The conveyor system
at Forbes Coal’s
Magdalena project
 
Toronto, Canada — 19 March 2012 – Forbes & Manhattan Coal Corporation’s latest production and financial update shows that the company gained a significant improvement in production and sales in 2011, compared with the previous year.

Announcing its fiscal fourth quarter 2012 and fiscal year-end production and sales results for its Slater coal properties in South Africa, it pointed out that the company had made significant progress increasing production since acquiring the Slater properties. Total run of mine production had increased 38% year-on-year from 933,900 to 1,290,800t.

“Sales have also grown dramatically as a result of a focused marketing strategy,” the statement added. “Total sales had risen 104% over fiscal 2011 from 529,200 to 1,081,800t. The growth in export sales was particularly noteworthy and directly related to the continued demand from Asian and Indian markets. The company expects this trend to continue,” it said.

From a strategic perspective, the company sees excellent upside potential at its Aviemore mine, and has initiated a scoping level study, with initial exploration drilling expected to begin in the first quarter of fiscal 2013.Aviemore fourth quarter year-on-year run-of-mine production increased 125% and saleable production rose 115%

The company’s total export sales increased 179% year-on-year and fourth quarter export sales rose 13% year-on-year.

Forbes president and CEO Stephan Theron commented:“The company set record fiscal production and sales numbers during the past year. We have had a strong start to fiscal 2013 from a production standpoint, on the back of record production in February 2012, and are continuing to target 1.5 million saleable tonnes for the current fiscal year.”

Source: Forbes & Manhattan Coal Corporation. For further details click here.