INTERNATIONAL COAL NEWS

Quest reports year-on-year growth

KENTUCKY operator Quest Minerals and Mining more than doubled its performance in January compared...

Donna Schmidt

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The company reported coal revenues of $US294,700 last month, with operating subsidiary Gwenco producing and shipping 10,900 tons, and selling 4300t. In January 2009, Quest reported $133,000 in revenues.

While these results were nearly doubled, January was under Quest’s December 2009 revenue performance of $350,000.

"We are pleased to see that the company is currently on an improved growth rate in 2010 as compared to the start of our 2009 fiscal year,” president Eugene Chiaramonte Jr said.

“Even with a slow start to our production this year, we have managed to maintain an increased pace when compared to last year's efforts. We continue to work towards our production goal of 10,000 clean tons per month."

Quest said its December sales performance was 20% higher than the previous month, when it produced and shipped 11,500t gross and sold 5200t clean. The recovery rate was 46% on average, close to its goal of 50% or higher.

Quest began renovation work on the Cedar Grove and Pond Creek operations in 2008 and has retained Whitestar as the contract miner for its operations.

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