Headline financial results were stronger than expected and the dividend beat and resumption of share buy were key positives in the half. WHC is on track for the top end of production guidance and costs are tracking towards the lower end of the range. Cash flow from operations, and the sell down of 30% of Blackwater, should see WHC return to a net cash position within 18 months. We are bullish on the medium-term price outlook for coking coal and WHC has significant leverage to coal prices.
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