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Corsa Coal announces financial results for 1Q24

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World Coal,

Corsa Coal Corp., a premium quality metallurgical coal producer, has reported financial results for the three months ended 31 March 2024.

Corsa’s average realised price for 1Q24 is the approximate equivalent of between US$270 to US$282/t on an FOB vessel basis. For 1Q24, Corsa’s sales mix included 80% of sales to domestic customers and 20% of sales to international customers.

Kevin M. Harrigan, President and CEO of Corsa, commented:

“Corsa’s coal production in 1Q24 improved slightly over 4Q23, but was still negatively impacted for the first two months of the quarter by challenging mining conditions with production costs per tonne sold reflecting the conditions and lower productivity. Although operations started to improve in March, it will likely take the better part of 2Q24 to reach our expected operating levels at each of our mining sites.

“I am pleased to report that the company completed significant power enhancements at the Casselman mine in April and is now able to simultaneously operate three mining units. Currently, we are running at five unit shifts per day and will be able to increase to six unit shifts per day with additional personnel. Acosta mine productivity is expected to improve as we move one unit into a longer-lived portion of the mine during 2Q24, and is expected to have both units mining in areas that are projected to have consistent conditions with increased coal seam heights. The Schrock Run Extension surface mine will be utilising both traditional surface mining and highwall mining methods which is expected to increase output and lower unit costs although unusually high rainfall in the first part of 2Q24 temporarily reduced operations. The impact of these changes are expected to be fully realised starting in 3Q24 with production in line with our projected operating levels.”

“The company’s focus is to continue productivity improvements and identify cost controls thereby improving our margins and our financial results. We amended certain financial covenants in our Main Street Loan credit facility, effective on 1 April 2024, with a view to allowing the company to manage through this transition as management focuses on refinancing such facility and improving our debt maturity timeline.”

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