MARKETS

Jim hit hard by down time

JIM Walter Resources posted an operating loss of almost US$1 million for the June quarter due to ...

Staff Reporter
Jim hit hard by down time

Revenues were flat versus the prior-year period, with an operating loss of $0.9 million in the quarter, down $11.6 million versus a year ago.

 

The decline was due to the impact of adverse geologic conditions in Mine No. 7, which resulted in 11 days of lost longwall production.

 

In addition, a scheduled longwall move in Mine No. 5 took longer than expected, resulting in 18 additional lost days of production in the quarter.

 

Lost time was partially offset by increased revenue and operating income, due to higher prices from natural gas operations.

 

The resource company sold 1.7 million tons of coal at an average price of US$35.58 per ton in the second quarter, compared to 1.6 million tons at US$36.27 per ton in the prior year's quarter.

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