Business
Why the Whitehaven Coal (ASX:WHC) share price is surging 5% this morning
The Whitehaven Coal Ltd (ASX: WHC) share price has surged up 4.61% this morning, reclaiming most of yesterday’s loss, after the miner announced an upgrade to its coal resources.
At the time of writing, the Whitehaven share price is trading 7 cents higher at $1.59.
What’s moving the Whitehaven share price?
Whithaven advised today that its Winchester South’s metallurgical coal mine has been upgraded to 1,100Mt from 530Mt.
The company says the 1,100Mt figure includes 665Mt of measured and indicated resources, which has resulted in Whitehaven Coal’s total resources increasing 12% since August. In addition, Whitehaven’s total coal reserves have seen a 26% boost since August 2020.
Winchester South is located approximately…
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