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Home › Dodgy Deals ›
Dodgy Deal
Whitehaven CoalAustralia

Company – On record

This profile is no longer actively maintained, with the information now possibly out of date
Contact:

Julia Hovenier, Banks and steel campaigner, Julia@banktrack.org

Last update: 2016-07-04 00:00:00
Aerial view of the Tarrawonga coal mine (owned by Whitehaven Coal) adjacent to the Leard State Forest. Photo: Leard State Forest via Flickr (CC BY 2.0)

Company – On record

This profile is no longer actively maintained, with the information now possibly out of date
Contact:

Julia Hovenier, Banks and steel campaigner, Julia@banktrack.org

Last update: 2016-07-04 00:00:00
Why this profile?

Why this profile?

Whitehaven Coal plans to build new coal mines and expand its existing assets. Expanding coal production goes directly against efforts to limit global warming and helps drive climate breakdown.

What must happen

Banks and other financial institutions must demand that Whitehaven Coal immediately halt all activities that expand coal infrastructure, and develop and implement credible phase-out plans for its existing coal mining activities, on a timescale aligned with Paris Agreement goals. In the absence of such commitments, banks must stop servicing Whitehaven Coal.

About
Take Action!
Send a message to the banks funding Whitehaven
Sectors Coal Mining
Headquarters
Ownership
listed on Australian Securities Exchange

Whitehaven Coal's shareholder structure can be accessed here.

Subsidiaries
Website https://whitehavencoal.com.au/

Whitehaven Coal, established in 1999, is an Australia-based company engaged in the mining of coal and the development and operation of coal mines in New South Wales and Queensland. It operates four mines, three open cut and one underground, in the Gunnedah Coal Basin in North West New South Wales, producing thermal and metallurgical coal for export to North and South East Asia. The company produces 13.7  million tonnes of coal annually. 84% of its revenue currently comes from thermal coal, but it is busy shifting its business model away from thermal coal, and towards metallurgical coal (i.e. coal for steelmaking)

Impacts

Social and human rights impacts


Environmental and climate impacts


Impact on human rights and communities

Water wars Since its Maules Creek Mine began operations in 2015, Whitehaven’s pleaded guilty to having stolen 1 billion litres of drinking water. During one of the worst droughts New South Wales had ever seen, Whitehaven built illegal dams and water storages near the mine, diverting water away from local communities and farmers. Additionally, Whitehaven has gobbled up water licences by paying 5x the market rate, outbidding local farmers.  

Clearing of Indigenous ancestral land The Maules Creek mine stripped away thousands of hecates of the Leard state forest, an ancient Gomeroi cultural site. For two years, many in the Gomeroi community fiercely opposed the mine. When the mine was constructed in 2014, many Indigenous artefacts and culturally significant sites were destroyed. 

Health impacts from air pollution Whitehaven's coal is exported via the Port of Newcastle. Residents have expressed their opposition to air pollution originating from the transport of coal in uncovered coal railway wagons through the suburbs of Newcastle on the way to the port.


Impact on climate

Driving climate catastrophe Despite calls from the International Energy Agency (IEA) for no new coal mines, Whitehaven Coal has announced plans to spend AUD 2 billion building three new mines, and expanding existing assets. MarketForces found that if built, the three new mines could emit over 1.1 billion tonnes of CO2 over their lifetimes, which is more than double Australia’s annual emissions. They also found that the amount of coal that Whitehaven is forecasting is aligned with a scenario in which the world will be warmed by 4°C. 

Perpetuating coal-based steel Currently, 84% of Whitehavens revenue comes from thermal coal (i.e. coal burned in a power plant). Citing difficulty in raising finance for thermal coal mines, Whitehaven has announced an intention to expand its metallurgical coal operations (i.e coal burned in a steel plant). With steel production accounting for 11% of global emissions, phasing coal out of the steel production process is essential as metallurgical coal mines are just as emissions intensive, and climate damaging as thermal coal mines.


Impact on nature and environment

Deforestation of endangered forest To build the Maules Creek mine, Whitehaven cleared 5,532 hectares (the equivalent of 10,300 football fields) of box gum grassy woodland - an ecosystem that is critically endangered. It was granted permission to clear the forest on the condition that they secured ecological offsets. In April 2020, Whitehaven was taken to court for not having secured said offsets, 7 years after they said they would.

Failure to rehabilitate drill sites In August 2021, Whitehaven was taken to court for breaches in its licence. One of the breaches was a failure to rehabilitate its drill sites and drilling bores. Whitehaven itself pleaded guilty to all 19 charges, and paid $372,500 in fines. 


Other impacts

A decade of law breaking Grassroots organisation Lock the Gate developed a Whitehaven coal shame file. They list every incident in that last decade where Whitehaven coal was fined, breached the law, or had a publicly registered incident. The file shows that since 2011, Whitehaven has incurred nearly UA$ 1.5 million in fines, and been investigated or found guilty 35 times. 

Financiers

According to the Banking on Climate Chaos 2023 report, between October 2018 and October 2022 commercial banks financed Whitehaven Coal via corporate loans and underwriting services totalling USD 1.539 billion. See below for details on banks involved.

JPMorgan Chase (6.72%) and UBS (5.06%) hold, via various subsidiaries, shares in Whitehaven Coal, as of Dec 7 2022. See below for more details.

Thanks to campaigning efforts by MarketForces and Move beyond Coal, lenders did not renew a AU$ 1 billion debt facility that matured in June of 2023. 

Institution type
Finance type
Year
Projects
There are no active project profiles for Whitehaven Coal now.

Maules Creek coal mine

Australia
Project
On record
Coal Mining

Maules Creek coal mine

Australia
Governance
Bank policies
The following bank investment policies apply to Whitehaven Coal:
Mitsubishi UFJ Financial Group (MUFG)
2022-04-01 00:00:00

Revision of the MUFG Environmental and Social Policy Framework

Bank policy
2022-04-01 00:00:00 | MUFG
Credit Suisse
2019-02-04 00:00:00

Statement on climate change

Bank policy
2019-02-04 00:00:00 | Credit Suisse
Deutsche Bank
2020-08-12 00:00:00

Climate statement

Bank policy
2020-08-12 00:00:00 | Deutsche Bank
National Australia Bank (NAB)
2021-10-20 00:00:00

Update of financing of new coal mining projects

Bank policy
2021-10-20 00:00:00 | NAB
UBS
2018-02-23 00:00:00

Climate change strategy

Bank policy
2018-02-23 00:00:00 | UBS
2021-05-03 00:00:00

Environmental and social risk policy framework 2021

Bank policy
2021-05-03 00:00:00 | UBS
Mizuho Financial Group
2013-08-05 00:00:00

Environmental and Social Checklist - Mining

Bank policy
2013-08-05 00:00:00 | Mizuho Bank
JPMorgan Chase
2021-10-08 00:00:00

Environmental and social policy framework

Bank policy
2021-10-08 00:00:00 | JPMorgan Chase
News
BankTrack
Partners
Blog
External
BankTrack news BankTrack blog Partner news Partner blog

Whitehaven pushes Australian coal growth

Australian producer Whitehaven Coal plans to invest heavily in thermal and coking coal growth and production out to 2044.
2023-08-24 | Argus Media
BankTrack news BankTrack blog Partner news Partner blog

Coal giant faces investor revolt as shareholders launch campaign

2023-08-24 | Sydney Morning Herald
BankTrack news BankTrack blog Partner news Partner blog

‘What went wrong here?’: Big banks refuse coal king $1b debt refinance

2023-07-17 | Australia | The Sydney Morning Herald
BankTrack news BankTrack blog Partner news Partner blog

Banks finally dump Whitehaven Coal

2023-07-17 | Market Forces
BankTrack news BankTrack blog Partner news Partner blog

Banking Climate Failure

How Australia’s big four banks are still funding new fossil fuels
2023-05-30 | MarketForces
Blog
BankTrack news BankTrack blog Partner news Partner blog

Whitehaven rushing ahead with new coal mine, backed by NAB and Westpac

Whitehaven Coal has announced plans to start production at a new coal mine this year, flying in the face of global efforts to limit warming to 1.5°C.
2023-05-02 | Market Forces
BankTrack news BankTrack blog Partner news Partner blog

More than 20% of Whitehaven shareholders reject climate-wrecking new coal plans

2022-10-26 | Market Forces Australia
BankTrack news BankTrack blog Partner news Partner blog

Legal advice says Deutsche Bank breaching own coal policy by financing companies building new coal mines

2022-08-10 | Market Forces
Blog
BankTrack news BankTrack blog Partner news Partner blog

Win! Deutsche Bank abandons Whitehaven Coal’s bond issue

Huge win for campaign to stop dirty coal corporation building three new or expanded coal mines
2022-05-20 | Market Forces
Blog
BankTrack news BankTrack blog Partner news Partner blog

Win! Credit Suisse rules out Whitehaven Coal

It raises the question of when other banks like Deutsche Bank, NAB and Westpac will follow suit.
2022-02-24 | Market Forces
Blog
BankTrack news BankTrack blog Partner news Partner blog

IEEFA: Deutsche Bank claims responsible climate leadership while bankrolling yet more thermal coal

Funds facilitated by Deutsche Bank will enable Whitehaven Coal to continue building greenfield coal mining capacity
2021-12-16 | Tim Buckley - IEEFA
Blog
BankTrack news BankTrack blog Partner news Partner blog

Westpac slammed over destructive fossil fuel funding at 2021 AGM

Westpac faced a formal proposal from shareholders that it commit to stop funding new fossil fuel projects at today’s annual general meeting (AGM). The bank’s board also received a barrage of tough questions over its continued funding for companies expanding the fossil fuel industry, including Santos and Whitehaven Coal.
2021-12-15 | Market Forces
BankTrack news BankTrack blog Partner news Partner blog

'Dirty lending', banker bonuses on agenda

2021-12-15 | 7News.com.au
BankTrack news BankTrack blog Partner news Partner blog

‘Won’t stop this repeated behaviour’: campaigners decry $200,000 fine for Whitehaven Coal water theft

2021-11-25 | The Guardian
BankTrack news BankTrack blog Partner news Partner blog

Whitehaven Coal AGM 2021: Board keeps its head in the sand over net zero by 2050

2021-10-27 | Market Forces
BankTrack news BankTrack blog Partner news Partner blog

Whitehaven says Asia will fund coal for decades

2021-10-14 | Financial Review
Blog
BankTrack news BankTrack blog Partner news Partner blog

Deutsche Bank prepares to raise funds for Whitehaven

Financial news source Debtwire reported last week that Deutsche Bank is preparing to raise funds for Whitehaven Coal’s climate-wrecking coal business.
2021-10-01 | Market Forces
BankTrack news BankTrack blog Partner news Partner blog

Activists drop challenge to Maules Creek coalmine after offsets approved

2021-04-30 | The Guardian
BankTrack news BankTrack blog Partner news Partner blog

Maules Creek Mine: 'Massive' 455m Whitehaven Coal's soil pile would pollute air, claim residents

2021-03-14 | The Northern Daily Leader
BankTrack news BankTrack blog Partner news Partner blog

Jonathan Moylan avoids jail term for fake ANZ media release about Whitehaven Coal

2014-07-25 | The Sydney Morning Herald
BankTrack news BankTrack blog Partner news Partner blog

Norway Rejects Ban on Coal Investments for Biggest Wealth Fund

2014-03-20 | Bloomberg Businessweek
BankTrack news BankTrack blog Partner news Partner blog

Alliance targets Norway's Whitehaven investment

2014-02-24 | The Australian
BankTrack news BankTrack blog Partner news Partner blog

Whitehaven offsets plan misleading

2013-11-13 | The Australian
Resources
Documents
Videos
Links
2022-12-16 00:00:00

Environmental management policy

Date listed represents date as accessed on website
Bank policy
2022-12-16 00:00:00 | Whitehaven Coal
2022-12-16 00:00:00

Annual report 2022

Annual report
2022-12-16 00:00:00 | Whitehaven Coal
2022-12-16 00:00:00

CSR report 2022

Annual report
2022-12-16 00:00:00 | Whitehaven Coal
2021-12-17 00:00:00

CSR Report 2021

Annual report
2021-12-17 00:00:00 | Whitehaven Coal
2021-12-17 00:00:00

Annual report 2021

Annual report
2021-12-17 00:00:00 | Whitehaven Coal

Whitehaven Coal can't be trusted

2021-12-20 16:32:23

Market Forces campaign page on Whitehaven Coal

Lock the Gate Alliance

Campaign website

Move Beyond Coal

Updates

2023

2023-08-03 00:00:00 | Whitehaven Coal makes bid for BHP coking coal mines

Whitehaven Coal made record profits following Russia's invasion of Ukraine, which sent thermal coal prices soaring. With the extra money on it's balance sheet, it has submitted a bid to aquire BHP’s Blackwater and Daunia coal mines in Queensland. 

2023-07-17 00:00:00 | Banks refuse $1b debt refinance to Whitehaven Coal

A group of 13 lenders, include Australian majors NAB and Westpac, as well as Japanese megabanks Mizuho, MUFG and SMBC refused to refinance a $1 billion loan facility. According to MarketForces: "This loan was first inked in early 2013, meaning this failure to renew marks the end of ten years of financial backing from major banks.". 

2022

2022-05-20 00:00:00 | Deutsche Bank drops Whitehaven Coal bond issuance

After coordinated efforts by campaigners, Deutsche Bank withdrew it's involvement from a AU$1 billion bond issuance by Whitehaven Coal. 

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Fossil Banks No Thanks StopEACOP Forests & Finance Banks & Biodiversity Drop JBS Bank of Coal Don't Buy into Occupation
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