Macarthur Coal, the largest PCI coal producer in the world for the seaborne market, achieved an annual sales volume of 5.26 million tonnes for the 2010 financial year, compared to the previously forecast sales volume of 4.8-5.0Mt.
The additional tonnage was achieved as a result of loading ships earlier than planned, Macarthur chief executive and managing director Nicole Hollows said.
“Our operations have remained focused on coal delivery and, with the Dalrymple Bay Coal Terminal achieving record throughput in June, we were able to load some
shipments sooner than expected,” she said.
“Given additional sales in this financial year we have started the 2011 financial year with lower available coal stocks. However, both of our mines are performing well and we are focused on continuing to perform well in 2011.”
Based on sales of 5.26Mt, net profit after tax for the year ended June 30, 2010, prior to any necessary non-cash accounting adjustments, is now likely to be in the range of $A115-125 million.
This result is an increase on the initial profit guidance range of $103-113 million provided to the market on May 4, 2010, and a decrease on last financial year’s NPAT of $168.6 million.
The first three quarters of the 2010 financial year were impacted by lower coal prices resulting from the global financial crisis, Hollows said.
The profit forecast remains sensitive to non-cash accounting adjustments, including any movement in derivative liability that may eventuate during finalisation of the end of year accounts.
Macarthur Coal owns a 73.3% interest in the open cut Coppabella and Moorvale mines in Queensland through the Coppabella and Moorvale Joint Venture.
It has an installed production capacity of 7.9Mtpa (100% basis) or 5.8Mtpa (Macarthur Coal share) and JORC reserves of 183.1Mt and resources of 1.815Bt (100% basis).
Its 70%-owned Middlemount project is the next growth project, with shipments expected to be made in financial year 2012 after the development of stand-alone rail loop and water infrastructure connection.
Macarthur’s shares were up by 19c to $12.94 in morning trade.
