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Pacific Coal Resources swings to Q2 loss

Pacific Coal Resources swings to Q2 loss

Photo by Bloomberg

3rd September 2014

By: Henry Lazenby

Creamer Media Deputy Editor: North America

  

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TORONTO (miningweekly.com) – The Toronto-listed stock of Colombia-focused miner Pacific Coal Resources on Tuesday shed one-third off its value after reporting negative second-quarter results, as coal output from its flagship La Caypa mine was impacted by adverse geological conditions.

For the three months ended June 30, the Toronto-based miner's net profit swung to $12.77-million, or $0.26 a share, compared with a profit of $2.05-million, or $0.04 a share, a year earlier.

Revenues declined 40% to $22.29-million, as sales sagged 35% to 229.3-million tonnes of coal.

The average realised coal price also declined 10% year-on-year to 95.39/t.

Output was down 30% at 279.6-million tonnes of coal, as La Caypa missed its output forecast, owing to adverse geological conditions at the section produced from in the quarter.

The second-quarter output from the company’s Cerro Largo mine represented a 12% increase year-on-year, despite only representing 64% of planned output for the quarter, owing to ongoing negotiations with a new third-party operator.

Edited by Tracy Hancock
Creamer Media Contributing Editor

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