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15 May 2009 07:00
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For Immediate Release 15Β May, 2009
UK COAL PLC ("UK COAL")
Interim Management Statement
UK COAL today issues its Interim Management Statement for the period fromΒ the beginning of the current financial year,Β 28 December 2008,Β to today's date.Β
AsΒ weΒ announcedΒ in our 2008 full year financial resultsΒ onΒ 27Β April 2009, production in the first quarter was 1.7m tonnes (2008: 1.7 m tonnes). Since the quarter end, deep mines production has continued broadly in line with expectations, with Daw Mill producing slightly ahead of expectations, Welbeck in line and Thoresby and Kellingley slightly below.Β DevelopmentΒ workΒ in all deep mines hasΒ progressed in line with, or ahead of, targets.Β Surface mine production at the startΒ ofΒ the year was affected by the weather andΒ a relatively increased focus onΒ strippingΒ overburden, althoughΒ thisΒ production is expected to be recovered during the year.Β
AsΒ weΒ announcedΒ onΒ 27Β AprilΒ 2009,Β in the period sinceΒ the end of the previous financial yearΒ weΒ haveΒ negotiated new or amended old long-term supply contracts with our electricity generator customers, Drax, EON and EDFE, andΒ haveΒ added a significant new core customer, Scottish and Southern Energy. These contractsΒ haveΒ materially increasedΒ our long-term contracted coal prices and our short-term cash flows.Β Further details ofΒ these new contractual arrangementsΒ and the improved cashflows that resultΒ were given in theΒ 2008 full year resultsΒ announcement.
OnΒ 28 January 2009, we announced thatΒ weΒ hadΒ sold our 50% share in Coal4Energy to our partners, Hargreaves Services PLCΒ for a total cash consideration of Β£9.0m.
Harworth Estates, UK COAL's property business,Β continues to progress as expected.
Other than the information contained in this Interim Management Statement there have been no material events or transactions in the period fromΒ 28 December 2008Β toΒ 14Β May 2009 which have affected UK COAL and its financial position.
Enquiries:
UK Coal:
David Brocksom/ Tel: 01302 755 002
Jon Lloyd
Media:
Citigate Dewe Rogerson Β Tel: 020 7638 9571Β
Anthony Carlisle Mobile: 07973 611 888
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