This article is 12 years old. Images might not display.
The explorer’s total cash at the end of the quarter was $5 million, 41% less than last year.
The update follows a year-long plunge in investor confidence for the Australia-listed company, which has seen its share price erode more than 80% from its high of A75c last March.
County said the quarter was “relatively quiet” as it refocused its efforts on securing export capacity on the US west coast.
County highlighted meetings with infrastructure providers on the Pacific coast and said it already had sufficient funds to prepare the groundwork for a North American export business.
Its longer range plan includes using business network connections in the Asian coal user market to expand sales.
County plans to sell coal as both an owner/operator and as a vendor of coal from third party mines.
Focusing on its export agenda has led County to engage a North American business manager in Vancouver and suspend development activities at its Shell Creek North expansion project.
Over the quarter, the company’s flagship Shell Creek and Miller properties increased coal resources collectively by 7% to 730 million tonnes.
Recently completed drilling at Shell Creek suggested a single seam averaging 50m in thickness at depths between 26-160m.
