Corsa Coal Reports Q3 Financial Results

Corsa Coal (TSXV:CSO) has reported its financial results for the third quarter and first nine months of 2014. The company reported a realized average sales price of $93 per tonne of metallurgical coal for Q3.

As quoted in the press release, highlights of results included:

• Completed the acquisition of PBS Coals Limited (“PBS”) on August 19, 2014.
• Revenues of $45,150,000 for the three months ended September 30, 2014 (“Third Quarter 2014”) includes PBS from August 19 to September 30, 2014.
• Metallurgical coal sales of 263,000 tons and thermal coal sales of 247,000 tons in Third Quarter 2014.
• Sales guidance for metallurgical coal of 300,000 to 320,000 tons for the three months ended December 31, 2014.
• Sales guidance for thermal coal of 220,000 to 250,000 tons for the three months ended December 31, 2014.
• Realized average sales price of $93 per ton for metallurgical coal in Third Quarter 2014.
• Average cash production cost per ton of $74 per ton for metallurgical coal in Third Quarter 2014.

Corsa Coal CEO, George Dethlefsen, said:

The third quarter was a strategically significant time for Corsa, with the acquisition of metallurgical coal producer PBS Coals in August by our Northern Appalachian Division (“NAPP Division”) and the subsequent integration efforts. We continue to be focused on lowering operating costs, while also positioning Corsa for future growth. The addition of a second mining unit at the Casselman Mine of the NAPP Division led to operating cost improvements and increased production levels in the quarter. We are also pleased with the continued low cost performance of our Central Appalachian Division (“CAPP Division”). For the remainder of 2014, our focus will be on our productivity improvement initiatives, signing sales contracts for 2015 business, and the continuation of our growth program.

Click here to read the Corsa Coal (TSXV:CSO) press release