Thursday, 25 Aug 2011
The Board of Macarthur Coal Limited announced a record Net Profit After Tax of AUD 241.4 million for the twelve months ended June 30th 2011. This result was in line with earlier NPAT guidance issued by the Company.
The key financial results for the 2011 financial year include:
Ms Nicole Hollows CEO and MD of Macarthur Coal said that “The past twelve months have been extremely difficult, with our operations being substantially impacted by the record rainfall in the Bowen Basin. Force majeure was declared under coal sales contracts for five months as operations were severely disrupted.”
She said “In spite of the reduced production Macarthur's underlying NPAT was marginally better than last year due to the record prices achieved for metallurgical coal in the final quarter of the year. The profits realized on the sell down of Macarthur's interests in Middlemount, under a pre existing option to Gloucester Coal and Codrilla to our existing Coppabella and Moorvale Joint Venture partners speaks to the quality of Macarthur's asset portfolio."
Ms Hollows said that "Looking forward, the impact of the wet weather will continue to be felt in the upcoming year as Coppabella and Moorvale return to normal operations. Due to the restrictions on permitted water discharge volumes, we have retained water in some pits and our two operating mines ended the year with reduced in-pit inventories and reduced pre-strip. As a result of these conditions it is likely that Macarthur's attributed share of sales produced from Coppabella, Moorvale and Middlemount in the twelve months to June 30th 2012 will be between 5.0 million tonne.”
"As a result of the additional expenditure required to restore the pits to normal operations our FOB costs per tonne are also forecast to be higher in the coming year, rising from around AUD 100 per tonne in FY2011 to around AUD 115 per tonne in FY2012. We expect to return to more typical production cost levels once the mines are restored to normal operating conditions."
"On a more positive note we are now accelerating the activity around the development of Codrilla, our fourth mine. We anticipate that we will obtain the mining lease by July 2012 and our focus in the next twelve months will be to prepare for the commencement of development shortly thereafter, enabling Macarthur to reach its target of 9.2 million tonnes per annum by 2014. We have the coal resource, the long-term port and rail infrastructure and the people necessary to deliver this project. We are on track to deliver sustainable growth."
The Board of Macarthur Coal Limited announced a record Net Profit After Tax of AUD 241.4 million for the twelve months ended June 30th 2011. This result was in line with earlier NPAT guidance issued by the Company.
The key financial results for the 2011 financial year include:
Ms Nicole Hollows CEO and MD of Macarthur Coal said that “The past twelve months have been extremely difficult, with our operations being substantially impacted by the record rainfall in the Bowen Basin. Force majeure was declared under coal sales contracts for five months as operations were severely disrupted.”
She said “In spite of the reduced production Macarthur's underlying NPAT was marginally better than last year due to the record prices achieved for metallurgical coal in the final quarter of the year. The profits realized on the sell down of Macarthur's interests in Middlemount, under a pre existing option to Gloucester Coal and Codrilla to our existing Coppabella and Moorvale Joint Venture partners speaks to the quality of Macarthur's asset portfolio."
Ms Hollows said that "Looking forward, the impact of the wet weather will continue to be felt in the upcoming year as Coppabella and Moorvale return to normal operations. Due to the restrictions on permitted water discharge volumes, we have retained water in some pits and our two operating mines ended the year with reduced in-pit inventories and reduced pre-strip. As a result of these conditions it is likely that Macarthur's attributed share of sales produced from Coppabella, Moorvale and Middlemount in the twelve months to June 30th 2012 will be between 5.0 million tonne.”
"As a result of the additional expenditure required to restore the pits to normal operations our FOB costs per tonne are also forecast to be higher in the coming year, rising from around AUD 100 per tonne in FY2011 to around AUD 115 per tonne in FY2012. We expect to return to more typical production cost levels once the mines are restored to normal operating conditions."
"On a more positive note we are now accelerating the activity around the development of Codrilla, our fourth mine. We anticipate that we will obtain the mining lease by July 2012 and our focus in the next twelve months will be to prepare for the commencement of development shortly thereafter, enabling Macarthur to reach its target of 9.2 million tonnes per annum by 2014. We have the coal resource, the long-term port and rail infrastructure and the people necessary to deliver this project. We are on track to deliver sustainable growth."
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