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Pacific Coal Resources Ltd. (TSXV:PAK) announced that it has filed its financial results for the first quarter of 2013 on SEDAR, noting that it produced 223,346 metric tons (MT) of coal, down from 317,070 MT in the year-ago quarter. Its revenue clocked in at $21.9 million, down from $28.4 million in Q1 2012, while it sold 220,751 MT of coal at an average realized price of $99.10 per MT.
Pacific Coal Resources Ltd. (TSXV:PAK) announced that it has filed its financial results for the first quarter of 2013 on SEDAR, noting that it produced 223,346 metric tons (MT) of coal, down from 317,070 MT in the year-ago quarter. Its revenue clocked in at $21.9 million, down from $28.4 million in Q1 2012, while it sold 220,751 MT of coal at an average realized price of $99.10 per MT.
Other highlights of the results include:
- The total operating margin loss on a per tonne sold basis in the first quarter of 2013 was 85% lower than the first quarter of 2012 operating margin loss, due largely to cost reductions at the Cerro Largo mine and selling cost savings company-wide in the first quarter of 2013, in addition to a work stoppage and operational issues at the La Caypa mine in the first quarter of 2012.
- In the second half of 2012, the Company worked to identify its operational issues and consider changes to its future strategic plans. In the first quarter of 2013 a new mine operator began work at La Caypa mine and in April 2013 the Company began operating the Cerro Largo mine in-house. The Company also signed a Memorandum of Understanding (“MOU”) in January 2013 to explore entering into a joint venture to utilize Cerro Largo’s thermal coal for a power plant operation.
- During the first quarter of 2013, the Company recorded the lowest quarterly G&A since its incorporation, significantly ahead of its quarterly goal and representing an improvement of 25% over the fourth quarter of 2012. The Company had anticipated a quarterly G&A run rate of approximately $1.9 million, with actual G&A for the quarter totaling $1.6 million.
- The Company has suspended updating the Company’s mine 43-101 technical reports for the La Caypa and Cerro Largo mines due to the Company’s operational changes in the fourth quarter of 2012, with the plan to re-start studies in the third quarter of 2013 and an anticipated release of the reports by the end of the year.
Click here to read the full Pacific Coal Resources Ltd. (TSXV:PAK) press release.