MARKETS

Pacific's production up

PACIFIC Coal has announced its final results for 2013. The company produced more than 1.3 million...

Sadie Davidson

The company produced nearly 300,000t of coal in the fourth quarter of 2013 for a total of 1,317,088t in 2013.

This represented an increase of 9% from the fourth quarter of 2012, which totalled approximately 275,000t and 4% from the 2012 total of 1.2Mt.

The company's operational stripping ratio of 9.31:1 in 2013 was a decrease of 13% on 2012.

Coal revenues for the fourth quarter were $23 million, with 243,847t of coal sold at an average realised price of $94.52 per tonne.

The average realised price of coal sold in 2013 represented a 3% increase over 2012.

Earnings from operations for the fourth quarter and year ended December 31, 2013 were a loss of $5.4 million and earnings of $1.5 million respectively, compared to a loss of $58.2 million and a loss of $137.4 million in 2012.

The earnings from operations for 2013 was the highest the company has ever recorded, and can be attributed to the favourable domestic sales contracts and continued company-wide cost and expense reductions, in addition to the port impairment reversal recognised in the year, Pacific said.

Adjusted EBITDA for the year 2013 was $2.4 million, a significant improvement over a loss of $30.7 million in 2012.

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