(Alliance News) - MC Mining Ltd said Tuesday coal output and sales rose in the second quarter of financial 2020, however, revenue fell on lower prices.
For the three months to the end of December, the Johannesburg and London-listed miner produced 127,021 tonnes of run-of-mine coal, up 13% from 112,562 tonnes the same period the year before.
Sales also rose by 24% year-on-year to 87,578 tonnes from 68,359 tonnes, however, revenue per tonne dropped by 23% to USD70.25 from USD91.25.
This was due to the average API4 coal price declining by 21% to USD76 per tonne from USD96 the year before, as a slowdown in the global economy more than offset increased demand.
"Uitkomst generated extremely pleasing results for the quarter with the change of mine management and optimisation initiatives implemented at the colliery earlier in the second half yielding positive results and ROM coal production improved 13% on the comparative three-months," said Chief Executive Officer David Brown.
Shares in MC Mining - which is based in Sandton - were untraded in Johannesburg on Tuesday, last quoted at ZAR6.10, while its London shares also remained untraded at 27.03 pence.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Mc Mining (MCM)