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Coal & Allied Downgrades Production, Sales

Coal & Allied Industries Ltd (ASX:CNA) has scaled down their full year coal production and sales forecasts. The company said that due to the wet weather they anticipated about 25 million tonnes for the calendar year 2010 which is lower than the previous guidance of 27 million tonnes.

Meteorologists warned that La Niña was creating a higher risk of cyclones in the area and this would affect the output in the current quarter.

The subsidiary of Rio Tinto is hoping for more favourable weather to end the quarter on a strong note. The share of total saleable coal production from its various joint ventures fell by 15 % . However the sales gained by 3% to 4.856 million tonnes after some ships which were delayed in the second quarter were loaded in the third quarter.

Coal & Allied's profit for the half year to June 30, 2010 came to $497.8 million. The company has a major presence in New South Wales with the Hunter Valley operations which it owns 100%, the Bengalla mine which it owns 40% stake in, the Mount Thorley operations which it owns 80% of and the Warkworth mine of which it owns 55.6%.

Joel Scanlon

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Joel Scanlon

Joel emigrated to Australia in 1995 and worked for five years in the mining industry as an exploration geotechnician, using GIS mapping and CAD software. Upon moving to the North Coast of NSW, Australia Joel worked as a graphic designer for a leading consultancy firm. After that, he ran a successful business providing web services to businesses along the eastern seaboard of Australia. During this time, he developed and launched News-Medical.Net. Joel has been working with AZoNetwork since the company was founded in 2000.

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