Whitehaven was the site of a major chemical industry after World War II, but both that and the coal industry have disappeared, and today the major industry is the nearby Sellafield nuclear complex, which is the largest local employer of labour and has a significant administrative base in the town. Whitehaven, one of Australia's largest coal miners, has seen its profits nearly wiped out as coal prices collapse around the world.Following a record-breaking result a year earlier, Whitehaven's earnings have crashed 95 per cent from $564.9 million to $30 million in the year to June 30, causing investors to flee on Wednesday. Hover over the supply and demand chart to see the amount of power currently being generated in each state by source. "These included commissioning independent and comprehensive reviews of systems and processes, implementing the full suite of remedial measures arising from these reviews, and having the full implementation of these measures independently verified," she said.John Barilaro, the Minister for Regional NSW and Deputy Premier, declined to comment on a matter before the courts.The regulator said Whitehaven had since complied with the requirements of the exploration suspension notice, with the halt now lifted.Elaine Johnson, the principal solicitor for the Environmental Defenders Office, said it was "not a regular occurrence that the Resources Regulator was taking action against a mining company for failure to comply with the conditions of its mining and exploration licences".Whitehaven faces two other legal actions, one of them involving the Natural Resource Access Regulator, which last month took the miner to the Land and Environment Court for allegedly taking water it was not entitled to at its Maules Creek mine.The Federal Court will also hear a motion from Whitehaven on Friday to strike out legal action brought against it by South East Forest Rescue over the alleged failure to secure necessary biodiversity offsets to compensates for forests destroyed to make way for its Maules Creek mine.The latest legal action also comes as the Independent Planning Commission is expected to issue a decision on whether or not to approve Whitehaven's Vickery Mine Extension project, also in northern NSW.The Lock the Gate Alliance, an environment group, said it would make an emergency submission to the IPC to urge it take into account the 16 new charges levelled against Whitehaven when considering the Vickery proposal. Scientists have presented no economically or politically realistic options for the Coalition government to dump its gas strategy.Six years ago, when a new Coalition government was sizing up car manufacturing, policy experts and politicians debated whether subsidies should be used to preserve blue-collar jobs.Today, they are arguing over whether subsidies should be used to destroy them.Former chief scientist Penny Sackett at an anti-coal protest in Canberra in 2019.The scientific community's activist branch, allied with the Greens and the Labor Party's left, Two days later, one of Finkel's predecessors, Penny Sackett, argued it was too late for the gas option. Whitehaven's shares tumbled 18 per cent to finish the day at $1.02, its lowest level in several years.The profit crash comes as the virus-driven economic downturn weighs on global energy demand and prices of coal, one of Australia's largest export commodity exports.
The safety outcome for the Group for the 12 months ending 30 June 2020 was a total recordable injury frequency rate (TRIFR) of 4.13, the lowest ever for the … The NSW resources regulator has charged Whitehaven Coal over 16 alleged breaches of the mining laws involving exploration and operations that could cost the miner millions of dollars.In a statement released by the Department of Regional NSW, the regulator said it was taking Whitehaven's subsidiaries Narrabri Coal Pty Ltd and Narrabri Coal Operations Pty Ltd to the Land and Environment Court for the alleged breaches at a mine north-west of Boggabri.Eight of the allegations relate to an exploration licence, EL6243, which the regulator suspended last August after the issues were identified, the statement said. The matters are set down for mention in the Land and Environment Court on September 18.A spokeswoman for Whitehaven said the company had previously acknowledged "this was an unacceptable incident". The power generation mix is a key driver of … Australia's second-largest superannuation fund, First State Super, said it would sell its shares in Whitehaven and other miners that derive more than 10 per cent of their revenue from thermal coal as part of a decarbonisation push across its portfolio.Mr Flynn on Wednesday said the company was confident in the demand outlook for Whitehaven's comparatively higher-quality coal and its ongoing role "in a more carbon-conscious world".Under a range of climate policy scenarios, Whitehaven said, its coal would continue to be sought after by large customer markets in Asia due to its higher energy value and lower ash and sulphur content.Business reporter for The Age and Sydney Morning Herald.Whitehaven profit slumps 95% as Australia's coal prices collapseA growing number of global fund managers are pledging to exit their investments in thermal coal.
"In response, the company took immediate rehabilitation action and implemented a range of longer-term management measures to ensure compliance with its environmental obligations in the Narrabri exploration lease area," she said. By comparison, the broad ASX 200 index has only dropped about 8 per cent this year.The most important news, analysis and insights delivered to your inbox at the start and end of each day.