The company produced 300,311 tonnes of coal at Baralaba, and sold 220,850t of thermal coal and 90,327t of pulverised coal injection coal. Operating revenue for the half was $31.17 million.
“The fact that the company has recorded a profit, derived from the company's Baralaba mine and other corporate activities, while fundamentally remaining as an exploration company with significant exploration opportunities in the Bowen and Surat basins of Queensland, substantially ‘derisks’ the company's exploration status,” director Peter Nightingale said.
Sales contracts with major Japanese steel mill customers were renegotiated on favourable terms and new contracts agreed in Korea and China for both PCI and thermal coal sales.
On the exploration front, Cockatoo’s total JORC-compliant resources in the Bowen Basin are about 65 million tonnes.
The Wonbindi inferred resource has increased to 43.6Mt, while the Dingo phase 2 exploration program advanced during the half.
Cockatoo progressed its Woori prefeasibility study in the Surat Basin, with JORC-compliant resources for its Surat projects, including Kingaroy, now at 614Mt.
Turning to infrastructure, the company is lobbying the Queensland government to support the Surat Basin Rail business case by providing it with letters of intent. In addition, a Cockatoo representative has joined the board of Surat Basin Rail as an alternate director.
Cockatoo reached an agreement with QR to facilitate a feasibility study for the upgrade of the Moura-Gladstone rail corridor.
Meanwhile, a joint industry group, including Cockatoo, concluded a framework deed with the state government to advance development of the Wiggins Island Coal Terminal project in Gladstone.
