying with the Panel's order to give a corrective notice. This closes the Takeovers Panel matter that began with Whitehaven's October application.
28 Nov 2023other● Neutral
Bell Rock files a revised disclosure of its Whitehaven position history, with dates and sizes from when it first crossed 5%. It corrects the date it fell below 5% to 7 November. This is the corrective notice required by the Panel; no new business information.
24 Nov 2023regulatory community update● Neutral
Bell Rock has applied to the Takeovers Panel to review the 22 November declaration of unacceptable circumstances against it. No review panel has been appointed and no decision on proceeding has been made.
24 Nov 2023regulatory community update▲ GoodMajor
Queensland's Coordinator General recommends the 100%-owned Winchester South coking coal project proceed, subject to conditions, at up to 17Mtpa ROM with 380Mt of reserves. Advances the EIS process noted earlier. It adjoins Daunia, giving possible future integration.
22 Nov 2023regulatory community update▲ Good
The Takeovers Panel declared unacceptable circumstances: Bell Rock's undisclosed Whitehaven position first passed 5% in June 2022 and reached 13.041% by June 2023. It ordered a corrective notice. Resolves Whitehaven's application largely in its favour; no orders on AGM votes.
10 Nov 2023other● Neutral
Bell Rock says its combined swap and share position in Whitehaven fell below 5% (about 4.995%), with swaps over 36.8m shares and 5.0m shares held. A later filing corrects the date to 7 November.
30 Oct 2023other● Neutral
Bell Rock discloses cash-settled swaps over 39.4m Whitehaven shares at an average $7.72 strike, plus 40.0m shares it manages. It has sold 35m shares, leaving combined exposure of about 5.31% after settlement. Follows the Takeovers Panel application over its earlier non-disclosure.
26 Oct 2023other● Neutral
AGM addresses by the chairman and CEO, released on the day of the meeting. The chairman says the Daunia and Blackwater deal doubles the production base without raising equity. Completion is expected early in the June 2024 quarter. Presents known facts.
25 Oct 2023regulatory community update● Neutral
Whitehaven has applied to the Takeovers Panel alleging Bell Rock failed to disclose a derivative interest in Whitehaven shares, said to total about 11% with physical shares. It claims Bell Rock is campaigning against AGM resolutions. No decision yet; the Panel comments on no merits.
25 Oct 2023regulatory community update● Neutral
The Takeovers Panel's Acting President declined to make the interim orders Whitehaven sought against Bell Rock. No sitting Panel has been appointed and the main application remains undecided.
18 Oct 2023asset acquisition disposition▲ GoodMajor
Whitehaven signs binding deals to buy 100% of BMA's Daunia and Blackwater coal mines for US$3.2b cash: US$2.1b upfront, US$1.1b deferred over three years, plus up to US$900m price-linked payments. Resolves the sale-process thread; completion expected June 2024 quarter.
18 Oct 2023investor presentation● Neutral
Presentation on the Daunia and Blackwater purchase, repeating the US$3.2b price and funding from cash, a US$900m bridge facility and future cashflows. It adds that a sell-down to steel producers as joint venture partners is being considered. Otherwise no new information.
18 Oct 2023asset acquisition disposition● Neutral
BHP's side of the sale: it and Mitsubishi sell Blackwater and Daunia to Whitehaven subsidiaries for up to US$4.1b including the earnout. A US$100m deposit is paid on signing; completion is expected in the June 2024 quarter. Repeats Whitehaven's deal from the seller's view.