On Friday, Australian coal miner TerraCom Limited (TerraCom) announced record sales of AUS$141.1 million and EBITDA of AUS$28.6 million for the full year, ending 30 June 2018.
Terracom Chairman Wal King commented on the company’s progress, and said the company was on track to report a net operating profit of up to AUS$100 million in FY19.
Key highlights include:
- Coal sales worth AUS$141.1 million.
- AUS$28.6 million EBITDA.
- AUS$34.3 million net operating cashflow.
- Net loss of AUS$19.1 million.
- 1.9 million t from Blair Athol and Baruun Noyon Uul in Mongolia.
- Blair Athol JORC Reserves upgraded to 18 million t with a resource of 44 million t.
- Rail siding commissioned linking Blair Athol to main Goonyella rail line.
King said: “It is pleasing to have made this level of progress in such a short period of time and we hit several key milestones during the year.”
“We increased coal production at Blair Athol in each quarter and are continuing to negotiate long term sales contracts with several key customers in Japan and Korea.”“We have benefited from the growth in demand from South East Asia and Blair Athol’s long-standing reputation for producing high quality thermal coal will deliver contracts with new customers this year. “Our net loss for the year reflected our debt obligations and the Board is giving priority to fully refinancing our AUS$180 million debt portfolio to taking advantage of the fact that we are now producing coal with a AUS$51 margin per tonne.”
According to TerraCom, the company is also ahead of schedule with one of Australia’s largest mine rehabilitation projects at Blair Athol and was able to reduce the rehabilitation financial assurances to the Queensland Government from AUS$80 million to AUS$72 million.
Read the article online at: https://www.worldcoal.com/coal/03092018/terracom-celebrates-record-full-year-sales-in-2018/