The company said in a presentation that Asia needed electricity supply for a growing urban population, increased standard of living and overall economic development.

"Higher-energy, lower-impurity coals are strongly aligned to environmental reforms as economies progressively reduce emissions and improve air quality," it said.

Whitehaven said the coronavirus had caused a temporary loss of demand for coal in China, however, the domestic supply of coal had also been reduced as a result of the virus.

"During February the loss of demand in China has been offset by the loss of domestic supply leading to a strengthening of China domestic prices and seaborne coal prices," the company said.

"Whitehaven continues to see strong end user and trader demand for its high quality thermal coal.

"The coal price has found a floor in the second half of CY19 of circa US$67/t.

"There is strength in the physical Richards Bay market as it rallied strongly at the end of CY19.

"The price levels have seen ‘swing' suppliers from Colombia, Canada and the US withdraw from the market which has led to a rebalancing of the fundamentals, and pricing being well supported in a range around the high US$60s."