Contrasting halves at Macarthur Coal
15 September 2009,
STRONG profit results by Macarthur Coal by 131.9 per cent to $168.6 million has put the company back on target to double its production in the next five years.
Macarthur Coal CEO Nicole Hollows, says the year was summed up of contrasting halves, met with rapidly declining demand but substantial spot market sales of thermal and PCI (pulverised coal injection) coal.
“We are focused on developing the Middlemount Mine project and one other mine from our tenement portfolio. Our successful capital raising in June and July this year has positioned us well to pursue the objective to double production in the next five years,” she says.