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Forbes Coal doubles export sales

I-Net Bridge | Tue, 18 Oct 2011 17:34

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[miningmx.com] -- FORBES Coal on Tuesday reported a more than doubling of export sales in the second quarter of its financial year.

Total export sales in the three months to end-August were 192,400 tonnes, a 109% increase compared to export sales of 91,800 tonnes for the three months to end-May. Fiscal year-to-date export sales are 284,200 tonnes.

Record export sales helped revenue climb 80% to C$35.2 million and consolidated EBITDA increased 19% to C$6.9 million in the quarter.

The company holds a majority interest in two operating mines through its 76.75% interest in Slater Coal, a South African company which has a 70% interest in Zinoju Coal.

Zinoju holds a 100% interest in the Magdalena bituminous mine and the Aviemore anthracite mine - both in KwaZulu-Natal.

Total saleable production in the second quarter of 2012 was 218,700 tonnes, a 6% improvement compared to the 207,200 tonnes of total saleable production in the first quarter of 2012. Fiscal year-to-date total sales production was 425,900 tonnes.

"The quarter's results further highlight the excellent progress that we have made at an operational level," said Forbes Coal president and CEO Stephan Theron.

He said phase two of the production ramp-up at Magdalena and Aviemore was well underway, with the second continuous miner at Magdalena currently being commissioned.

"Bituminous and anthracite coal prices remain steady, even in an uncertain global economic environment," said Theron.

"This quarter also marked the first time that total export sales were greater than total domestic sales and we expect this trend to continue," he added.

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