Gloucester Coal has reported a significant slump in coking coal sales for the past quarter, but says global demand for its thermal product is still strong.
The Lower Hunter producer sold 131,000 tonnes of coking coal to export markets over the three months to the end of June, 38 per cent down on the same quarter last year.
While the coking coal market has taken the biggest hit from the global downturn, the company says the figure is an improvement on the March quarter this year, indicating demand is improving.
It has also recently signed a new coking coal contract with a Japanese steel mill.
Over the same quarter, Gloucester Coal sent almost 400,000 tonnes of thermal coal to export markets, 19 per cent up on the June quarter last year.
The company is currently embroiled in a battle with Gloucester residents who are opposing a planned 25-hectare extension of its Duralie mine.
Source: ABC
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