A recent $A65 million capital raising has lifted the company’s market capitalisation to over $A100 million.
Reporting on the June 2005 quarter, the company said it had increased semi-soft coal production from its bord and pillar operation by 35% to 212,000 tonnes during the quarter, yielding 168,000t saleable coal. Total saleable production of 385,000t for the reporting period (from the time of listing in October 2004) was above the previously forecast 365,000t.
New longwall equipment for the Newpac mine has been ordered, with work to develop the expanded mine having started. This will involve roadway development, installation of a larger conveyor, and surface infrastructure upgrades. The Newpac longwall is scheduled to begin production in January 2007.
The company said pillar extraction was continuing on track and the South East Mains development was progressing in-line and on budget, with driveage through the Block Fault Zone started.