The South Africa-focused producer said ROM coal production of 19,352 tonnes was achieved for the month compared with 10,716t in January 2013.

Monthly underground production at the mine also exceeded forecasts, up 93% in February.

Production increased during the month as more panels were developed in the bord and pillar underground operations and following the commissioning of the second Joy 14HM15 continuous miner in the second section.

Underground production of 35,000-40,000t is forecast for March 2013 with both continuous miners in full operation.

The company also achieved a 75% increase in export thermal coal sales from the Penumbra mine in February, a 75% increase on the 5212t from the previous month.

The Penumbra coal mine has JORC-compliant proven and probable reserves of 5.44 million tonnes and total JORC measured, indicated and inferred resources of 68.3Mt.

The underground mining operation is forecast to produce 750,000 tonnes per annum of ROM coal over an initial 10-year mine life.

Continental’s Ferreira and Vlakvarkfontein mines also exceeded the forecast ROM production for the month of February.

The Ferreira coal mine produced 63,456t , an increase of 37% from budgeted ROM production of 46,171t, while Vlakvarkfontein production, at 143,872t, was up by 31% from budgeted production.

Earlier in the week Continental announced it had raised $US8.2 million for its fourth mine development, the De Wittekrans coal project, through a financing agreement with Village Main Reef.

The deal adds to Continental's access to capital, with its cash position at the end of the last quarter at about $4.1 million.