CONTINENTAL SAYS OUTLOOK POSITIVE
South African focused coal miner Continental Coal Ltd says decisions taken at its Ferreira Coal Mine in South Africa are set to pay off for the March quarter 2011 with increased exports of thermal coal.
Continental says it is on track to exceed budgeted export sales of 120,000 tonnes and to meet targeted sales of 141,000 tonnes for the quarter.
The miner said in a market update that exports rose by 50 per cent to 48,532 tonnes in February, up from 31,875 tonnes in November 2010.
The company realised an average net sales price of US$118 per tonne during the March quarter to date, on sales of 88,980 tonnes.
Chief executive Don Turvey said export sales had increased at a time of rising coal prices and while heavy rains and derailments were materially impacting other export coal producers.
"The outlook for the balance of the quarter is positive and we anticipate that we will meet our targeted sales of 141,000 tonnes," Mr Turvey said in a statement.
thebull.com.au
continental says outlook positive
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