• Whitehaven to sell 20% of Blackwater to Nippon Steel and 10% to JFE Steel
• Sale to complete on 31 March 2025 for US$1.08 billion
• Proceeds will strengthen Whitehaven's balance sheet ahead of deferred payments for Daunia and Blackwater acquisitions

Whitehaven Coal Limited (ASX:WHC) has announced that the required regulatory and competition approvals to complete the 30% sell down of its Blackwater mine have now been received. The transactions to sell 20% of Blackwater to Nippon Steel Corporation ('Nippon Steel') and 10% to JFE Steel Corporation ('JFE Steel') will complete on 31 March 2025, at which time Whitehaven will receive an aggregate cash consideration of US$1.08 billion. The proceeds will further strengthen Whitehaven's balance sheet ahead of Whitehaven making the first of three scheduled deferred payments to BMA for the acquisition of Daunia and Blackwater. The first scheduled payment of US$500 million is due on 2 April 2025, while a second payment of US$500 million is due a year later and the final scheduled payment of US$100 million is due on 2 April 2027. The 30% sell down of Blackwater mine was announced on 22 August 2024. Whitehaven's CEO & Managing Director, Paul Flynn, commented that the company is excited to be commencing a joint venture with Nippon Steel and JFE Steel, two long-term customers who recognize the attractiveness of Blackwater's metallurgical coal products and the importance of securing supply for the longer-term.

The Board will review Whitehaven's capital allocation framework at the end of FY25, including capacity to lift capital returns for shareholders.