Whitehaven Coal could spend more than $2 billion buying back its own shares in the year ahead as the coal sector’s era of extraordinary shareholder returns rolls on.New Hope Coal said “phenomenal” coal prices had driven a 12-fold increase in full year profits,
Prices for top quality NSW thermal coal have been above $US420 per tonne over the past month: more than double the market prices of September 2021. Based on the price Whitehaven shares were fetching on Wednesday afternoon, the company could spend more than $2.1 billion on buybacks in the year ahead, either through an on-market buyback or an off-market tender process. The shares added another 4 per cent on Wednesday, taking the one-month gain to 19 per cent.
Time to Short then
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