Goldman Sachs maintains a sell rating on Whitehaven Coal (ASX:WHC), after the mid-tier coal producer released its June quarter production report. The report showed that coal sales for the three months to June 30 were approximately 26% ahead of the analysts' forecast, driven by solid production results at the company's Gunnedah and Werris Creek mines in NSW. The broker says the result shows that Whitehaven is delivering on its slated production growth strategy, which should assist productivity and help lower unit costs. However, Goldman says Whitehaven will struggle to generate a net profit until FY2015, due to structurally weaker coal prices.
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