Central European coal company, New World Resources (NWR) produced 1.87 million t of coal in 1Q15, according to its 1Q16 trading update. The company sold 1.12 million t of metallurgical coal over the period and 805 000 t of thermal coal.
This marks a slight increase on the same period last year. NWR produced 1.78 million t in 1Q15 and sold 999 000 t of metallurgical coal and 566 000 t of thermal coal.
Average prices fell, however, with the company’s metallurgical coal fetching €76 per tonne, down from €90 per tonne in 1Q15, and thermal coal prices averaging €47 per, down from €56 per tonne in 1Q15.
NWR produces metallurgical and thermal coal for the steel and energy sectors in Central Europe through its OKD subsidiary, which it the largest hard coal mining company in the Czech Republic.
NWR made a loss of €223 million on revenues of €630 million in 2015 on the back of falling coal prices. It also said it expected to be loss-making for several years to come as the pricing environment remained weak.
Edited by Jonathan Rowland.
Read the article online at: https://www.worldcoal.com/coal/12042016/nwr-announces-1q16-production-and-sales-2016-602/