In its September quarter report, the company said its coal deliveries were unaffected by the financial turmoil with several cargoes of thermal coal shipped during the quarter at prices in line with Japanese benchmark price for 2008.

“In addition, the company has recently priced several cargoes at levels well above the 2008 benchmark prices for shipments during the 2009 year,” Macarthur Coal said.

“It remains evident from the large number of enquiries that the company is currently receiving on a regular basis from potential customers that demand for coal continues to be strong.”

The company also announced its first half 2009 financial year profit guidance has been upgraded to $150-160 million up from $13.5 million reported in the previous corresponding half.

“Macarthur Coal is in a strong position with a robust balance sheet, strong operational cash flows and improving production from the Coppabella mine,” Macarthur chief executive and managing director Nicole Hollows said.

“Importantly, given the current situation in financial markets, Macarthur Coal is in a strong financial position in relation to the funding of future growth.”

During the September quarter, total coal sales came in at 1.09 million tonnes, up 40% on year, but 11.3% lower than sales for the June quarter.

Sales from Coppabella mine were up 8.1% on year to 527,400 tonnes, while Moorvale mine sales were up 108.8% on year but down 25% on quarter to 505,900t.

Macarthur said total sales, while in line with expectations, remained constrained as Coppabella mine was still recovering from floods earlier in the year.

“The company expects that quarterly sales will gradually improve over the remainder of the financial year,” Macarthur said.

Macarthur expects Coppabella to return to full production in 2009 calendar year after force majeure was lifted at the mine in August as production reached sustainable levels.

Meantime, total coal production climbed 22.9% on year to 1.13Mt with coal production at Coppabella up 3.8% on year to 625,400t, and Moorvale’s coal production up 59.4% on year to 499,300t.

During the quarter, the company had eight drill rigs in operation, the highest number of rigs operating at one time in the company’s history.