For the period ended September 30, the Virginia producer recorded a net loss of $US25.5 million, compared to net loss of $20.6 million for the third quarter of 2012.
Shipments during the period were 2.1 million tonnes, a 34% drop year on year and coal prices fell approximately 18% to a per-ton average of $68.68.
On the plus side, it was successful in its efforts to reduce costs, with central Appalachian mining costs during the September quarter at $77.80, down from $87.15 in the comparable 2012 quarter.
“The mines are doing great,” chairman and chief executive officer Peter Socha said.
“They have continued to exceed our expectations for both cost control and capital control [and] they have done an incredible job of adjusting to the soft market conditions and the high levels of uncertainty and concern that surround the coal industry of central Appalachia.”
He confirmed that the producer had to make another set of “painful but necessary” cutbacks to production and personnel in the form of four mine closures and the lay-off of about 200 miners and contractors.
However, he said he was also hoping for better from the company in the coming year.
“We are hopeful that these idlings can be reversed in the first half of 2014,” he said.
“The coal markets have stabilised during the past several weeks.
“Prices are still very low but they are finally moving in a better direction.
“Finally, we are making progress but have not finished our project to deleverage our balance sheet and improve our liquidity.”
JRC also had safety achievements to celebrate in the third quarter, including awards to two mines recognised by the Kentucky Office of Mine Safety and Licensing and the Kentucky Coal Association.
Bell County Coal Corporation's Garmeda #2 mine was selected to receive an underground safety award in recognition of the best safety record in the Barbourville District Office and its Buckeye surface mine was selected to receive a surface safety award for having the best safety record in the Hazard District.
“We are very proud of receiving these awards recognising the hard work of our employees in making James River a safe place to work, especially in these difficult times in the coal industry,” chief operating officer CK Lane said.
