The Australian coal producer’s price hike will be backdated to April this year to fall in line with the Japanese financial year.

 

Gloucester chief executive Rob Lord said the price increase was an “excellent result” and would boost company earnings.

 

“It is a reflection of the buoyant coking coal market in general and strong demand for Gloucester’s particular semi-hard coking coal product,” Lord said.

 

“As a consequence of these increased prices, the company now expects net earnings for the recently ended 2007/08 year to be approximately 30 percent higher than the previous year.”

 

Last month Gloucester reported a 7% fall in coal production during the June quarter, finishing at 466,000 tonnes for the period.

 

The fall was put down to the miner’s decision to target higher valued coking coal as well as port constraints.