16th Oct 2015 08:34
LONDON (Alliance News) - Mining royalties company Anglo Pacific Group PLC said production at Rio Tinto PLC's Kestrel mine fell in the third quarter, in line with its expectations, but it expects this to improve in final three months of the year.
Anglo Pacific said coal production at Kestrel, in Australia, fell to 540,000 tonnes of hard coking coal and 110,000 tonnes of thermal coal run of mine in the quarter to the end of September. This compared to 940,000 tonnes of hard coking coal and 180,000 tonnes of thermal coal in the second quarter.
Rio Tinto, the Anglo-Australian mining giant, completed a longwall changeout at the project in the third quarter, which hit production levels. Anglo Pacific said this has not affected its guidance range of production within its royalty area, however.
Anglo Pacific said it expects production from Kestrel to improve in the fourth quarter as the mine recovers towards its longwall capacity of around 6 million tonnes a year.
"We are pleased that during the past quarter, both scheduled longwall changeouts at Kestrel and Narrabri were successfully completed without delays and the impact on production did not exceed foreseen levels," said Julian Treger, Anglo Pacific's chief executive.
Shares in Anglo Pacific were up 0.7% to 74.55 pence on Friday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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