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The lasting impacts of tropical cyclone Debbie promise more troubles for Australian miner Stanmore after labour shortages and the mining of fault-affected areas reduced March qtr (Q3FY17) saleable coal production at its Isaac Plains mine in Qld's Bowen Basin by 24% to 230,000t (Q2: 302,000t).
Stanmore says performance improved strongly towards qtr end, but that was before the cyclone in late March put regional coal rail networks out of action. Continuing restrictions on speed and capacity could continue to affect outcomes for some time.
JOGMEC, the Japan Oil, Gas and Metals National Corporation, has stepped up to support Australian coal producer Stanmore once again with $A3M funding to accelerate exploration, approvals and studies for the Isaac Plains East opencut and the investment decision for Isaac Plains underground in Qld's Bowen Basin. In return, JOGMEC may tender a portion of coking coal production from both projects annually for 5-7 years to end users in Japan.
Australian coal producer Stanmore anticipates higher H2 coal output and sales after lifting Dec qtr (Q2FY17) ROM production at Isaac Plains by 8% to 424,000t. Total coal sales fell 8% to 264,000t.
The ROM strip ratio was 39% lower at 14.4. Stanmore anticipates higher volumes in the June half due to the geology of the mine and investment in additional pre-strip material.
Australian coal producer Stanmore anticipates higher H2 coal output and sales after lifting Dec qtr (Q2FY17) ROM production at Isaac Plains in Qld's Bowen Basin by 8% to 424,000t. Total coal sales fell 8% to 264,000t.
The ROM strip ratio was 39% lower at 14.4. Stanmore says higher volumes are forecast in the June half due to the geology of the mine and investment in additional pre-strip material.
Stanmore Coal has completed a $A15B equity raising to replenish working capital to accelerate pre-strip and build inventory stockpiles to improve the efficiency of its Isaac Plains Coal Mine operations in Queensland, Australia’s, Bowen Basin operations.
The cash from the 27.3M shares placement at $0.55cps will also provide an important buffer to finished inventory, ensuring product availability for sales from FY2017 production guidance of 1.25 Mt.
Australian coal producer Stanmore has lifted total Sept qtr sales by 83% to 286,000t from 156,000t in the June qtr despite lower than planned opencut ROM coal production and unseasonal rainfall that slowed coal release. Stanmore still expects to produce 1.25Mt of product coal in FY17, comprising 1.1Mt from opencut operations and 0.15Mt from highwall mining.
Stanmore Coal’s move from developer to miner has seen it post an impairments/new mine acquisition/start-up costs hit June 2016 year (FY 16) operating loss blow out to $A19.7M from the previous year’s $12.1M loss.
The year saw the company complete its acquisition of the Isaac Plains Coal Mine in Queensland, Australia’s, Bowen Basin, which had its first commercial sale in May and delivered 231,000t saleable coal to end June, with total sales of 156,000t for $12.7M.
Getting its newly acquired Australian coal mine back into production pushes Stanmore Coal’s FY16 loss out to $20M
Australian coal producer Stanmore plans more capital works at its Isaac Plains coal mine in Qld's Bowen Basin to improve total washing yields and increase the proportion of coking coal produced.
Since producing first coal in April, start-up issues and mining from a low-grade section produced a higher-than-expected 39% share of thermal coal. The mine delivered 231,000t of saleable coal to the end of June, with total sales of 156,000t.
Stanmore Coal aims to extract over 300,000t of additional run-of-mine coal from its Isaac Plains metallurgical mine after appointing international engineering and mining services company UGM Group to carry out highwall mining on otherwise uneconomic opencut resources.