Records boost growth

FORBES & Manhattan Coal Corporation has reported record first quarter production at its Magdalena bituminous and Aviemore anthracite mines.
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Image courtesy Forbes Coal

Noel Dyson

Total run-of-mine production for the Toronto Stock Exchange-listed southern African producer’s first quarter was 447,000 tonnes. That is a 23% increase over the 364,000t produced in the previous quarter and up 16% on the previous year’s first quarter.

Both Forbes operations enjoyed record production in April and May.

Total sales for the quarter was 261,000t, a 55% increase from the previous quarter of 168,000t and 12% up on the first quarter of the previous year.

Forbes president and chief executive officer Stephan Theron said the company had experienced steady growth over the past four months and was tracking well against its annual production targets.

“The company reported annual ROM tonnage of 1,408,000 for fiscal 2013 on May 30 2013,” he said.

“The first quarter run of mine production for the current fiscal year is 447,000t, which is just under a third, or 32 per cent, of our total fiscal 2013 production number.

“A continued incremental increase in production each month is the focus for the remainder of the year.”

In the first quarter Forbes exported 142,000t, a 108% increase on the fourth quarter, with domestic sales of 119,000t, an 18% increase over the fourth quarter.

Its shares were last trading at C42c.

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