This article is 12 years old. Images might not display.
It will double Southern Cross’ holdings.
Southern Cross was just admitted to trading on the GXG Markets in London in March, from 20 million tons to 40 million tons.
Estimated gross sales for the company will jump $US42000 monthly in 90 days, ramping up to $14,000 per month in the third quarter of the year.
“We are very excited about this joint venture with American Coal Energy, as we are partnering with a metallurgic coal company with ongoing sales and infrastructure,” Southern Cross president Andrew Madenberg said.
He noted SCRG would be able to provide banking and logistics services for its overseas clients, and the added services would increase its number of revenue streams.
“We project to start selling this coal in three months at 30,000 per month, at a market price of $140, and will ramp up sales to 100,000 per month over a six-month period,” Madenberg said.
Southern Cross is an asset-based trading company seeking the key commodities of coal as well as crude oil, oil products and natural gas. It trades on GXG under SCRG.
