Stanmore Coal has finished the first half of the 2020 financial year by delivering 1.57 million tonnes of run of mine coal to the coal handling and processing plant (CHPP) at the Isaac Plains coal complex in Queensland.
The company produced 1.23 million tonnes of product coal with a 77.7 per cent yield.
Stanmore sat on a net profit after tax of $26.91 million during the half year period, representing a 26 per cent increase over the previous corresponding period.
Its average sell price for both metallurgical and thermal coal was $165 per tonne, which was less than the prior period’s $168 per tonne due to weaker coking coal prices.
Despite weaker prices and a mini shutdown at the CHPP during the first half, with another planned late in the financial year, Stanmore has maintained its production guidance for 2.35 million tonnes.
The Queensland company is well set for the rest of the financial year and development of its Isaac Downs project in the Bowen Basin.
Approval processes for the Isaac Downs project were “well established and progressing”, according to Stanmore Coal.
Isaac Downs, which is around 10 kilometres south of Isaac Plains, will be operated as a satellite open cut mining operation using the existing Isaac Plains infrastructure.
Stanmore has finalised a tender to complete a bankable feasibility study for Isaac Downs and issued another tender to civil contractors for a design and construction package.
This concerns three major pieces of infrastructure for the mine, which are bridgeworks for an underpass crossing at Peak Downs Highway, a haul road link between Isaac Downs and Isaac Plains and a flood protection levee.