The growth marks continued health demand for coal from the company’s four mines, with total H1 2013 production increasing 28.5% to 843,200 million tons, compared to H1 2012.

The Australian Securities Exchange-listed miner also reported an increase in revenue to $64.6 million, up 64% from the previous corresponding period.

The H1 2013 aggregate quantity traded increased by 134% or 220,000 tons to 384,000t compared with H1 2012.

“The demand for Blackgold’s product remained healthy,” director James Tong Chi Ho said.

“Blackgold is evaluating its purchasing model and had contacted foreign suppliers with the intention to expand its coal purchasing activities beyond the People’s Republic of China region.”

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

The four mines have combined JORC-compliant reserves of 121.1Mt, including 44.6Mt probable and 76.4Mt proven, with an average calorific value of 5613 kilocalories per kilogram.

The mines also have inferred resources of 41.9Mt and combined exploration targets of 19.8Mt to 24.6Mt.

Blackgold simultaneously announced the finalization of negotiations with China Minsheng Banking Corp for a banking facility of more than 1 billion renminbi ($US161 million).

“Funds drawn down under the facility will help fund development of the company’s existing mines, acquire new assets and for general working capital,” Blackgold said.

The bank facility satisfies the terms of the April acquisition of Chongqing Guoping Shipping Transportation Co, which operates a barge transport business along the Yangtze River involving predominantly coal, iron ore and sand.

Its fleet consists of nine hollow hull barges.