Macarthur increases sales

Macarthur Coal increased it sales by 17% over the last financial year.

Macarthur Coal has increased it sales by 17% over the last financial year, the company announced in its fourth quarter production report.

According to the report, Macarthur’s coal sales for the year were 4.61 million tonnes, up from 3.94 million the previous year.

Sales for the June quarter grew 20.6% to 1.48 million tonnes, exceeding the previous record of 1.36 million tonnes set in the September quarter of 2005.

The period also saw the company’s largest ever single shipment of PCI coal from its Coppabella mine.

Macarthur attributed these record numbers to an increase in spot sales, including thermal coal, to non-traditional customers.

The report also showed that the company has raised approximately $190 million for the quarter through an institutional placement and a share purchase plan.

Macarthur said in the report that recent results have given it a cautious optimism in the coal market’s immediate future.

“A combination of steel markets stabilising, the destocking phase at steel mills ending, and the emergence of new markets for metallurgical coal, has led to a positive outlook for the metallurgical coal market for the next few months,” the company said.

“While these signs are encouraging, Macarthur Coal will continue to monitor ongoing demand from all of its customers to assess whether the improved outlook for coal markets is sustainable.”

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