Whitehaven Coal Ltd
WHC
2
exclusion reasons
2 themes
This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Whitehaven Coal Ltd is a thermal and metallurgical coal mining company whose core business is the extraction and sale of a high-emission fossil fuel. The company’s operations and product are inherently carbon-intensive, placing it among the highest-emitting peers in the global mining sector. In 2023, analysis indicated Whitehaven’s plans to expand mining operations could double its methane emissions. The company has disclosed a climate target focused on reducing operational (Scope 1 and 2) emissions intensity, but its efforts do not address the vast majority of its climate impact, which comes from the downstream combustion of its coal (Scope 3 emissions).
Whitehaven’s strategic direction contradicts emissions reduction. In 2024, the company significantly expanded its production footprint by acquiring the Blackwater and Daunia metallurgical coal mines from BHP and Mitsubishi, a move that increases its absolute emissions profile. Regulatory records show the company has been fined for environmental incidents, including a blast fume event. Its climate governance treats emissions as a operational byproduct to be managed, rather than aligning its business model with a low-carbon transition, as its primary product remains coal.
Whitehaven Coal Ltd is a pure-play thermal and metallurgical coal producer operating mines in New South Wales and Queensland, Australia. The company’s primary business activity is the mining, processing, and sale of coal, with reported production of approximately 20 million tons annually and annual revenue exceeding AUD 5.8 billion. Its operations include the Narrabri underground mine and the Winchester South development project, with coal sold primarily to coal-fired power generators in Asia.
The company’s stated strategy is underpinned by ongoing demand for its coal from existing coal-fired power generation. Whitehaven continues to develop new coal resources, as evidenced by its 2020 maiden Reserves Statement for the Winchester South project, indicating an expansion of its production footprint rather than a managed decline. There is no public commitment or plan to transition away from coal extraction as a core business.
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