During the financial year the consolidated entity’s total production of ROM coal was 256,000t as compared to 180,000t in previous financial year ending on 31 March 2015, from the Russell Vale colliery in the Illawarra region of New South Wales.
Production was mainly from partial extraction of longwall 6 for which approval was received.
Total annual revenue of the consolidated entity for the 2016 financial year was $8,083,000 (2015: $8,500,000).
The loss for the consolidated entity after providing for income tax amounted to $181,934,000 (2015: $195,567,000).
The loss includes a net impairment charge of $125,469,000 (2015: $44,524,000), and a net foreign exchange gain of $2,825,000 (2015: loss of $86,070,000) that mainly relates to the change in exchange rate between the US dollar and Australian dollar on the consolidated entity’s US dollar borrowings. Included in the net foreign exchange gain is a net unrealised gain of $35,372,000.
