They have just opened a new pit Foxleigh Plains North - first sales were in May - should see more than $35 mill a quarter next quarterly
Looks like they are focusing closely on productivity as well:
Production Excellent performance in relation to material movement was achieved in the Quarter with production from three pits - Foxleigh Plains, One Tree West and Fox Plains North. First coal was mined from Foxleigh Plains North in May.
Several mine operational records were achieved during the Quarter, including drilled metres, blasted volume and total material movement. The most notable record was the 4.5mbcm of waste moved in May which beat the previous record set earlier in the quarter in April by more than 10%. Good progress in overburden movement continued in One Tree West to have this pit positioned well at the end of the quarter to deliver large volumes of ROM coal in Q3 as forecast. Fox Plains North achieved coal into the washplant within 6 weeks from the first overburden bucket, albeit associated oxidisation in near surface coal contributed to lower yields.
The washplant modification with the Jamieson cells being converted from parallel configuration to series was completed with expected outcomes.
RRP Price at posting:
8.5¢ Sentiment: Buy Disclosure: Held
