like most coal mining enterprises, Australian Whitehaven Coal today operates at a loss, since energy coal prices have fallen by 31 percent over the past 19 months. In addition, at the moment, the volume of supplies of raw materials exceeds demand. For this and some other reasons, in the near future, analysts do not expect rising coal prices.
The net losses of Whitehaven Coal from the beginning of 2013 to June amounted to $ 82.2 million, despite the fact that, according to forecasts, this figure should not exceed $ 76.9 million. For comparison, the company's net profit of the company amounted to $ 62.5 million.
Despite the fact that larger competing companies refuse new projects and reduce workers at their enterprises, Whitehaven Coal continues to work as usual, which is not all the Australia coal mining companies. In addition, thanks to the opening of the Maules Creek mine, the Australians plan to double the volume of energy coal production, however, the first tons will go to the market no earlier than 2015. In addition to everything, Whitehaven Coal also expects a trial regarding the opening of this mine. Australian public figures in the field of ecology sued the company due to violations in the construction of the mine. The first hearing in this case is scheduled for September this year.
Since the beginning of the year, the cost of Whitehaven Coal shares has fallen by 42 percent. This is associated not only with a serious drop in the demand for coal, but also the departure from among the magnate investors Nathan Tinkler and the reduction of his share in the company of a large coal investor Hans Mende.
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