Cambrian’s two main coal holdings, Western Canadian Coal and Coal International, increased production to 1 million tonnes per annum during the year, with the company predicting group production would treble in 2007.

Basic earnings per share reached $1.48 with a proposed final dividend of $3.73 per share.

The company reported net assets of $245.6 million compared with $168.9 million for the same period last financial year.

Western Canadian Coal, of which Cambrian owns 42%, has continued the operation of its Dillon metallurgical coal mine and has recently completed the construction of its newest, larger mine, Perry Creek, which is expected to achieve annual coal production of 2.4Mtpa.

Western Canadian is also continuing the development of the Wolverine project.

Coal International, of which Cambrian owns 36%, has refurbished its 6Mtpa washing plant at Gauley Eagle and recommenced production at the Gauley Eagle underground mine. This is in line with its plans of developing 2Mt of coking and thermal coal production in the next two years, rising to 4Mtpa production by 2009.

Cambrian chief executive John Byrne said the results showed the fourth year of consecutive growth for the company, which has continued to strengthen its operational base while diversifying into the new areas of energy and base metals.

“This breadth of projects will enable Cambrian to continue to benefit from the strength in steel making commodities but to also participate in the increasing demand for energy and alternative energy products,” Byrne said.

“The continued strength of Cambrian is based on the ongoing expansion over the last year of world steel production as well as the strength of energy and other mineral sectors. Most of this growth has taken place in Asia, led by the rapidly growing steel industry of China.”