AustralianSuper Becomes Largest Shareholder in Whitehaven Coal

AustralianSuper, the country's largest superannuation fund with $388 billion in assets and 3.7 million members, has become the single largest investor in Whitehaven Coal. The fund sold its Whitehaven shares in 2020 after announcing a net-zero emissions target aligned with the Paris agreement.

Whitehaven operates six coal mines in New South Wales and Queensland and is developing additional sites. The current holding exceeds $600 million.

A fund spokesperson said the purchase reflected market valuation and exposure to metallurgical coal used in global steel production. The spokesperson added that the energy transition would not be linear and that investments in energy and resources sectors are regularly reassessed.

AustralianSuper is also a major shareholder in oil and gas company Woodside Energy. The fund sold part of its stake in mining services firm Mineral Resources in 2024 over governance issues but later increased its holding again. A spokesperson for Mineral Resources referred to a company update stating the leadership succession process is progressing.

AustralianSuper said it maintained engagement with the board and noted improvements in oversight and disclosure after a new chair was appointed. Other super funds have taken different approaches. Hesta maintained its decision to reduce its Mineral Resources holding, citing concerns over succession timing and governance.