Forbes reports higher outputComment on this story
Forbes & Manhattan Coal has reported higher sales and production from its Magdalena bituminous and Aviemore anthracite operations during the quarter ended May 2012 – the first quarter of its 2013 financial year.
The company on Friday reported total run of mine (ROM) production of 387‚100 tonnes‚ an increase of 28%. Magdalena’s ROM production rose 22% to 262‚400 tonnes‚ while Aviemore’s ROM production rose 41% to 124‚700 tonnes.
Forbes reported total saleable production of 245‚700 tonnes‚ an increase of 20% and total sales of 235‚000 tonnes‚ an increase of 6% sequentially.
“Production at Magdalena and Aviemore continues to increase and Forbes Coal’s production levels indicate record run of mine and saleable tons for Aviemore‚” said President and CEO Stephan Theron.
“We are very pleased with the expansion and growth at Aviemore. Domestic and export demand for our anthracite product remains strong and with increased market penetration we are seeing increased demand. Accordingly‚ we will continue to evaluate the expansion potential of this mine. The production at the Magdalena operation remained robust during the quarter.”
The company said a second shift in the new section at Aviemore was brought into production‚ resulting in increases in ROM and saleable production.
Domestic and export thermal sales increased marginally in the first quarter‚ while domestic anthracite sales increased significantly as a result of increased production and strong demand for the product. The majority of the coal sold to local and overseas markets continues to be thermal coal‚ with domestic sales slightly higher than export sales for the quarter.
Domestic sales in Q1 2013 were 138‚400 tonnes‚ a 21% increase compared to fourth quarter 2012 domestic sales of 114‚200 tonnes‚ while export sales in the first quarter of 2013 were 96‚600 tonnes‚ a 10% decrease compared to fourth quarter 2012 export sales of 107‚300 tonnes. - I-Net Bridge