Q4 2020 Whitehaven Coal Ltd Production Report Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Lyndon Fagan - JPMorgan Chase & Co, Research Division - Analyst : Just switching back to Maules, Paul. I just wanted to get a refresh, if possible, on the opportunity to ramp up production. So obviously it's got potential to do 16 million tonnes in the long-term, maybe even more than that. Are you able to talk through that optionality? What's involved? When? Obviously it's not a great market today to be ramping up. But -- and if perhaps we're not looking at Vickery or Winchester as quickly as we may have been in previous years, is there a lower capital intensity option here at Maules that might actually come to the forefront?

Question: Lyndon Fagan - JPMorgan Chase & Co, Research Division - Analyst : And I guess is there anything to suggest that you wouldn't do this? So should we be modeling 16 million tonnes? Or is there anything -- is there some decision-making, et cetera, that raises the uncertainty? And also just the capital to get there, if there's a rough guide?

Question: Lyndon Fagan - JPMorgan Chase & Co, Research Division - Analyst : Just a quick follow-up. On Vickery, if you were to get a positive approval decision in the next 1 to 2 months, I imagine you could theoretically do an FID on the project. Is that comment in the release saying you're not looking to do that in 2020? But just what are the key things that you're kind of looking at to make that decision in terms of timing? Are we waiting for more balance sheet capacity? Are we waiting for spot thermal coal prices to go up? Can you maybe talk a bit around what it is that we need to look at so I think that, that project will actually go ahead?

Question: Lyndon Fagan - JPMorgan Chase & Co, Research Division - Analyst : But I guess, we're talking about a multi-decade by projects. So is the real reason there just sort about near-term balance sheet type capacity rather than a delay in long-term pricing to tire?