Caledon Resources
Caledon Resources Has First Month of Operational Profitability
Caledon Resources plc, a coking coal producer and explorer in the Bowen Basin of Queensland, Australia, has announced its interim results for the six months ending 30 June 2008.
Caledon has had a promising first half of 2008, and moved into operational profitability for the first time in June 2008.
The new Matagar system has been successfully producing coal at the Cook Mine since February, and delivered record monthly production in June. Total sales for the period were 200,000 tonnes, and total run of mine production was 222,000 tonnes. Production in July continued the upward trend.
The Company also successfully completed the listing of its shares on the ASX in June 2008, raising A$22m before costs.
Revenue for the six month period totalled A$ 30.4 million, compared with 0.3 million for the second half of 2007, with the cost of coal sales increasing dramatically from A$ 6.3 million to A$ 35.3 million.
Robert Alford, Chairman, commented: “Our new Magatar mining system is now running smoothly and coal production volumes are rising steadily. As a result the Cook mine has had its first month of operational profitability in June 2008.
“This achievement was despite significant operational challenges and an unprecedented period of tight labour and equipment availability in the industry, and wouldn't have been possible without the dedication of all our staff.
'Caledon continues to target a production rate of 100,000 tonnes per month.'
Technical issues earlier in the year and fault-related delays in the second quarter, mean that progress has been slower than expected. As a result, Caledon is forecasting saleable production in the range of 600-700 kt for the full year 2008. Register here for more articles on Caledon Resources
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07/11/08 Caledon - Cook starts to cut the mustard
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