Coal price in free fall

WHITEHAVEN Coal’s sales are on the rise but it expects prices to continue to fall. The miner achieved a 46 per cent improvement in coal sales in the three months to June, due mainly to increased production at its Narrabri mine and the commissioning of its controversial Maules Creek project. More than 1.4 million tonnes of coal was produced at Maules Creek in the June quarter, and production will soon reach an annual 8.5 million tonnes. But coal prices have continued to fall due to an oversupply in the market and lower Chinese demand, though Whitehaven said it had been shielded by the high quality of its thermal coal.