Stanmore Coal has posted a company production record in the June quarter to finish its 2019 financial year with 2.39 million tonnes of product.
The company produced two records in the quarter: 872,000 tonnes of run-of-mine coal and 721,000 tonnes of saleable coal.
However, its sales were down 52,000 tonnes on the previous quarter’s record of 740,000 tonnes, at 688,000 tonnes.
Stanmore’s prices also improved from the end of the previous financial year, which increased by four per cent to be 66 per cent higher than the average hard coking coal spot price.
The company’s semi-soft coking coal spot price showed an even larger leap, up by 32 per cent year on year to 141 per cent higher than the average.
Stanmore hopes to improve on these figures further once its Isaac Downs project is completed.
Isaac Downs is around 10 kilometres from the company’s existing Isaac Plains complex in the Bowen Basin region of Queensland. The mine is set for mining lease and environmental approval in the second half of the 2021 financial year.
“Additional exploration and coal quality drilling commenced in 2019 which will increase the knowledge of the coal resource to enhance a bankable feasibility study,” the company stated.
“Infrastructure designs have been undertaken on three major infrastructure components including the flood protection levee, the haul road to link the project to the existing Isaac Plains mine, and the haul road underpass of the Peaks Down Highway.”
It wasn’t all good news for Stanmore in the last quarter, however. The company admitted to a “disappointing quarter for safety”, with six injuries recorded in the past three months.
“An intervention plan is being developed and this, in conjunction with the implementation of the Fatal Risk Standards and Life Saving Rules, is expected to correct the result and significantly improve safety performance,” the company explained.