Macarthur Coal Q2 production slumps
Macarthur Coal (ASX: MCC) has announced an 11 per cent drop in coal sales in the June quarter against the previous corresponding period. The company, however, noted that it has achieved a sales record for the June 30 financial year.
The Australia-based miner announced today that total coal sales in the recent three months to June were 1.32 million tonnes, compared with 1.48 million tonnes in the June 2009 quarter.
Macarthur said the June 2009 quarter was a sales record because of the sell down of coal stocks to non-traditional utility customers during the global financial crisis.
Sales for the full year, however, climbed 15.3 per cent from 4.61 million tones to 5.32 million tonnes, according to the company, which described the latest production outcome as "a significant result for the company, especially given the economic environment at the beginning of the financial year".
"The improvement on an annual basis can be attributed to improved economic conditions during the financial year, a sell down of high opening coal stocks, increased production at both mine sites, and the utilisation of excess infrastructure capacity through the Goonyella corridor," Macarthur said.
Sales in the June 2010 quarter were better than expected primarily because of improved loading performance at the Dalrymple Bay Coal Terminal, which allowed the loading of vessels earlier than scheduled during the month.
This led to total sales from the Coppabella and Moorvale Joint Venture (CMJV) increasing to 5.26 million tonnes for the year. Total sales for the year ended June 2010 hit 5.32 million tonnes, taking into account a small amount of Middlemount Coal sales.