Macarthur Coal Limited announced a reduction in its 2011 financial year sales production target as a result of extended unseasonal rainfall impacting on production.
The Company’s saleable production target for the 2011 financial year was 5.0 million tonne. Macarthur Coal is decreasing its full year sales forecast to be in the range of 4.1 million tonne to 4.3 million tonne.
On December 3rd 2010, Macarthur Coal declared force majeure to customers as a result of unseasonal heavy rain in the Bowen Basin. Macarthur Coal advises that the declaration of force majeure with customers remains in place. Recovery continues however a return to full production levels has been hampered by additional rainfall received from cyclones Anthony and Yasi.
Ms Nicole Hollows CEO of Macarthur Coal said that “Our operations at both Coppabella and Moorvale have been disrupted by unseasonal heavy rains over the past three months; continuation of excessive wet weather has caused further delays to production through to February. Although we are anticipating more rainfall, should it remain at historical averages we are confident of progressively returning to normal production over the next few weeks. Water diversion structures, pit protection measures, dam levy work and onsite water management initiatives completed prior to the wet season have helped each site manage the impact of unseasonal rainfall on the operations and the environment.”