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New World Resources reports weak operational performance

New World Resources (NWR) said on Thursday it will revise its full-year guidance as a difficult trading environment has affected its operating performance in the first quarter.

New World Resources (NWR) said on Thursday it will revise its full-year guidance as a difficult trading environment has affected its operating performance in the first quarter.

Coking and thermal coal production volumes in the first quarter came to 2.1m tonnes while sales reached 1.0m and 1.03m tonnes respectively, the miner said in a trading update Thursday.

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Coke production was 168,000 tonnes and sales 149,000 tonnes.

The company achieved an average agreed price of coking coal for deliveries in the second quarter of €104 per tonne, a 3.0% increase from the previous quarter.

An average price of €60 per tonne was achieved for 2013 thermal coal deliveries.

The average agreed price for coke deliveries in the second quarter of 2013 was €246 per tonne, flat on the first quarter 2013 realised price.

"The difficult trading environment has negatively impacted the operating performance year to date," the group said in a statement.

"Management is working on efficiency and cost reduction measures to mitigate these negative trends. As a result, the 2013 full year guidance as announced on February 21st 2013 cannot be re-iterated. NWR will inform the market about any such measures and revised targets in a timely manner."

RD

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