The company’s bottom line for the year was a net loss of $C106 million, compared to a net loss of $13 million in 2007. The results for this year include a one-time adjustment of $23.6 million due to miscellaneous financial issues, and WCC noted the losses were impacted by $29 million thanks to a 10% strengthening of the Canadian dollar in relation to the US dollar.

However, the producer noted that its overall year resulted in record sales and production with increases of more than 300% in 2008 over the past two years. The year, it added, was also the second year of its five-year growth plan to move towards a production goal of 7 million tonnes annually.

Specifically, 2008 sales totalled $252.5 million – an 88% rise over last year – on a 116% jump in coal volumes sold for the year to 3.043Mt.

WCC’s output brought an average realised price of $C82.97 per tonne for the year, a 13% drop due to a trio of issues: a stronger Canadian dollar, the impact of being a new coal producer and coal prices which were contracted previously.

Coal volumes produced were 3.007Mt at year’s end, a 126% increase over the year prior, while cash costs were $86.10/t, an increase of 7% over 2007.

For the final quarter of WCC’s year, sales totalled $75.3 million, a 37% rise over the company’s third quarter, and coal volumes sold were 25% higher than the prior period at 865,000t – at a 9% higher average realised price of $87.04/t. Also during the final period, cash costs totalled $94.50/t, 17% higher than the third quarter, on a 13% reduction on produced coal volumes of 672,000t.

This year is a “watershed year” for the producer, according to WCC president John Hogg.

“We have continued our rapid growth in coal production with a threefold increase in just two years,” he said.

“We believe we can continue that rapid growth in these strong market conditions as we work towards our goal of producing over 7 million tonnes of coal per year by 2012.”

Hogg said that WCC fulfilled 95% of its commitments for output over fiscal 2008, and the balance was sold by last month.

“Therefore, the company will be in a position to benefit from the record 2008 coal year prices in the first quarter of fiscal 2009,” he said.

Looking ahead, Hogg said the producer was already flying high on hard coking coal contract agreements that are over $US300 per tonne, 253% higher than in 2007, and its ultra-low volatile pulverised coal injection (PCI) pricing has settled at $248/t, a jump of more than 267% over last year.

“All of the company's expected hard coking coal production and ultra low-vol PCI production for fiscal year 2009 is already under contract and will be sold at these prices,” officials said.

WCC also said Wednesday in its financial report that “a number” of non-binding proposals have been brought to its attention following a strategic review.

“As part of its continuing effort to enhance shareholder value through a potential strategic alliance, joint venture, merger, or a sale of all or part of the business, the company has invited a select group of interested parties to proceed to the next round of the … process and conduct further diligence,” WCC said.