Export Demand Remains Firm
Centennial’s equity share of coal sales totalled 4.0 million tonnes and 11.0 million tonnes on a YTD basis, with YTD export sales up 51% on a like-forlike basis. Centennial’s equity share of ROM coal production totalled 4.1 million tonnes for the quarter and 11.8 million tonnes on a YTD basis.
ROM coal production under Centennial management totalled 5.0 million tonnes for the quarter and 14.2 million tonnes on a YTD basis, while sales under management totalled 4.9 million tonnes for the quarter and 13.4 million tonnes on a YTD basis.
Clarence's performance continues to improve, with the mine achieving record daily andmonthly production during March 2009.
Production at Angus Place improved quarter on quarter, but was below expectations. Progress continues to be made on the Group’s various projects to expand
production and exports. Construction has already commenced at Airly and will shortly commence on the Mandalong Haul Road - linking Mandalong to Newstan’s export facilities.
During the quarter, export thermal coal prices weakened further than anticipated.
Largely as a consequence, earnings are now expected to be within the range of $65 to $72 million after tax for the year ending 30 June 2009, which is at the lower end of analysts' recent forecasts.
Commenting on the Company's March 2009 Quarterly performance, Centennial's Managing Director and CEO, Bob Cameron said: “Surplus metallurgical coal being redirected into the thermal coal market has had a significant impact on thermal export prices, although there
are signs that this impact is now reducing.”
“Importantly, despite the difficult economic climate, Centennial has not experienced any significant demand weakness, with some early signs of a tightening thermal market now evident.”
Centennial’s equity share of coal sales totalled 4.0 million tonnes and 11.0 million tonnes on a YTD basis, with YTD export sales up 51% on a like-forlike basis. Centennial’s equity share of ROM coal production totalled 4.1 million tonnes for the quarter and 11.8 million tonnes on a YTD basis.
ROM coal production under Centennial management totalled 5.0 million tonnes for the quarter and 14.2 million tonnes on a YTD basis, while sales under management totalled 4.9 million tonnes for the quarter and 13.4 million tonnes on a YTD basis.
Clarence's performance continues to improve, with the mine achieving record daily andmonthly production during March 2009.
Production at Angus Place improved quarter on quarter, but was below expectations. Progress continues to be made on the Group’s various projects to expand
production and exports. Construction has already commenced at Airly and will shortly commence on the Mandalong Haul Road - linking Mandalong to Newstan’s export facilities.
During the quarter, export thermal coal prices weakened further than anticipated.
Largely as a consequence, earnings are now expected to be within the range of $65 to $72 million after tax for the year ending 30 June 2009, which is at the lower end of analysts' recent forecasts.
Commenting on the Company's March 2009 Quarterly performance, Centennial's Managing Director and CEO, Bob Cameron said: “Surplus metallurgical coal being redirected into the thermal coal market has had a significant impact on thermal export prices, although there
are signs that this impact is now reducing.”
“Importantly, despite the difficult economic climate, Centennial has not experienced any significant demand weakness, with some early signs of a tightening thermal market now evident.”
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