Whitehaven Coal Limited (ASX: WHC) has provided an update on its FY2023 guidance ahead of its March quarter production report. The company reported that managed run-of-mine (ROM) production was 4.3Mt for the quarter, below plan, with labour shortages impacting the business. Despite additional operational constraints at Maules Creek, production increased by only 9% relative to the December quarter due to labour constraints, congestion, and intermittent weather interruptions.
While the June quarter is expected to deliver an uplift in volumes, lower than expected second-half production combined with lower stock levels will result in some sales volumes being pushed into FY2024. Whitehaven's FY23 guidance for ROM production, managed coal sales, and equity coal sales have been adjusted accordingly, and cost guidance has increased to reflect the changes in operational performance. The company will report an average coal price of AU$400/t for the March quarter and a net cash position of AU$2.7 billion as at 31 March 2023.
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