Business Day reported that Forbes & Manhattan Coal is confident that demand for coal in Asia will remain buoyant well into next year.

As a result, the JSE listed, Canadian owned thermal and metallurgical coal producer said y that it was aiming to reach its production target of 1.3 million saleable tonnes by the end of the 2013 financial year.

Forbes Coal said yesterday record production levels were achieved in the year to February. In the 12 months, total output grew 43% to 923700 tons. Revenue increased nearly fourfold to CAD 104.5 million from CAD 27.7 million. Consolidated earnings before interest, tax, depreciation and amortization rose to CAD 22.5 million from CAD 7.1 million last year.

Mr Stephan Theron CE and president of Forbes Coal said “Asian demand for coal remains consistently strong, and Forbes intends to continue implementing a marketing strategy for this region.”

Forbes Coal operates in southern Africa through Slater, a subsidiary that holds majority stakes in the Magdalena and Aviemore coal mining operations in KwaZulu-Natal.

Source - businessday.co.za

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