Australian miner Whitehaven Coal soars on 30% Blackwater stake sale
22/08/2024 01:38
** Shares of Australia's Whitehaven Coal WHC.AX rise as
much as 8.33% to A$7.8, their biggest intra-day jump since Oct.
18
** Country's biggest independent miner inks two separate
deals for a 30% stake in its Blackwater coal mine for a total of
$1.08 billion
** Says deals signed with Japan's Nippon Steel 5401.T and
JFE Steel Corp to sell stakes of 20% and 10%, respectively
** Co, however, says full-year profit slumped 87% as coal
prices cooled off from record highs
** Shares hit their highest level since Aug. 14
** Stock third-biggest gainer on the benchmark S&P/ASX 200
index .AXJO
** "The positive surprise was a US$1.08 bln sell down of 30%
of South Blackwater with offtake tons," Citi says
** Stock down 3.2% this year as of last close, vs a 5.5%
rise in ASX 200
(Reporting by Roushni Nair in Bengaluru)
((Roushni.Nair@thomsonreuters.com;))