Stanmore posts record quarter
PERTH (miningweekly.com) – Coal miner Stanmore Coal has reported record saleable production for the three months to June, with a 130% increase in saleable coal production, compared with the previous corresponding period.
Saleable coal production for the June quarter reached 721 000 t, up from the 314 000 t reported in the June quarter of 2018, while run-of-mine coal production in the same period was up 59%, from 547 000 t to 872 000 t.
In the full year to June, run-of-mine production was up by 78% compared with the previous financial year to 2.9-million tonnes, while saleable coal production was up 112% in the full year to 2.39-million tonnes, above the guidance of 2.3-million tonnes.
Coal sales for the quarter under review also increased by 115%, from 320 000 t to 688 000 t. However, coal sales for the June quarter were slightly behind the record 740 000 t achieved in the March quarter, with product stocks growing by 119% to 175 000 t as a result of the June shipping queues.
These stocks are expected to decrease in the first and second quarters of the 2020 financial year, Stanmore said on Thursday.
Coal sales in the full year were up 76% on the previous financial year, from 1.3-milion to 2.3-million tonnes.
Stanmore on Thursday reported a full-year underlying earnings before interest, taxes, depreciation and amortization of between A$154-million and A$156-million, subject to audit, which was at the top end of the guidance of between A$140-million and A$155-million.
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