Coal giant ignores local

ONE of Australia’s biggest coal producers has ruled out selling into the domestic market in the foreseeable future, blaming uncertainty arising from the lack of a comprehensive energy policy in Canberra.

Whitehaven Coal, which yesterday delivered a 20-fold jump in full-year net profit driven by surging prices for its premium thermal coal, currently sells a negligible amount locally and chief executive Paul Flynn said there was no plan to increase sales here.

The miner yesterday said net profit for the year to June rose to $405.4 million from $20.5 million a year ago. Its revenue soared 52.3 per cent to $1.77 billion.

Shares fell 2.1 per cent yesterday, closing at $3.29.