Forbes Coal’s Q1 loss decreases to $20 000 from $3.36m on mine efficiencies, record production
Dual-listed Southern Africa-focused coal producer Forbes Coal has posted notably improved financial results for the first quarter ended May 31, narrowing its 2013 fourth-quarter loss of $3.36-million to a loss of $20 000 in the first quarter of the 2014 fiscal year.
Revenue improved from $13.47-million in the fourth quarter ended February 28, to $20.51-million in the first three months of the 2014 financial year, which president and CEO Stephan Theron attributed largely to improved operational efficiencies and strengthened production volumes.
“We have been successful in continuing to reduce our operating expenses this quarter, which has been increasingly important as export coal prices decline further,” he commented.
In May, Theron said a reduction in operating expenses would be critical to provide some relief and cost containment in the face of softening coal prices, which dropped from an average of $96.59/t in the 2012 financial year to $81.87/t in 2013.
Operating expenses for the three months averaged $64.36/t, compared with $68.86/t for the fourth quarter of the prior year.
First-quarter saleable production from the company’s South Africa-based Magdalena and Aviemore operations increased by 18% on the prior quarter’s 214 000 t, to 253 000 t.
This came on the back of a 62% improvement in run-of-mine production from the Aviemore mine, which improved from the 86 000 t produced in the fourth quarter to 138 000 t in the first three months of 2014.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Iritron delivers advanced automation, control, and optimisation solutions to the Mining, Minerals & Metals, Consumer Package Goods and...
VISIT SHOWROOM
At Airshrink - CiP, we surpass customer expectations with innovative MV and LV cable accessories, including heat shrink joints, terminations,...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
