Whitehaven Coal’s purchase of two coking coal mines from BHP and its partner, Japan’s Mitsubishi, for $US3.2 billion will push earnings per share up 93 per cent by 2025, according to brokers at Citi.
Whitehaven shares last traded on Friday at $7.72 each, and are down more than 10 per cent since the start of the year. Whitehaven will pay the $5 billion purchase price for the Blackwater and Daunia mines over the next three years. Citi described the size of the mine as “an entirely different scale of logistical challenges” to Whitehaven’s management.
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