Rhino Resources Partners has reported a loss of US$8.1 million in 2Q15 on total revenues of US56.8 million and sales of US$48.5 million. This compares to a loss of US$6.9 million over the same period last year.
“Coal markets continue to be weak with Central Appalachia steam coal prices at historic lows and limited demand met coal,” said Joe Funk, President and CEO of Rhino’s general partner. “We continue to be proactive in managing the partnership for long-term success as we focus on our liquidity and cash flow.”
On 20 July, Rhino said it had suspended the cash distribution for its common units to “further preserve the liquidity of the partnership,” Funk explained.
In addition to lower coal prices, the company was also hit by poor rail service at the company’s Hopedale mine and continued lower-than-expected productivity at Pennyrile mine.
Written by Jonathan Rowland.
Read the article online at: https://www.worldcoal.com/mining/03082015/rhino-resources-announces-2q15-loss-2664/