Shares in Bowen Coking Coal opened 6 per cent higher, Terracom jumped another 5 per cent, New Hope shares were up another 2 per cent this morning. Stanmore Resources, which produces mostly coking coal, was up 3 per cent.

Whitehaven is about 218 per cent for the year.

It follows an increase in thermal coal prices to $US440 a tonne after Russia extended the shutdown of its supply of gas into Europe.

The share price surge is also feeding into the debate about coal royalties in Queensland after the Government introduced new tiers of royalties which would dramatically increase the cost to coal producers.

The Government has maintained that it was a strategy to give the Queensland public access to the enormous amount of cash being generated by the state’s coal.

However, BHP’s economic contribution report released today showed that it contributed $80 billion to the Australian economy in 2022. That included $2 billion in royalties in Queensland and $5.6 billion to suppliers.

BHP asset president Mauro Neves said the company was seeing strong, long term demand from global steelmakers for Queensland’s high quality coal.

“However, we need a resturn to a reasonable, sustainable and predictable operating environment so we have the certainty and confidence to make new investments in Queensland,” he said.

“By nearly tripling the top end of royalties the Queensland Government has significantly increased the sovereign risk associated with the state.”