(Alliance News) - MC Mining Ltd on Monday reported a steep decline in coal sales in the first quarter of its 2023 financial year, though it noted a rise in revenue per tonne.
In the first quarter that ended September 30, the Western Australia-based coal miner recorded coal sales totalling 42,686 tonnes, down 39% from 70,545 tonnes in the first quarter last year.
Revenue per tonne, however, increased to USD125 per tonne from USD108 per tonne due to the sale of coal in the higher-priced US dollar, the firm explained.
Run-of-mine coal production at Uitkomst metallurgical and thermal coal mine was 5% higher at 126,053 tonnes from 120,260 tonnes. MC Mining owns 70% stake in Uitkomst.
Shares in MC Mining were down 2.0% at ZAR245.00 in Johannesburg on Monday.
By Heather Rydings; heatherrydings@alliancenews.com
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Mc Mining (MCM)