CEY 0.00% $6.16 centennial coal company limited

Centennial Coal announce record production and sal

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    Centennial Coal announce record production and sales
    July 24, 2002
    Centennial Coal (CEY) today announced record production and sales for the year ended 30 June 2002, with coal sales of 931,000 tonnes achieved.

    This is an increase on the previous corresponding period and full year 2001 figures.

    “Increases in both domestic and export sales contributed to the sales record, with domestic sales being particularly strong,” the company said.

    “Production was 27% and 31% ahead of the corresponding quarter and FY2001 respectively, benefiting from increased production from Centennial's Clarence and Springvale mines, both of which set new annual production and productivity record.”

    On a full year basis, raw coal production under management grew to 5.1 million tonnes, up 45%, whilst sales rose to 4.6 million tonnes.

    Of these sales, 41% were delivered under indexed, long-term domestic contracts.

    The company reported that Centennial’s Springvale mine has begun supplying additional coal from July 2002 to the adjacent Mount Piper and Wallerawang power stations (owned and operated by Delta Electricity).

    “This will significantly increase Springvale's contracted deliveries to Delta Electricity and lead to further improvement in Springvale's operating efficiencies and the utilisation of the mine's 3 million tonnes per annum production capacity,” Centennial Coal said.

    At 1126 AEST Centennial Coal shares were 6c higher to $1.72

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