New World Resources on track after decent second quarter
Hard coal and coke producer New World Resources has said remains on track to hit its full-year production and sales targets after production increased in the second quarter.
Hard coal and coke producer New World Resources has said remains on track to hit its full-year production and sales targets after production increased in the second quarter.
The firm produced 3,390kt of coking coal and thermal coal in the second quarter, up from 2,389kt in the first three months of the year. Meanwhile, coke production was steady at 174kt. While sales volumes were broadly higher, average realised prices slipped quarter-on-quarter.
New World said it remains on track to produce 10.8-11Mt of coal and 700kt of coke.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
After having reached agreements with its customers for sales for the third quarter, the group said that that the average agreed price for coking coal is €129 per tonne, up 2% on the second quarter. Meanwhile, the average price agreed for coke sales fell 1% to €294 per tonne and the average thermal coal is €74, up 11% from the 2011 average realised price.
"Average prices announced are indicative prices. A range of factors including, but not limited to, exchange rate fluctuations, quality mix, timing of the deliveries and flexible provisions in the individual agreements, may influence final realised prices,"the firm said.
BC
Sign up to Money Morning
Our team, led by award winning editors, is dedicated to delivering you the top news, analysis, and guides to help you manage your money, grow your investments and build wealth.
-
8 of the best properties for sale with indoor swimming pools
The best properties for sale with indoor swimming pools – from an award-winning contemporary house in East Sussex, to a converted barn in Hampshire
By Natasha Langan Published
-
Chinese stocks slump on first trading day of 2025
Chinese stocks suffered in the new year from their worst first day of trading since 2016, despite a state stimulus package
By Alex Rankine Published