Queensland, Australia-based low-volatile metallurgical coal producer Macarthur Coal Limited, centre of a takeover struggle between Hong Kong-based Noble Group and US coal giant Peabody, has announced that its shipments in the third fiscal quarter ended March 31 increased by 50 percent due to growing demand.
Sales totaled 1.23 million mt in the three months ended March 31, compared with 817,900 mt a year earlier. The sales of 4 million mt in the twelve months ended March 31 this year were 27.7 percent higher than the 3.13 million mt recorded in the previous 12 months.
The company's production totaled 1.18 million mt in the three months ended March 31, increasing by 13.9 percent compared with 1.04 million mt a year earlier. The production of 3.77 million mt in the twelve months ended March 31 this year were 14.2 percent more than the 3.3 million mt registered in the previous 12 months.
The Brisbane-based company said, "Demand for metallurgical coal continued to strengthen during the quarter due to the continuing recovery in international steel markets, growth in Chinese imports and supply constraints due to weather impacts in Queensland during the quarter."
The company said that its annual sales target of 4.8 million mt to 5 million mt remains the same.
Macarthur's assets include the Coppabella coal mine and the Moorvale and Middlemount mines in central Queensland.