MARKETS

MIM's coal operations post strong performance

DESPITE a lower profit for the quarter, MIM Holdings' coal operations continue to perform well.

Staff Reporter

The company foreshadowed its operating profit for the half will be lower than the $52 million result for December 1999. The main contributor was a half year loss of $25-30 million EBIT sustained by its European operations.

 

MIM reported generally good mining performances across its operations with some reductions in refined metal production. The coal operations continued to produce high volumes.

 

At MIM’s 75% owned Oaky Creek complex strong production performances continued with product coal output ahead of that for the previous December quarter. MIM’s 75% share of production:

 

No 1 mine - 590,265t (800,120t December 1999 quarter)

Oaky North - 709,184t (82,415t)

Alliance – 57,706t (290,936)

 

Longwall moves were successfully completed at Oaky North and the No 1 underground mine with no significant impact on product coal output. Washplant operation was maintained utilising run-of-mine stocks.

 

At the 75% MIM owned Newlands-Collinsville-Abbot Point complex, product coal output declined from the peak achieved in the September quarter. MIM’s 75% share of production:

 

Newlands – 574,157t (1.099Mt)

 

Poor geological conditions and a harder coalface in the underground mine limited coal output at the Newlands longwall mine but mining conditions are expected to improve in the next panel. A longwall move is planned early in the March quarter. Open cut production is being increased to replace coal stocks.

TOPICS:

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Monthly Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Monthly Intelligence team.

editions

ESG Mining Company Index: Benchmarking the Future of Sustainable Mining

The ESG Mining Company Index report provides an in-depth evaluation of ESG performance of 61 of the world's largest mining companies. Using a robust framework, it assesses each company across 9 meticulously weighted indicators within 6 essential pillars.

editions

Mining Magazine Intelligence Exploration Report 2024 (feat. Opaxe data)

A comprehensive review of exploration trends and technologies, highlighting the best intercepts and discoveries and the latest initial resource estimates.

editions

Mining Magazine Intelligence Future Fleets Report 2024

The report paints a picture of the equipment landscape and includes detailed profiles of mines that are employing these fleets

editions

Mining Magazine Intelligence Digitalisation Report 2023

An in-depth review of operations that use digitalisation technology to drive improvements across all areas of mining production