Posted in | News | Coal | Earnings

Coal & Allied Downgrades Production, Sales

By Joel ScanlonOct 14 2010

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%.

Written by

Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.

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