The Toronto-based company recorded a 17% year-over-year drop in production during the period with 341 million tonnes coal mined and an 8% year-over-year drop in price per tonne sold.
The La Caypa mine was negatively impacted by a lack of equipment and destabilization of the mine footwall last August, while the Cerro Largo operation contended with mud concentration concerns at the boom of the open pit.
Ongoing work to correct the Cerro Largo issue and a plan to replace La Caypa’s current operator have caused Pacific to revise its 2012 production targets for the mines to 400,000t and 970,000t respectively.
Over the period, the company implemented cost-cutting measures to reign in general and administrative expenses and sold its colloidal fuels investment to raise $5 million for coal production activities.
