Whitehaven Coal Ltd. on Monday said it has raised the cap for its on-market share buyback to 550 million Australian dollars (US$375 million).
The Australian coal miner, which had previously capped a 12-month buyback announced in March at A$400 million, said its plan to acquire up to 10% of shares was “well progressed.”
Whitehaven said it has spent A$362.6 million to buy 76.4 million shares at an average price of A$4.75 per share. The company can buy a maximum 103.3 million shares under the buyback, it said.