Pacific Coal Resources narrows Q1 loss as sales rise
TORONTO (miningweekly.com) – Colombia-focused coal junior Pacific Coal Resources on Monday reported a narrower net loss for the three months ended March 31, as strong sales and a stronger coal price boosted its financial performance.
The Toronto-based TSX-V-listed miner said its net loss shrank to $113 000, compared with $3.15-million in the comparable period a year earlier.
Coal revenues for the period totalled $35.6-million for 371 716 t of coal sold at an average realised price of $95.67/t, an increase from $94.52/t in the fourth quarter of 2013.
Coal revenues were up 54% from the fourth quarter and up 62% from the first quarter of 2013.
The company produced 274 421 t of coal during the quarter under review from openpit mining, representing an increase of 24% from the first quarter of 2013, when it produced 223 346 t.
The company's operational stripping ratio of 9.09:1 in the period represented a decrease of 18% from the fourth quarter and 12% from the first quarter of 2013.
In January, the company entered into an agreement with a third party to operate the Cerro Largo mine. The third party has substantial experience with the Cerro Largo mine, having been previously involved with its operations before Pacific acquired the mine.
After starting in November last year, operations in the La Caypa South pit continued in the first quarter, producing 22 503 t.
The company lowered its 2014 guidance to about 1.36-million tonnes from both mines, which was lower than its initial guidance owing to adverse geological conditions at La Caypa and below-planned volumes during the first quarter from Cerro Largo, owing to contract-mining negotiations.
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