Good year for Continental Coal
2nd Aug 2012
AUG 2 – While South African-focused Continental Coal’s June (4th) 2012 qtr sales and profit were down on the previous qtr, full year coal production was up 57% on 2011 and sales rose 94%, for a 21% better gross profit performance.
The company also expects to bring its flagship 750,000tpa Penumbra Coal Mine into production early in the December 2012 qtr.
Total coal production reached 1.84Mt in the June 2012 year, with sales up 94% to 1.86Mt on revenue up 61% to $A82.1M for a gross profit, excluding corporate costs and expenses, up 21% to $A14.6M.
Penumbra, Continental’s 3rd mine, is set to produce 750,000tpa ROM coal for sales of 500,000tpa of export thermal coal forecast at total FOB costs of ZAR490t. Mine development activities are 38.2% complete. Of total forecast completion costs of ZAR328M (approx $A38.5M), ZAR84M has been spent, with the remaining ZAR244M fully funded.
Two recent development agreements have extended Ferreira Coal Mine operations by up to 18 months, taking expectations for total full year 2013 ROM production to 7Mt.
Production and sales for the Sept 2012 qtr are pretty much in line with recent levels, with the Vlakvarkfontein mine budgeted to produce 328,000t and Ferreira 176,000t. Total thermal coal sales are budgeted at 420,000t.
Sales revenue for the latest June qtr of $17M was down 15% on the previous qtr due to lower export coal sales and a significant fall in export coal prices. Gross profit from all coal mining operations of $2M was 54% down as a result of increased costs at Ferreira and a significant pre-strip at Vlakvarkfontein.
Cash and available facilities at June qtr’s end included about $15M cash and about $30M of secured project finance facilities.
Also in the July 25 - 31, 2012 edition
- AFRICA
- ABG suffers costly miss
- Blackthorn gets a jab
- Galileo tees up African base
- ASIA DESK
- You first
- COAL
- Botswana junior’s energy boost
- China coal tide goes out
- Tudor exalts Indonesia
- CONSULTING
- Back to the future
- CSA moves into growth mode
- EVENTS
- Mining events diary 2012-13
- EXPLORATION
- All is quieter on the western front
- Uranium explorer highlights value of enterprise
- Ventnor resource adds fuel to Sandfire guesswork
- FINANCE
- Big future in small deals
- FROM THE CAPITAL
- Chinese criticise Australia’s central planners
- HEAVY METAL
- Change of direction pays off for contractor
- INSIGHT
- Latin America is a serious contender
- INTERCEPTS
- A right royal deal for London Mining
- Alcyone’s silver lining begins to shine
- Among big miners, fundamentals rule, okay
- Anglesey buys Intermine out of Parys
- Antofagasta tracking higher
- Apex lifts Wiluna output, cuts costs
- Appointment targets increased coal exports
- Arch Coal sees a stronger second half
- Ariana cashes up for Turkey auctions
- Atlas Pilbara reserves climb
- Ausdrill scores whopper $540M contract
- Avanco close to Carajas copper target
- Baja to fight second legal challenge
- Ballarat mine now focused on 55,000oz pa
- Barrick fall cuts royal royalty cash
- Barrick profit plunge forces changes
- Beacon Hill accelerates mine expansion
- BHP remains silent on delay rumours
- Black Mountain cash raising for new project
- Blue Spec project strengthens ahead of 2013 production
- Bullabulling progresses mine studies
- Cat cautious despite record quarter
- Cazaly lines up Parker Range port outlet
- Chatham Rock set to raise $US10M
- Close to break-even is best Mincor can expect in FY2012
- Coal fall injures NZ miner
- CoAL seeks funds to counter looming losses
- Commodity prices hamper Vale
- December beckons for Reed’s Meeka gold production
- Diamond price rise
- Discovery defines copper silver resource
- Doray to proceed with Andy Well
- Dragon moving up the scales
- Elephant Copper buys Zambian copper projects
- Endocoal starts Rockwood mine studies
- Environmental approval secured for Tormin
- Environmental approval win for Khnaiguiyah
- Environmental tick for new Pilbara iron ore port
- EPA advances Shree Minerals iron ore mine
- Exxaro lifts earnings on lower sales
- Fast-paced Archipelago chasing 160,000oz pa
- Former mining executive admits insider trading
- Gary Goldberg for Newmont president
- Gem lifts diamond production
- Gold Fields ordered to shut mine facility
- Gold One lifts output despite strike
- Golden Rim on the fundraising trail
- Good news on the Mongolian line for Aspire
- Guildford ready for Gobi coal project start
- H2 looking stronger for Xstrata
- Half million oz-plus for Goldstone
- Hancock subsidiary partners with Guildford Coal
- Harlequin shut down won’t hurt Norseman production
- Hecla launches late US Silver bid
- High grade copper at Horseshoe
- Ivanhoe $50M funding supports review
- Kazakhmys gets back on track
- Lonmin cuts PGM project spending, caps production
- Low cost gold-silver potential at Mt Carrington
- Lower prices cut Lundin profit
- Lynas takes its case to Malaysian courts
- Magellan on long haul to lead production
- Maiden iron ore resource for Cliffs’ Bullamine this qtr
- Mamba eyes iron ore acquisition
- Margaret to give Ernest Henry a lift
- Maximus sells alluvial gold project
- Minister defends mining ban
- Molo graphite project closes on resource figure
- Mt Gordon revival lifts Aditya Birla
- Mutiny lines up Deflector project funding
- Newcrest meets its lower targets
- Newmont takes flight with Alliance
- Northern Star all good in the Paulsens hood
- Norton lifts Paddington output, reserves
- NZ seabed phosphate attracts big investor
- OceanaGold likes what it’s hearing on Philippines reform
- OceanaGold stays on its growth track
- Outotec lifts full year sales pointer
- OZ Minerals faces down production falls/costs
- Paramount secures 85% of Gunung Rosa
- Perilya turns back the clock at Broken Hill
- Platinum Aust settles damaging contractor row
- Polymetal on track for 1Moz status
- Project delays force Eldorado to drop outlook
- ResGen turns up a half-year profit
- Rex climbs higher with Hillside copper
- Sable moves towards a Guinea DFS
- Shanta builds its New Luika resources
- Shanta increases East African gold resources
- Shareholders to vote on Ironveld deal
- Silt struggle for Red5 at Philippines mine
- Sirius strikes new zone of sulphide mineralisation
- Strikes bring force majeure at Colombian coal ports
- Strong quarter keeps Evolution on target
- Takitimu coal footprint expanded
- Targets achieved, BC Iron aims higher
- Tomingley mining approval granted
- Viento acquisition to grow mining services business
- Wesfarmers agrees Curragh mine price rise
- Westport port upgrade progressing
- White Cliff looks for more Kyrgyz action
- MINING
- BCI takes care of business
- OZ keen to avoid production hiatus
- PanAust decision to pay dividends
- MINING INTELLIGENCE
- The battle to retain the best people has started
- PEOPLE
- People on the move: Aurecon, Ausdrill, Vale, Aspire Mining
- PROJECT WATCH
- If you’re out that way …
- SOUTH AMERICA
- Markets ignore Metminco successes
- VIEW FROM THE WEST END
- Vestra culpa
