CanAm Coal Corp. (TSXV:COE, OTCQX:COECF) reported that sales for Q4 jumped 95 percent, year-over-year.
As quoted in the press release:
The significant increase in both sales and production is attributable to a combination of a) an increase in the Company’s ownership in BCC, which was effective July 1, 2012, b) improved production performance at our existing mines c) production from our new Old Union 2 mine, which commenced operations at its first pit in late October, and d) improved strip ratios. Q4 production exceeded sales by approximately 20,000 tons. This was mainly attributable to reduced sales in the latter part of December as a number of our customers reduced hours or closed operations during the Christmas period, which impacted December sales. These customers accelerated their shipment schedules in January 2013 to make up for the shortfall. Sales of metallurgical coal were up 42% from the prior year and were 37% higher than in Q3 of 2012.
CanAm’s President and CEO, Jos De Smedt, said:
CanAm achieved significant production and sales growth in Q3 and Q4 and full 2012 was another record year for the Company. Since 2010, which was the first year of production for CanAm, we have seen our sales increase almost ten-fold, from 48,000 tons in 2010 to 256,000 tons in 2011 to a record 455,000 tons in 2012.
Get Our Expert Guide to Coal Investing FREE!Download this FREE Special Report, Coal Price Forecast 2015 Types of Coal, Coal Prices and Coal Stocks