Chief executive Reinhold Schmidt would be departing the business immediately – the $1.8 billion firm said last Friday week – having handed in his resignation following a “short period of personal leave”.
Whitehaven Coal dropped close to 7 per cent in value on Friday – no doubt also weighed down by its underwhelming production report – while New Hope, Coronado, and Terracom at one point fell by a similar margin. Picture Cameron Laird Shares in some of the nation’s biggest players – including Whitehaven, Coronado, BHP, Yancoal, New Hope, and Terracom – have rattled around violently as investors weigh sky-high commodity prices and strong demand against the wider impacts of a wet Queensland summer and corona-fuelled supply chain woes.
Companies were battered in 2020 as the onset of the pandemic melted demand, while a rolling diplomatic feud with China has also robbed Australia of a key export market. ANZ economists noted on Friday that Newcastle coal futures had extended gains despite reports of Indonesia’s export ban easing. Picture: Toby Zerna
However, both shares and commodity values have defied gravity since the middle of last year, with coal prices rising to record highs as a surge in near term demand collides with supply chain gridlock.ANZ economists noted on Friday that Newcastle coal futures had extended gains despite reports of Indonesia’s export ban easing.