Whitehaven Coal Receives Final Approval for Maules Creek

Reuters reported that Australia’s Whitehaven Coal Ltd. (ASX:WHC) has received final approval for its Maules Creek coal mine, located in New South Wales. The company expects to sell its first coal from the property in the second half of 2014 and anticipates production of 13 million tonnes of coal per year at full capacity.

As quoted in the market news:

Maules Creek, which has an estimated 320 million tonnes of semi-soft coking coal and thermal coal, is a key asset for Whitehaven but approval for its development comes as coal producers are struggling with weak prices and tepid demand from major Asian buyers.

Approval for the mine marks the second major development for Whitehaven in the past month. In June, top shareholder Nathan Tinkler handed over his near 20 percent stake in the company to creditors.

Click here to read the full Reuters report.