Corsa Coal announces latest financial results for 2Q24

2Q24 highlights:

• Corsa’s average realised price for 2Q24 is the approximate equivalent of between US$253 to US$259 per metric ton on an FOB vessel basis.
• Corsa’s sales mix included 88% of sales to domestic customers and 12% of sales to international customers.

Kevin M. Harrigan, President and Chief Executive Officer of Corsa, comments:

“Corsa’s coal production in 2Q24 improved 6% over 1Q24 and is expected to continue to increase over 2H24, as operational improvements are implemented and geological challenges have receded at the Casselman and Acosta deep mines. Operationally, the Casselman mine is running three production sections, commencing in late June, reflecting the company’s investment in equipment and allocation of resources at our flagship mine. We have also made the decision, in August, to cease mining advancement at the Horning mine and reallocate employees and equipment to the other deep mines as we exhaust profitable reserves on the return to the mine portal. We expect to see productivity improvements going forward at the other operations as we are able to improve the staffing and experience levels at the mines. Additionally, with the improved production, the company restarted the Shade Creek preparation plant in June to handle the additional raw coal volumes and service sales contracts that are being shipped on the Norfolk Southern rail line.

“With the operational improvements taking shape and consistent highwall mining activity in the near term, the company expects to reduce our operating costs per ton sold to generate positive margin in a number of different pricing scenarios. We reiterate our previous statement that we expect the impact of the cost improvements to be fully realised in 3Q24 with production in line with our projected operating levels

“Operational improvements remain the company’s primary focus, while our team is also actively engaged in refinancing the Main Street Loan credit facility and improving our debt maturity timeline. We expect to make significant progress on this initiative in the coming months along with improved operating results.”

Read the article online at: https://www.worldcoal.com/coal/03092024/corsa-coal-announces-latest-financial-results-for-2q24/