14th Apr 2015 09:21
LONDON (Alliance News) - New World Resources PLC Tuesday said coal production fell from its mines in Central Europe during the first quarter of 2015 from the previous quarter, but the company did achieve slightly better prices.
The coal miner based in Poland and the Czech Republic said total coal production for the first quarter totalled 1.8 million tonnes, down from 2.3 million tonnes in the fourth quarter of 2014.
As a result of lower production, coking coal sales fell to 999,000 tonnes at an average price of EUR90 per tonne, from 1.1 million tonnes at EUR84 per tonne in the fourth quarter, whilst thermal coal sales fell to 566,000 tonnes at an average price of EUR56 per tonne from 1.1 million tonnes at EUR51 per tonne.
When it released its full year results in February, New World said the average price for 74% of its expected coking coal production in 2015 would be fixed at a price of EUR93 per tonne whilst all of the company's expected thermal coal production would be sold at a fixed price of EUR52 per tonne.
New World shares rose 2.6% to 0.800 pence per share on Tuesday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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