When Paul Flynn hands down Whitehaven Coal’s huge profit today, it will be hard to believe it’s only two years since the company was barely breaking even and seeking covenant relief amid coal prices below $US50 per tonne.
The habits of this lifetime are hard to change, so I do the same thing, that same ritual is still one that I do, and it makes for a more easily digestible breakfast when you see coal prices where they are, of course. How will you make the cashflows of today available for yourself in future if lending for coal becomes harder to find? Do you create your own “future fund” or your own “war chest” so sometime in future if prices are lower and lending is harder you can self-fund?
We have been working towards putting more metallurgical coal into our business ... and of course Vickery [coal project in NSW] can bring more metallurgical coal into our business and Winchester South [in Queensland] is a cornerstone of that drive. Is any part of the timing decision on Vickery related to the fact we are in an inflationary environment, or is it purely that contest for capital against your own stock?
I don’t think so. The market is short [of coal] with the prices we are enjoying here, and the bigger conundrum for our customers is they have made significant investments in coal-fired generation. Is there any appeal for you in having a European presence in the Vickery offtake for the sake of customer diversification?
What did you make of the International Energy Agency’s suggestion that the world could not afford any more coal or gas projects if it were to keep temperatures to 1.5 degrees? None of us would sit here and say we shouldn’t be committed to a lower emissions pathway. I think the challenge is our aspirations have got out of step with the practical reality of delivering on that plan, virtuous as it is.
We are involved because we want to stay close to understanding what has gone on there, but I would rather focus on practical outcomes that deliver the emissions reductions pathways we believe are appropriate. I think there are some interesting examples of CCS around the globe. We have one up in Queensland, which Whitehaven contributes funding to through Low Emissions Technology Australia, where we have an opportunity to retrofit a capture plant on the back of the Millmerran power station and capture and sequester carbon dioxide in the Surat basin.
Source: Financial Digest (financialdigest.net)
Speaking of good investments, Whitehaven giving the Liberal Party $98,000 dollars in return for Morrison giving them $31 million was an exceptional ROI. Did our money that Morrison gave him ever make it to Ukraine in the form of 1 day's worth of coal? Asking for Australia.
I think his view that we can afford to keep burning coal is out of step with reality
Fixed it for you: 'He’s worried our emissions reduction targets will destroy his business model to cook the Earth to a crisp.'
FACT CHECK : TRUE
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