Grande Cache Coal Mining Corporation Reports Net Income of $20.1 Million During Fiscal 2010
Grande Cache Coal Mining Corporation announced today its financial and operational results for the three and twelve months ended March 31, 2010. The audited consolidated financial statements Corporation and its discussion and analysis for the fiscal year ended March 31, 2010 will be available at www.sedar.com and the Corporation’s website www.gccoal.com.
- Grande Cache Coal Mining sold 1.77 million tons of coal mining in a record fiscal year ended March 31, 2010, representing an increase of 67% on turnover of 1.06 million tonnes in the previous fiscal year. Sales in the fourth quarter amounted to 0.43 million tonnes compared to 0.11 million tonnes in the comparable period last year.
- Net income for the year 2010 was $ 20,100,000, or $ 0.21 per share ($ 0.20 per diluted share), compared to $ 106,200,000, or $ 1.18 per share ($ 1, 15 per diluted share) in fiscal 2009. The fourth quarter net income was $ 1,400,000 ($ 0.01 per basic and diluted share) versus $ 18,900,000 ($ 0.20 per basic and diluted share) in the same period last year. Read more
MCoal Corporation Files Rosa Coal Mine Permit Application
NovaDX Ventures Corp.’s wholly-owned subsidiary, MCoal Corporation (”MCoal”), reports on its progress on the Rosa Coal Mine Project:
The Alabama Surface Mining Commission (”ASMC”) has finished its completeness review and has accepted for filing MCoal’s mine permit application for the first phase of auger mining at the company’s Rosa Coal Project in Blount County, Alabama.
Neil MacDonald, CEO of NovaDX, commented that, “MCoal has met a significant milestone in the development of the Rosa Coal Project. Together with permit applications we have pending with the Alabama Department of Environmental Management and the Army Corps of Engineers, this milestone completes our permitting applications required for the Rosa Coal Project. We are now advertising our mine plans in the local community and over the next sixty days will be responding to the ASMC with respect to any public comment that may arise. We expect to receive all necessary permits by the end of August and begin mining operations in September.” Read more
MCoal Corporation Files Rosa Coal Mine Permit Application
NovaDX Ventures Corp.’s wholly-owned subsidiary, MCoal Corporation (”MCoal”), reports on its progress on the Rosa Coal Mine Project:
The Alabama Surface Mining Commission (”ASMC”) has finished its completeness review and has accepted for filing MCoal’s mine permit application for the first phase of auger mining at the company’s Rosa Coal Project in Blount County, Alabama.
Neil MacDonald, CEO of NovaDX, commented that, “MCoal has met a significant milestone in the development of the Rosa Coal Project. Together with permit applications we have pending with the Alabama Department of Environmental Management and the Army Corps of Engineers, this milestone completes our permitting applications required for the Rosa Coal Project. We are now advertising our mine plans in the local community and over the next sixty days will be responding to the ASMC with respect to any public comment that may arise. We expect to receive all necessary permits by the end of August and begin mining operations in September.” Read more
Coal Demand Down Due to Slow Economy
The longwall production at the Blacksville No. 2 coal mine has been idled for a seven-week period beginning this week.
And one official said layoffs are possible if demand for coal doesn’t increase.
CONSOL Energy Senior Vice President Tom Hoffman said the decision to slow down production at the mine was a result of the economic slowdown. Because people are using less electricity there is less demand for coal.
Blacksville No. 2 coal mine produces high-Btu bituminous coal, which is also mined at seven other area mines. Read more
Consol Energy To Restart Virginia Coal Mine
Consol Energy Inc. said it plans to restart longwall production at its Buchanan Mine near Mavisdale, Virginia in mid-July. The company had idled longwall production at the mine, which produces metallurgical coal, in early March to balance supplies with an anticipated reduction in demand from steel producers.
The company said it recently settled with its two largest metallurgical coal customers several issues surrounding existing contractual commitments for coal. As a result, Consol said it anticipates sales through the end of the year will support production volumes of around 240,000 tons per month. Read more
Yanzhou Coal raises price by 4 pct for coal contracts for power generation
Yanzhou Coal Mining Co., Ltd., a coal producer based in Yanzhou city of east China’s Shandong Province, has settled 4.29-million-ton coal contracts for power generation at a price of 463.86 yuan/ton, up four percent, or 17.83 yuan, from one year prior.
The move may break the deadlock of coal price negotiation between coal producers and power enterprises in China this year.
Despite the four percent growth, this year’s price equals last year’s level, since added value tax on coal enterprises has been raised from 13 percent to 17 percent as of January 1, 2009.
China’s coal and power enterprises have been negotiating on coal supply and price for months. The five major power generators and China Resources (Holdings) Co., Ltd. insist on a price cut by 50 yuan/ton from last year’s 460 yuan/ton, while coal producers want to raise the price by 80 yuan/ton. Read more
