As expected, the flooding and big wet across Queensland since January has put a big hole in the production and sales performance of Macarthur Coal in the three and nine months to the end of March.

The company, which is the world's biggest exporter of pulverised coal to the global steel industry, said in its March quarterly report yesterday that coal sales for the three months to March 31 fell 61% to 476,300 tonnes, from 1.22 million tonnes for the previous corresponding period.

For the nine months to March, production from the company's central Queensland mines fell 26% to 2.79 million tonnes from 3.76 million

And production plunged as well; the 523,200 tonnes actually produced was down 55.7% from the 1.179 million tonnes in the March quarter of 2010.

For the nine months to March sales were down 27.5% at 2.79 million tonnes from 4 million tonnes.

Higher prices will go a long way to offsetting the impact of the sales slump.

But Macarthur (and many other companies) won't get an immediate benefit from the price rises for the June quarter because it still has lower priced coal shipments to make from the March quarter.

It said yesterday, "Macarthur Coal has settled prices for long term volume contracts for the June 2011 quarter.

"Prices increased in line with market settlements of metallurgical coal as a result of continued supply disruptions in Queensland.

"Deliveries of March 2011 quarter volumes at March 2011 quarter contracted prices will extend into the June 2011 quarter, due to ongoing delays in production."

Macarthur said the force majeure declarations for its Bowen Basin mines (made in early December) is still in place, although the company said earlier this month it could end this weekend.

"Although the March quarter has seen a reduction in the volume of rainfall on both sites, the rainfall received in the March quarter was again above average for the region,'' Macarthur said in a statement.

"Ongoing rain and flooding of operating pits during the March 2011 quarter impacted production, necessitating force majeure remaining in place with all customers.''

Macarthur said pumping to remove water in the pit at its Coppabella mine continued and efforts to restore the site to full operating capacity depended on the levels of rainfall received after March.

The miner said exploration activities were restricted during the March quarter and much of the planned work for the current quarter had been deferred.

Shares in Macarthur were down 27c at $11.9, a fall of 2%.

And Bradken revealed yesterday that it will take a $5.9 million hit to earnings for the June 30 year after renegotiating its debt.

But that will still be more than offset by the $7 million of estimated savings from the reshaped debt package, which has seen the company's banking syndicate expanded and less onerous loan covenants in place which will allow it more freedom to invest.

Bradken told the ASX yesterday that the new debt package "when compared to the previous facilities the lower margins and costs of the new facilities would have resulted in reduced borrowing costs for the full year in FY11 (excluding the one off costs below) of approximately A$7m".

But it also said the refinancing of the company's bank facilities "will result in the following one off impacts to FY11 profit results: Write off of upfront fees on previous facilities In Australia and the US (non-cash) $3.8 million (Expensed in borrowing costs); Payout costs for current facilities $3.5 million (Expensed in EBITDA); Tax expense ($2.2 million); Reduction in NPAT $5.1million."

"Previous guidance for Bradken group EBITDA growth for FY11 in the range of 15-20% over last financial year remains unchanged, based on underlying EBITDA adjusted for the above one off impacts."

Bradken shares dipped 2c to $7.83 at the close.

The company said the new facility to refinance its total Group bank debt facilities, including the removal of the previously ring-fenced US debt facilities is "commensurate with Bradken's evolution from its IPO in 2004 to a top 150 company and provide flexible funding for future growth.

"The refinance of the current facilities in Australia (last refinanced in December 2009) and in the US (carried forward from the acquisition of Americast) will provide lower cost funding, additional headroom and less restrictions on Bradken, allowing debt funding required for expected strong growth in the coming years.

"The new facilities are unsecured and comprise multicurrency debt tranches of A$550m and working capital tranches of A$120m, with the debt tranches split evenly between three and five year maturities. Covenants for the new facilities are gearing of Net debt to EBITDA of 3 times and Interest cover of 3.25 times EBITDA.

"Our banking group has been expanded from four to eight domestic and international banks, providing ample opportunity to increase facilities when required in the future.

"We are pleased that the four current banks from the Australian facility continue to be a significant part of our new syndicate and we welcome the four new banks."