Insight

Whitehaven bets on coking coal in US$200 million deal for Winchester South

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Report summary

On the 22nd March, Whitehaven announced it had agreed to purchase Rio Tinto's 75% interest in the Winchester South coking coal project in Queensland's Bowen Basin for US$200 million in cash.

What's included

This report contains

  • Document

    Whitehaven bets on coking coal in US$200 million deal for Winchester South.xls

    XLS 2.43 MB

  • Document

    Whitehaven bets on coking coal in US$200 million deal for Winchester South

    PDF 4.33 MB

  • Document

    Whitehaven bets on coking coal in US$200 million deal for Winchester South

    ZIP 4.78 MB

Table of contents

  • Overview
    • Winchester South
  • Deal analysis
  • Strategic rationale, upside and risks

Tables and charts

This report includes 12 images and tables including:

Tables

  • Deal summary
  • Summary valuation
  • Valuation metrics
  • Economic assumptions
  • Marketable reserves (1 July 2018)

Images

  • Location map
  • Winchester South is attractively priced on relative deal-implied benchmark hard coking coal prices
  • Whitehaven bets on coking coal in US$200 million deal for Winchester South: Image 3
  • Whitehaven pro-forma production profile - metallurgical coal (attributable)
  • Whitehaven pro-forma production profile - thermal coal (attributable)
  • Seaborne metallurgical coal cost curve 2027 (US$/tonne, nominal)
  • Seaborne thermal coal energy adjusted cost curve 2027 (US$/tonne, nominal)

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