CanAm hits sales record in July

CANADIAN-based producer CanAm is riding a bit of a cool boom, recording record tonnage sales for July of 67,500 tons – a 20% jump over its monthly average in the second quarter.
CanAm hits sales record in July CanAm hits sales record in July CanAm hits sales record in July CanAm hits sales record in July CanAm hits sales record in July

Courtesy CanAm Coal

Donna Schmidt

The Appalachian-focused miner, which had a mean 56,000t monthly during the second period, said the result was also a 10% increase of its June sales total of 61,500t.

Initial mine development and transition has been completed in its portfolio, thus CanAm said its monthly production and sales from its four mines should be between 60,000 tons per month and 70,000tpm going forward.

If totals are as projected, it would be a substantial increase from its average actual Q1 and Q2 sales of about 50,000t and 56,000t, respectively.

“We are extremely pleased with our July production/sales results as the hard work of our team to transition from mine development to steady state production has resulted in another record month in the history of our company,” president and CEO Jos De Smedt said.

“With all of our mines now in full production mode and all of this production fully contracted for by our customers, we have a great start to the second half of 2013.”

CanAm said it would release its full financial results for the second quarter at the end of this month.

The Toronto Stock Exchange-listed company’s main activities and assets include its four operating coal mines in Alabama and the Buick Coal Project.

Buick, in Colorado, holds 188 million tons of indicated resources and 103Mt of inferred resources.