Profits at Canadian coal miner Grand Cache Coal Corp were hit by lower coal prices in the third quarter ended 31 December 2009.
Average prices for the Alberta-based miner of metallurgical coal were C$134 per tonne, against C$254 per tonne in the same period last year although the cost sales fell to C$106 a tonne against C$128 a tonne last year.
Revenues were down 32 per cent to C$62.4 million while profits for the quarter fell 88 percent to C$4.3 million compared with C$36.8 million a year ago. The year-to-date profit figure was $18.7 million, compared to $87.2 million last year.
The company expect to sell between 1.6 million and 1.8 million tonnes of metallurgical coal in 2010.
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