Consol announces Q3 results

Consol Energy has announced its Q3 results with its coal division producing 7.8 million short t in the three months to the end of September – exceeding guidance, despite challenging geological conditions at the Enlow Fork mine and a fatality at the Buchanan mine.

Realised prices, however, were down on earlier in the year for both low-vol metallurgical coal and thermal coal.

Production at the company’s Bailey mine continued to set records with production now expected to exceed 12 million short t for the year. The Harvey mine also improved production at 1.1 million short t for the quarter after an equipment change-out; normal output is expected to resume in Q4.

Enlow Fork continued to be challenged by difficult geological conditions but these are improving and the mine is expected to achieve planned production for the year.

The Buchanan mine continues to run on a reduced schedule, reflecting market conditions and allowing it to optimise its cost structure. It remains able to quickly ramp-up to full production of 5 million short tpa when the market is ready.

Overall, Consol’s coal operations generated revenue of US$150 million before CAPEX and depreciation, depletion and amortisation.

Written by Jonathan Rowland.

Read the article online at: https://www.worldcoal.com/mining/29102014/world-coal-consol-announces-q3-2014-results-coal1502/