Australian coking coal producer Beacon Hill Resources has announced its financial results for 2011, reporting a loss due to increased spending on the production ramp up at its Minas Moatize mine located in Mozambique.
Accordingly, the company increased revenues to £1.03 million ($1.6 million) compared to £511,554 recorded in 2010. In 2011, Beacon Hill posted a loss of £7.37 million ($11.7 million), compared to a £5.01 million loss a year earlier.
Beacon Hill Resources stated that coal mining has started this week at its Minas Moatize mine, with the first coking coal shipment from the mine expected by the middle of the year. The company is starting formal talks with the Mozambique government regarding the use of the Sena rail line scheduled to be completed this summer.