Traders have reacted negatively to Whitehaven Coal's tumultuous internal rumblings and bleak market outlook, shaving nearly five per cent of its share price after it came out of a trading halt.
The NSW coal miner confirmed also it had begun succession planning before the potential exit of chief executive Tony Haggarty but that no date had been set for him to leave.
The company's shares closed 15 cents, or 4.69 per cent, weaker at $3.05 on Friday.
It was the second-biggest loss among the top 100 companies, with only takeover target Arrium faring worse but that followed large gains on Thursday.
The trading halt, called on Wednesday, followed Whitehaven's largest shareholder Nathan Tinkler this week demanding the board tell him if its guidance was in line with analysts' consensus forecasts.
Analysts expect earnings before interest, tax, depreciation and amortisation (EBITDA) of about $185 million for this financial year.
The entrepreneur, who holds about 21 per cent of Whitehaven shares, threatened to vote against the election of chairman Mark Vaile and four other directors at next Thursday's annual general meeting if a detailed financial and operational update was not provided by Thursday this week.
The company refused, releasing its quarterly report for the three months to the end of September to all shareholders on Friday as planned.
It said in Friday's report that if current coal prices and sales persisted, its EBITDA for the year would plunge to just $50 million.
The monthly index price of Newcastle standard thermal coal has dropped from $US90 ($A87.52) a tonne to below $US80 ($A77.79) during the quarter, which is below "free on board" (FOB) production costs, the company said.
Whitehaven's sales are a combination of contracts with Japanese customers at higher prices and the weaker index-spot pricing.
However offsetting that was the view that if expansion of its Narrabri mine in NSW goes ahead as planned - which was no guarantee - that should lead to a doubling of saleable production this year.
Those forecasts are for production of 7.2 million tonnes of saleable coal in the year, at an FOB cash cost of $74 per tonne, Whitehaven said.
The weaker coal prices led Whitehaven to announce during the week that it would close its Sunnyside mine, near Gunnedah, indefinitely, although the workers affected will be relocated.
However on the same day it received NSW government planning approval to go ahead with one of the nation's largest coal mines at Maules Creek, although federal approval is still needed.
Whitehaven produced 1.63 million tonnes of saleable coal in the three months to September 30, up 21 per cent from 1.35 million tonnes in the previous corresponding period.
A report on Thursday suggested respected mining executive Mr Haggarty told directors he wanted to leave earlier this year, amid uncertainty over its ownership with entrepreneur Mr Tinkler launching and failing in a $5.25 billion bid.
"The board holds Mr Haggarty in the highest regard. Mr Haggarty has not advised the board of a particular date for relinquishing his executive responsibilities and continues to lead Whitehaven's operations, development projects and assessment of various attractive strategic opportunities," Mr Vaile said on Friday.
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