UPPING OUTPUT Kangala, produced an estimated 2.4-million tons and NCC, produced 540 000 t of coal. Combined, the two mines delivered a 47% year-on-year production increase
Photo by: Duane Daws
ASX-listed coal miner Universal Coal says its Kangala and New Clydesdale Colliery (NCC) mines, in Mpumalanga, delivered an estimated three-million tons of coal in the 2017 financial year, ended June 30.
Kangala, near Delmas, produced an estimated 2.4-million tons and NCC, near Kriel, produced 540 000 t of coal. Combined, the two mines delivered a 47% year-on-year production increase for Universal, which reported output of 2.04-million tons of coal in 2016.
CEO Tony Weber noted that the group’s operating cash flow for the 2017 financial year was A$29-million, which is a 180% improvement on 2016, when it recorded A$10.4-million in revenues. He attributed this to improved production results and lower cost stripping activities at Kangala.
Attributable operating cash flow generated is estimated at A$19.6-million, which is a 258% year-on-year improvement on the A$7.6-million in the previous financial year. Weber remarked that cash flow generating ability was being demonstrated through the strong production performance from Kangala and NCC starting to contribute “meaningfully” to the group.
“The quarterly activities report will be released to the market in due course and within stipulated timeframes,” he stated.