Fears millions of Aussies could risk super loss if a major coal mining company expands

By JOANNA HYNDS FOR DAILY MAIL AUSTRALIA Published: 02:20, 18 August 2026 | Updated: 02:20, 18 August 2026 Australians' retirement savings could be at risk if a major coal company presses ahead with plans to expand its operations, an activist group has warned. Whitehaven Coal, which operates in New South Wales and Queensland, is one of the largest undiversified coal mining companies on the Australian share market.  Its biggest shareholder is AustralianSuper, the country's biggest superannuation fund, which holds an 11.8 per cent stake. However, activist investor group Market Forces has warned that 3.6 million Australians with money invested in AustralianSuper could be exposed to losses amid concerns Whitehaven's value could diminish if it expands production. 'Our modelling demonstrates that Whitehaven becomes less valuable the more it expands coal production, raising serious concerns for investors, including AustralianSuper, about how the company plans to spend their capital,' campaigns manager Brett Morgan told News.com.au. If the company pursues its most aggressive expansion plans, the group said it could be forced to buy between 1.5 million and two million tonnes of carbon credits every year from the mid-2030s. The credits are created by projects to avoid, reduce, remove or capture greenhouse gas emissions from the atmosphere.  However, the additional costs could reduce Whitehaven's pre-tax earnings by between six and 10 per cent, potentially placing the company on a 'knife's edge', according to the analysis.  AustralianSuper is the largest shareholder in Whitehaven Coal, one of Australia's biggest undiversified coal mining companies  Market Forces warned that Australians with savings invested in AustralianSuper could be exposed to losses amid concerns Whitehaven's value could diminish if it expands production 'Whitehaven's financial resilience is on a knife's edge, with lower coal prices and higher operational costs making growth projects uneconomic,' Mr Morgan said. The activist group said AustralianSuper should be doing more to protect its members' retirement savings. 'As Whitehaven's largest shareholder, AustralianSuper must challenge the company's risky growth strategy, demanding an end to new coal and protecting its members' retirement savings,' Mr Morgan said. The analysis criticised Whitehaven's long-term coal price forecasts, describing them as 'bullish' and higher than forecasts from investment banks and the Australian government. Market Forces added that the company's projections are consistent with a future in which global temperatures rise well above 2.4C. 'Whitehaven's proposed coal developments only create value for shareholders in a world that fails to meet its climate goals, which would be catastrophic for the global economy,' Mr Morgan said. Market Forces called on Whitehaven to disclose how its proposed developments would perform under scenarios involving lower coal prices and weaker demand. It also called on Whitehaven to justify spending money on what it describes as 'risky' growth projects. Market Forces campaigns manager Brett Morgan (pictured) said the mining company's financial resilience is on a 'knife's edge'  Whitehaven is expected to present its annual results to the Australian Securities Exchange on Wednesday.  Coal mining remains one of Australia's biggest industries, with mine expansions expected to continue across the country. In March, the New South Wales Government became the first state to ban new 'greenfield' coal mines, meaning new mines cannot be built on previously untouched land.  Whitehaven is pursuing a number of major growth projects, including the expansion of its Vickery and Narrabri operations and the continuation of its Maules Creek mine in NSW.  The company also has plans for a $1billion mine in Queensland, one of the country's largest proposed new sites, which could produce up to 17 million tonnes a year.  However, the project has faced opposition and was challenged in the Queensland Land Court by the Australian Conservation Foundation and Mackay Conservation Group in 2025.  The Daily Mail has contacted AustralianSuper regarding the claims made by Market Forces. Whitehaven Coal declined to comment.