US coal company, Rhino Resource Partners, has announced a slight increase in its 3Q15 loss to US$9.3 million from US8.9 million in 3Q14. Total revenues for the quarter were US$54.1 million with coal sales of US$45.5 million compared to revenues of US$61.4 million and coal sales of US$52.3 million in 3Q14.
“Low natural gas prices have continued to adversely affect the coal markets,” said Joe Funk, President and CEO of Rhino’s general partner, with the company idling the majority of its Central Appalachian mining operations during 3Q15 and working to monetise excess coal inventory that had built up due to the weak demand conditions.
“We will continue to monetise our Central Appalachia inventory in the fourth quarter to generate cash for the partnership to further reduce our debt level,” continued Funk. “The majority of our Central Appalachia operations will remain idle in the fourth quarter as we are able to meet customer demands by shipping coal from our coal inventories.
Edited by Jonathan Rowland.
Read the article online at: https://www.worldcoal.com/coal/30102015/rhino-3q15-loss-widens-year-on-year-3092/