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SouthGobi Resources Announces 2019 Q2 Coal Production Report

https://en.steelhome.com [SteelHome] 2019-08-14 10:07:37

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Overview of Operational Data

I.     For the three months ended June 30, 2019

For both the three months ended June 30, 2019 and June 30, 2018, the Company had a lost time injury frequency rate of 0.06 per 200,000 man hours based on a rolling 12 month average.

As a result of the improved product mix, the average realized selling price increased from $32.8 per tonne in the second quarter of 2018 to $36.8 per tonne in the second quarter of 2019.

The product mix for the second quarter of 2019 consisted of approximately 14% of premium semi-soft coking coal, 67% of standard semi-soft coking coal and 19% of washed coal compared to approximately 12% of premium semi-soft coking coal, 33% of standard semi-soft coking coal and 55% of thermal coal in the second quarter of 2018.

The Company sold 0.9 million tonnes for the second quarter of 2019 as compared to 0.6 million tonnes for the second quarter of 2018.

The Company’s production in the second quarter of 2019 was higher than the second quarter of 2018 as a result of pacing production to meet the expected sales as well as a lower strip ratio achieved for the quarter, yielding 1.3 million tonnes for the second quarter of 2019 as compared to 1.0 million tonnes for the second quarter of 2018.

The Company’s unit cost of sales of product sold decreased to $25.0 per tonne in the second quarter of 2019 from $29.3 per tonne in the second quarter of 2018. The decrease was mainly driven by increased sales and the related economies of scale.

II.    For the six months ended June 30, 2019

The Company sold 1.9 million tonnes for the first six months of 2019 as compared to 1.1 million tonnes for the first six months of 2018. The average selling price decreased from $37.8 per tonne for the first six months of 2018 to $35.8 per tonne for the first six months of 2019.

The Company’s production in the first six months of 2019 was higher than the first six months of 2018 as a result of pacing the production to meet the expected sales, yielding 2.4 million tonnes for the six months of 2019 as compared to 1.4 million tonnes for the first six months of 2018.

The Company’s unit cost of sales of product sold decreased to $23.4 per tonne in the first six months of 2019 from $30.4 per tonne in the first six months of 2018. The decrease was mainly driven by increased sales and the related economies of scale.

Link: Official Document


(To contact the reporter on this story: crystal.lin@steelhome.cn or 86-555-2238927)
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