Whitehaven Coal Ltd
(ASX:WHC) has opened its doors to potential suitors, stating it will move to formalise the process for bidders to approach the coal mining company.
Whitehaven says in view of the ongoing interest being shown in the company, the directors have decided to undertake a formal process to determine whether a proposal is available for the company at a price and on terms that are in the best interests of all shareholders.
The company believes it has significant strategic value as one of Australia's few remaining substantial independent coal producers.
Whitehaven also today announced its first quarter production results, reporting an 11 per cent increase in coal production, to 1.11 million tonnes, and a 39 per cent increase total sales at 1.59 million tonnes.
Whitehaven Coal’s profit fell to $114.88 million in the year to 30 June 2010.
