New World Resources, the Czech Republic-focused coal miner, reported a sharp drop in fourth quarter prices and reduced sales targets for the year.
The firm said the average agreed price of coking coal was €102 per tonne, a 20% drop compared to the third quarter realised price.
Average agreed prices for coke fell by 8% to €264 per tonne compared to the third quarter realised price.
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
The firm gave no reason for the fall in its trading update, but has previously reported it is battling Eurozone headwinds and a global over-supply of coking coal.
NWR now expects external sales of between 10.2Mt and 10.3Mt of coal, compared to a forecast of 10.25-10.5MT of coal made in April. Sales of coke remain on target at 600kt.
For the full year 2012, the company continues to expect to produce between 11Mt and 11.1Mt of coal and 700kt of coke.
-
8 of the best houses for sale with annexesThe best houses with annexes – from a period property in the Lake District to a 13th-century house with a two-bedroom annexe in Saltwood, Kent
-
Zelenskyy moves to appease Donald Trump – what happens now?Ukraine’s president Volodymyr Zelenskyy is conceding ground to secure the least-worst deal possible, says Emily Hohler
