24th Apr 2014 12:42
LONDON (Alliance News) - New World Resources PLC Thursday said its production volumes increased in its first quarter but said that the agreed coal sales prices for upcoming deliveries are down.
The mining company said its coal production increased to 2.2 million tonnes for the three months ended March 31 from 2.1 million the previous year.
The company said its sales volumes for coking coal increased 24% to 1.2 million tonnes from 1.0 million tonnes but its average realised price for coking coal fell to EUR91 per tonne from EUR101 tonne.
New World Resources said its thermal coal sales volumes fell 36% to 663,000 tonnes from 1.0 million tonnes and the average price of its thermal coal fell to EUR60 per tonne from EUR64 per tonne.
The company said it continues to target full-year 2014 coal production and sales of between 9 and 9.5 million tonnes.
New World Resources also said it has reached agreements over the price of upcoming coking and thermal coal deliveries, with the price of coking coal deliveries in its second quarter down 6% to EUR85 per tonne and the price for 80% of its thermal coal production in the full-year 2014 down 4% to EUR54 compared to the full year 2013 realised price.
New World Resources shares were down 2.2% to 38.15 pence Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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