CEY 0.00% $6.16 centennial coal company limited

like for like export sales up 22pc

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    Sydney - Thursday - October 30: (RWE Australian Business News) -
    Centennial Coal Company Ltd (ASX:CEY) reports strong thermal coal export
    market fundamentals continued to prevail in the September quarter, with
    increased levels of enquiry driven by customers seeking "security of
    supply".
    Export sales were up 22pc on a like-for-like basis compared with
    the prior corresponding period.
    Centennial's equity share of coal sales totalled 3.1m tonnes for
    the quarter.
    ROM coal production under Centennial management totalled 4.3m
    tonnes and Centennial's equity share of the production was 3.7m tonnes.
    As foreshadowed, three scheduled longwall changeovers limited
    the quarter's production, compared with none in the prior period.
    Therefore, on a like-for-like basis (ie after accounting for the
    sale of Tahmoor in October 2007), production was down 23pc and 20pc on a
    managed and equity basis, respectively.

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    Managing director and CEO Mr Bob Cameron said, "While the
    September 2008 quarter's production performance reflected the impact of
    three longwall changeovers, including the commissioning of the new Angus
    Place longwall equipment, exports were up.
    "Strong thermal coal export market fundamentals continue to
    prevail, with recent contract settlements comfortably above the 2008
    Japanese benchmark price of $US125 per tonne and well above recent
    'spot' levels.
    "Centennial continues to expect a significant uplift in
    profitability for the 2009 financial year, supported by increased
    exports and much improved exchange rates."
 
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