Foxleigh exports to reap higher prices from November
REALM Resources’ subsidiary, Middlemount South, which has completed its takeover of the Foxleigh coal mine in Queensland from Anglo American, anticipates higher December quarterly prices of coal will apply to shipments delivered by Foxleigh from around November 2016 through February 2017.
- Lou Caruana, 19 Oct 2016
CoalAustraliaRealm Resources
Foxleigh’s premium high quality low volatility pulverised coal injection coal is sold to longstanding customers in key export markets including South Korea, Japan, and Taiwan.
“Under Foxleigh’s term contracts, each new quarterly price applies after any carry over tonnes from the previous quarter are delivered,” it said.
“The rise in the LV PCI quarterly benchmark price follows a dramatic recovery in the spot market price for premium hard coking coal, which has risen to around $US226/t Australia, and LV PCI to $US141/t.”
The Middlemount management teamwa focusing on ensuring an efficient and effective operational transition, the company said.
The team is also conducting a detailed review of the Foxleigh operations.
“As part of the review, Middlemount is undertaking the necessary geological assessments and studies required in accordance with the JORC 2012 code to verify the estimates provided by Anglo and is confident that reserve and resource estimates will be completed by the end of Q4 2016,” the company said.
“When completed, the company will advise the likely effect of the acquisition on the financial position of the company, and any potential modifications to the operating plan.
“Importantly, the focus on occupational health and safety and environmental, social and governance issues continues with no incidents to report since acquiring the mine.”
http://www.miningmonthly.com/coal/c...h exports to reap higher prices from November
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