There is speculation in the market that the Australian listed Whitehaven Coal Limited (ASX:WHC) could now emerge as the buyer of both the Daunia and Blackwater coal mines, with Yancoal now out of the $3 billion plus race. DataRoom understands that Yancoal has failed to secure clearance from its Hong Kong-based parent to acquire the portfolio, despite the local management team putting forward the offer for both mines. With Blackwater producing the unloved thermal coal as well as the metallurgical variety, it was less in favour with suitors.

Despite being more valuable because of the amount of the commodity it produces, it comes with an expensive clean-up bill at the end of its life. Whitehaven's boss Paul Flynn dropped some hints of his intentions at the result presentation on 25 August 2023. Daunia is close to Whitehaven's Winchester South mine project in Queensland's Bowen Basin.