AustralianSuper rebuilds Whitehaven stake, signalling renewed appetite for coal

AustralianSuper has emerged as a substantial shareholder in Whitehaven Coal Ltd, having recently acquired more than 42.4 million shares to take a 5.07% stake in the ASX-listed miner, suggesting a potential shift back to metallurgical coal investments.

Whitehaven disclosed the holding in a Form 603 filed with the ASX on Friday, indicating the fund crossed the 5% threshold making it a substantial shareholder on May 13. The shares are held in custody by JPMorgan Nominees Australia.

Buying back in

The move comes roughly four years after AustralianSuper sold down its previous holding in Whitehaven. In 202, the fund announced it had exited the coal miner, aligning the decision with a new commitment to achieve net-zero carbon emissions across its investment portfolio by 2050.

At the time, AustralianSuper said it would support the low-carbon transition through company engagement and initiatives such as Climate Action 100+. However, in announcing the divestment the fund did not change its climate policy to explicitly rule out future investments in metallurgical coal companies.

Transaction records from the latest filing show the fund has steadily rebuilt its position over the past four months, with notable buying activity in late March and April. On March 25 alone, the fund acquired more than 3.6 million shares at $5.48 per share.

Whitehaven last traded at $5.42, giving it a market capitalisation near $4.3 billion.

ESG pullback

The investment comes amid a global reassessment of environmental, social and governance (ESG) investing frameworks. Several major international banks have exited the UN-backed Net-Zero Banking Alliance in recent months, citing legal risks and political pressure, in a trend driven in part by the new US administration’s criticisms of climate-related finance.

Scrutiny of ESG claims is also intensifying in Australia. This week, EnergyAustralia admitted that its ‘Go Neutral’ carbon offset campaign was likely misleading and said it would focus instead on direct emissions reductions after facing a landmark greenwashing suit.

Whitehaven, one of Australia’s largest coal producers, has exposure to both thermal and metallurgical coal markets and is developing the Winchester South coking coal project in Queensland. Its shares are up around 12% over the past month.