Coal International PLC – Preliminary Results 2007
Thursday, December 20th, 2007
Coal International Plc, the AIM listed (CLN.L) international coal operating and investment company with operating properties in West Virginia, USA and interests in coal producers in Canada and the UK, has released its preliminary results for the year ended 30 June 2007.
W. Durand Eppler, CEO of Coal International commented:
“The Company has made significant progress this year. Commencement of production at Maple Coal’s Eagle No. 1 mine gives the Company three producing mines on two properties, establishing it as a significant new player in the US coal industry.
The successful placing carried out earlier in the year has enabled the Company to expand its operating base and is now well positioned to increase production of higher margin metallurgical coal to meet the strong domestic and international demand. The Company has a solid operating base and significant reserve position and can look forward to continued growth and further increases in production during 2008 and beyond. ”
– Turnover increased to Â£18.1 million (Restated 2006: Â£2.9 million); reflecting the increase in production.
– Loss after taxation of Â£12.4 million (Restated 2006: Â£8.1 million).
– Net asset value Â£58.6 million (Restated 2006: Â£62.9 million).
– Loss per share from continuing operations of 17.4p (Restated 2006: 16.7p).
– Production commenced on schedule at Maple Coal’s Eagle No. 1 underground metallurgical coal mine.
– Record production and sales from Gauley Eagle property.
– New leases acquired covering a further 2,760 acres of land adjacent to or synergistic with Gauley Eagle operations
– Rehabilitation of the Katie preparation plant at the Maple property completed on time and on budget.
– Placing raised approximately Â£8.1 million cash (net of expenses).
– US$7million third party equipment financing package with CIT Equipment Finance.
– Active permitting efforts underway to expand production base.
– Energybuild admitted to AIM raising approximately Â£15 million in August 2007 (Â£9.7 million net of loan repayments and expenses)
For full details please visit: www.coal-international.com