One coal stock to stay away from – Whitehaven Coal Ltd.

Overall sales for the quarter were below expectations: Managed coal sales, excluding sales of purchased coal, for the June quarter were 5.396Mt, up 5% on the previous corresponding period. Sales in the quarter comprised 25% metallurgical coal and 75% thermal coal. Equity coal sales excluding purchased coal in the June quarter were 4.134Mt, up 6% on the previous corresponding period and comprised 64% high CV thermal, 25% metallurgical coal and 11% low CV thermal coal. Overall sales for the quarter were below expectations following a grain train derailment in early June, due to slower than expected recovery from a planned maintenance program on the rail line by ARTC and some port congestion at the end on the period. Equity sales for FY2017 excluding purchased coal were 15.486Mt, and comprised 22% metallurgical coal and 78% thermal coal. Sales of metallurgical coal continue to increase primarily due to Maules Creek ramping up production of semi soft coking coal. However, incremental sales of metallurgical coal from Maules Creek in the June quarter were lower than anticipated as the combination of a high thermal spot price and relatively low semi soft spot price made it more commercially attractive to produce and sell a higher proportion of Maules Creek coal as thermal.

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