Toronto, Canada-based coal miner and producer Corsa Coal Corporation announced Wednesday that during fiscal 2011 (ended November 30, 2011), Corsa Coal sold 252,000 clean tons of metallurgical coal--that total includes raw tons of metallurgical coal sold prior to the commencement of the plant and converted to equivalent clean tons. Corsa Coal also produced 201,000 raw tons of metallurgical coal--164,000 tons from its surface and 37,000 from its underground mine.
The 2012 outlook is still positive regardless of the industry experienced a slowdown in the fourth quarter of fiscal 2011, which has continued into the first quarter of fiscal 2012, which can be attributed to the global economic conditions and the demand for steel. Corsa Coal also plans to add new surface production from the Hastings and Ankeny mines to that from the five surface mines currently operating.However, it is expected that the Cramer mine will cease operations as the reserve is exhausted.
Don Charter, President and Chief Executive officer stated, " While the industry slowdown in the fourth quarter 2011, which has continued into the first quarter 2012, has affected us like everyone else, we still expect to ship approximately 65,000 tons of met coal for the quarter. We continue with the expansion of our mining operations at the Casselman mine and property acquisitions as evidenced by our recent purchase of the Keyser property."