Blackgold on a roll

CHINESE coal miner Blackgold International Holdings strengthened its position over the half-year period ending April 30, 2012, with a 41% increase in profits and a 24% increase in production compared to the same period last year.
Blackgold on a roll Blackgold on a roll Blackgold on a roll Blackgold on a roll Blackgold on a roll

Courtesy Blackgold International Holdings

Justin Niessner

The addition of the 21 million ton ChangHong mine in February 2012 and continued lateral development of the Caotang and Heiwan mines in the fourth quarter of 2011 helped boost the company’s total coal production by 126,200 tonnes to 656,500t.

The aggregated sales volume achieved for the six-month period increased by 35,500t, or 12.8%, to 312,500t compared to the previous corresponding period.

Profit before tax increased by $US6.9 million from $17 million to $23.9 million over the half year.

Blackgold’s Caotang, Heiwan, ChangHong and small-quantity WuShan MaoJiaWang mines are situated in the Chongqing and Guizhou regions of southwest China.

JORC-code compliant reserves for the company’s four mines total 46.2Mt of probable, 79.4Mt proven and 41.9Mt inferred reserves.

Blackgold produced about 1Mt of coal from its mines over the 2011 financial year.

Earlier this year the company said it was assessing acquisition opportunities and was evaluating a number of potential new mine acquisitions.

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