Forbes & Manhattan Coal Corporation announced production and sales levels for its Magdalena bituminous and Aviemore anthracite operations for the second quarter of 2013 which runs from June 1st 2012 to August 31st 2012.
Production;
Forbes Coal generated total run of mine production for the second quarter of 2013 of 414,551 tonnes which was a 7% increase compared to the 387,075 tonnes produced in the Q1 of 2013. Total saleable production in the second quarter was 256,583 tonnes, a 5% increase compared to 244,605 saleable tonnes in the Q1. In addition, Forbes Coal bought in 34,871 tonnes in the Q2 and 21,873 tonnes in the Q1 of 2013, resulting in total saleable tonnes of 291,454 for the Q1, a 9% increase from 266,478 total saleable tonnes in the Q1.
ROM production at Magdalena continued to increase with a total of 283,950 bituminous tonnes produced. This included a 20% increase from the prior quarter in underground production with 200,101 tonnes produced in the Q2 of 2013. Opencast production contributed 83,849 tonnes to total bituminous production. ROM production at Aviemore in the Q2 of 2013 was 130,601 tonnes an increase of 5% compared to the 124,659 tonnes produced in the Q1 of 2013.
Sales;
Total sales were 284,196 tonnes in the Q2 of 2013 which represents a 21% QoQ increase and comprised 231,802 bituminous tonnes and 52,394 anthracite tonnes. In terms of domestic versus export sales, the Company exported 178,489 tonnes during the second quarter, representing a significant 54% QoQ increase in export sales. This was primarily as a result of a 92% increase in tonnes shipped through Forbes Coal's export allocation at the Navitrade Dry Bulk Terminal. Domestic sales were down by 12% in the second quarter with 105,707 tonnes sold.
Mr Stephan Theron president and CEO of Forbes & Manhattan said that "In the Q2 we continue to see consistent increases in overall production that demonstrate the operations at Magdalena and Aviemore are performing well and continue to deliver on the Company's growth strategy."
Source - Forbes Coal
(www.coalguru.com)
