UBS
Well played March Quarter: WHC have announced an overall strong MQ production result in line with UBSe – 4.2Mt vs 4.1Mt, respectively. Equity coal sales of 3.9Mt was 4% below UBSe, but including purchased coal sales it was 3% ahead at 4.2Mt. WHC's open cuts had a particularly strong quarter – Maules Creek had record saleable coal production at 2.7Mt (+7% q/q), and the Gunnedah Open Cuts had 1.4Mt (+17% q/q). Narrabri's production, however, was limited due to mechanical problems with its AFC gearbox and ground conditions around the longwall. WHC maintains Narrabri's ROM production guidance, albeit tightened to a range of 6.1-6.3Mt from 6.0-6.5Mt. Overall, WHC is on track to deliver FY 18 guidance of 20.5-21.0Mt of saleable coal production
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