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Forbes & Manhattan Coal Q4 production jumps 20%

8th March 2013

By: Natalie Greve

Creamer Media Contributing Editor Online

  

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JOHANNESBURG (miningweekly.com) – TSX- and JSE-listed Forbes & Manhattan Coal reported strong fourth-quarter production at its Magdalena bituminous and Aviemore anthracite mines, with total run-of-mine (RoM) production for the fourth quarter ended February 28, 2013, of 363 000 t  – a 20% increase on the comparative 2012 quarter.

In addition, total saleable production for the fourth quarter of 213 000 t  – excluding bought-in volumes  – was a 40% increase from the previous quarter of 152 000 t and an 8% increase over output in the fourth quarter of the 2012 financial year.  

The company exported 70 000 t and recorded domestic sales of 100 000 t for the period.

Monthly production for February amounted to a record 151 000 t RoM – far higher than the 117 000 t monthly average.  

Meanwhile, RoM production at Aviemore grew 39% on the 2013 financial year third-quarter production, to 85 000 t, while saleable production rose by 43% to 57 000 t, up from the 40 000 t produced in the third quarter.

Magdalena RoM production increased by 51% on the previous quarter to 278 000 t, while saleable production increased by 39% to 156 000 t.

CEO and president Stephan Theron believed that the fourth-quarter results reflected the consistent growth the company had achieved up to the third quarter, where production was lost as a result of a four-and-a-half-week labour disruption.

“The company has made a strong recovery from the third quarter and, with record RoM production for February, we are starting the 2014 fiscal year in a strong position,” he commented.

Forbes bought in 17 000 t of coal in the quarter, resulting in 230 000 t of total saleable coal for the quarter and this, coupled with increased production rates at Aviemore and Magdalena had enabled both mines to build up healthy stocks of RoM and saleable product.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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