Ferreira outperforms on Continental's expectations
PERTH (miningweekly.com) - South Africa-focused coal miner Continental Coal on Wednesday told shareholders that its Ferreira coal mine had exceeded production expectations during the three months to December, its first full quarter of operations.
Run-of-mine (RoM) coal production at Ferreira reached 152 280 t during the quarter, a 40% increase on the previous three months, with monthly RoM figures now increasing for the fifth consecutive month in the 2013 financial year.
It was up from the forecasted production of between 125 000 t and 150 000 t predicted during the September quarterly report.
“Since the company’s Ferreira coal mine started export sales in November 2010, we have exported over 1.1-million tons of high-quality thermal coal through the Richards Bay Coal Terminal,” said CEO Don Turvey.
“Our increasing production levels at the Ferreira coal mine and the start of production at our newly developed Penumbra coal mine has been timely, with record coal railings and investment by South Africa’s rail operator Transnet into the dedicated Richards Bay coal line and coal export at the Richards Bay Coal Terminal at its highest level since 2006,” said Turvey.
He noted that the Ferreira mine remained on track to achieve a RoM production of around 600 000 t and sales of around 420 000 t for the full 2013 finacial year.
For the full year, Continental was forecasting total thermal coal exports of some 0.6-million tons from its Ferreira and Penumbra coal mines, and domestic coal sales of some 1.3-million tons from its Vlakvarkfontein mine.
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