New World Resources sees prices plunge

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.

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.