Industrial Metals

Forbes & Manhattan Coal Corp. (TSX:FMC) urged its sharholders to vote their BLUE proxy for the management slate of board nominees before the deadline on September 13, 2012 at 10 am.

Forbes & Manhattan Coal Corp. (TSX:FMC) urged its sharholders to vote their BLUE proxy for the management slate of board nominees before the deadline on September 13, 2012 at 10 am.

As quoted in the press release:

Since acquiring the Magdalena and Aviemore mines in September 2010, the current management and directors have:

  • Increased saleable production by 74% by strategically expanding production from both mines;
  • Positioned Forbes Coal for long-term export growth. We have expanded export capacity by 960,000 tonnes and signed a three-year sales contract with a leading energy trading company for 1.75 million tonnes of thermal coal;
  • More than doubled revenue from $46 million in fiscal 2011 to $105 million in 2012;
  • Raised annual earnings before interest, taxes and depreciation (EBITDA) by 65% to $27.3 million in fiscal 2012;
  • Improved social relations at both mines and dramatically reduced time lost to injuries;
  • Raised over $75 million in equity and debt to acquire the assets and expand operations;
  • Added research coverage from seven reputable brokerage firms in Canada and South Africa; and
  • Listed Forbes Coal on the Toronto Stock Exchange and the Johannesburg Stock Exchange.

Click here to read the full press release. 

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