Anglo Pacific Eyes Kestrel Coal Output Rebound After 3Q Fall
October 16 2015 - 4:10AM
Dow Jones News
By Alex MacDonald
LONDON--Anglo Pacific Group PLC (APF.LN) said Friday that Rio
Tinto PLC's (RIO) Kestrel Mine in Australia produced less coal in
the third quarter than in the second quarter, as expected, but
should rebound in the fourth quarter.
The U.K. and Canada-listed royalty firm said coking coal and
thermal coal output fell 43% and 39%, respectively, to 0.54 tons
and 0.11 tons in the third quarter, compared with the same quarter
a year earlier. This was due to planned work at the mine that was
completed in line with expectations.
Similar work was also carried out at Whitehaven Coal Ltd.'s
(WHC.AU) Narrabri mine in Australia, in which Anglo Pacific also
has a royalty, prompting coal output there to fall as well in the
third quarter.
Anglo Pacific reaffirmed that it expects 70% to 75%, or more, of
the mine's planned output in the second half of the year will come
from Anglo Pacific's royalty area at the mine.
"We are pleased that during the past quarter, both scheduled
longwall changeouts at Kestrel and Narrabri were successfully
completed without delays and the impact on production did not
exceed foreseen levels," said Julian Treger, chief executive of
Anglo Pacific.
"We anticipate production levels at Kestrel and Narrabri to
rebound in the next quarter, and for second half 2015 production to
be in line with our previous expectations."
-Write to Alex MacDonald at alex.macdonald@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
October 16, 2015 03:55 ET (07:55 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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