Corsa Coal announces financial results

Kevin M. Harrigan, Interim President and CEO of Corsa, commented: “Our 4Q21 results reflect the continuation of the challenging mining conditions and labour-related productivity issues that we experienced in the second and third quarters of the year. 2H21 was one of the most challenging periods in the history of our company for production and costs, but I know that our talented team is committed to overcoming these issues and is focused on the actions needed to return to normal production levels and costs in 2022.”

“Our results do reflect the impacts of significant issues that are common across the coal mining and manufacturing industries. The shortage of experienced and skilled labour and increased COVID-19 related absenteeism have and continue to limit our production capabilities. Our cash production costs were driven higher by increased prices for purchased goods and services as well as limited availability of outside labour, parts, and supplies. The logistical performance issues that are common across our industry alter or delay deliveries of coal to our customers and impact our commercial results.”

“Fortunately, in 4Q21, Corsa began to realise stronger market prices for coal sales and materially completed our 4Q21 contract commitments which were made earlier in 2021 before the dramatic increase in metallurgical coal prices. We expect to recognise the full impact of higher priced sales in 2022 as realisations improve significantly over the 2021 contract and spot market prices, and believe that our focus, actions and commitments will generate improved returns for our shareholders.”

Read the article online at: https://www.worldcoal.com/coal/04032022/corsa-coal-announces-financial-results/