Coal market weigh on Forbes Coal

031110 A new study has found that SA coal reserves have been significantly downsized since 2003.photo by Simphiwe Mbokazi 453

031110 A new study has found that SA coal reserves have been significantly downsized since 2003.photo by Simphiwe Mbokazi 453

Published Jan 15, 2013

Share

The four and a half week labour disruption this past November and the challenging international coal market have weighed on Forbes and Manhattan Coal Corp (FMC)‚ with the group reporting a loss of C$2.29 million for the third quarter of 2012 after a profit of C$2.35 million in the second quarter.

For the three months ended November 2012 the group’s revenue was C$10.83 million compared with C$23.39 million the quarter before.

“The company has resumed operating at full production and taking into consideration the seasonal December closure‚ we are pleased to see the quick ramp up and momentum we have achieved in the weeks since. At a high level‚ our year to date run of mine tonnes has surpassed the same period in FY2012. Our continued commitment to achieving growth is our priority”‚ said president and CEO Stephan Theron.

Total run of mine (ROM) production from all operations for Q3 2013 was 246‚000 tonnes‚ a 40% decrease compared to 415‚000 tonnes produced in Q2 2013.

Magdalena ROM production was 184‚000 tonnes‚ a 35% decrease over Q2‚ while Aviemore run of mine production was 62‚000 tonnes‚ a 53% decrease over Q2.

The total saleable production at the Magdalena bituminous and Aviemore anthracite operations declined in the third quarter of 2013‚ when compared to the second quarter of fiscal 2013. Total saleable production for the third quarter was 152‚000 tonnes‚ a 41% decrease from the previous quarter.

Magdalena saleable production was 112‚000 tonnes‚ a 37% decrease over second quarter’s production and Aviemore saleable production was 40‚000 tonnes‚ a 49% decrease over second quarter 2013.

In addition‚ Forbes Coal bought in 25‚000 tonnes resulting in 177‚000 total saleable tonnes for the third quarter 2013.

Total sales were 147‚000 tonnes‚ a 48% decrease over second quarter 2013 sales of 286‚000 tonnes.

The company exported 73‚000 tonnes‚ with domestic sales of 74‚000 tonnes. - I-Net Bridge

Related Topics: