The company reported coal sales of $5.6 million for the quarter compared to $11.1 million in Q1 2012.

Corsa produced 60,000 tonnes of raw metallurgical coal, 49,000 tonnes of which were from its Casselman mine.

36,000 tonnes of clean metallurgical coal were sold from the 38,000 tonnes produced. The average sale price was $102/t.

10,000 tonnes of raw metallurgical coal were sold at an average price of $63/t.

Following these sales, the company has increased its 2013 sales guidance to between 30,000-320,000t.

“First quarter sales were consistent with a very weak met coal market,” the company said in a statement.

“However, in spite of the low production, the company was very successful in its cost control, achieving underground mining costs at the Casselman mine of $US46 per ton, down from the 2012 fiscal year average of $55 per tonne.”

The company said it has ramped up production significantly to match its increased sales guidance after signing a number of new contracts, namely one with Hyundai Steel late in the quarter.

Corsa’s cash reserves at February 28 were $1.8 million.