Corsa is a coal mining company focused on the production and sales of metallurgical coal, an essential ingredient in the production of steel.
Corsa Coal (TSXV:CSO), has released its financial results for Q2 and the six months that ended June 30, 2018. Corsa is a coal mining company focused on the production and sales of metallurgical coal, an essential ingredient in the production of steel.
As quoted from the press release:
Second Quarter Highlights
Corsa reported net and comprehensive loss from continuing operations of US$4.9 million, or US$0.05 per share, for the second quarter 2018, compared to net and comprehensive income from continuing operations of US$5.7 million, or US$0.04 per share, for the second quarter 2017.
Operating cash flows used in continuing operations for the second quarter 2018 were US$4.6 million compared to operating cash flows from continuing operations of US$3.0 million for the second quarter 2017.
Total revenue from continuing operations was US$57.3 million for the second quarter 2018, an improvement of 6 percent as compared to the second quarter 2017.
Corsa’s adjusted EBITDA was US$5.7 million and US$4.3 million at its Northern Appalachia division and on a consolidated basis, respectively, for the second quarter 2018. Corsa’s EBITDA was US$4.5 million and US$2.3 million at its NAPP Division and on a consolidated basis, respectively, for the second quarter 2018.
Corsa sold a total of 392,334 tons of metallurgical coal in the second quarter 2018. On a first half year-to-date basis, low volatile metallurgical coal sales volumes are up 25 percent versus first half 2017 levels, and total metallurgical sales volumes are up 45 percent as compared to the first half of 2017. This growth has been accomplished despite significant supply chain disruptions to export terminals and rail service.
Corsa achieved an average realized price per ton of metallurgical coal sold(1) at its NAPP Division of US$115.52 for all metallurgical qualities in the second quarter 2018, this average realized price is the approximate equivalent of US$160 to US$166 on an FOB vessel basis and is comprised of a mix of 25 percent sales to domestic customers and 75 percent sales to international customers.
At the Casselman mine, a successful transition was made from February through June to cross under a stream and access the northeast reserve base. This transition, which is now completed, required using extra roof support and other measures which limited production and increased mining costs.
The Acosta mine achieved its full forecasted production run-rate in June, as goals related to staffing levels, mining equipment deliveries and regulatory approvals have been met.