Forbes Coal doubles revenue

Forbes Coal, an emerging mid-tier southern African coal company, on Monday reported that its first quarter (Q1) revenue from its South African asindirect heat dryerssets doubled on higher sales and an improved coal price.

The company holds a majority interest in two operating mines through its 76.75% interest in Slater Coal, a South African company which has a 70% interest in Zinoju Coal. Zinoju holds a 100% interest in the Magdalena bituminous mine and the Aviemore anthracite mine - both in KwaZulu-Natal. Collectively these are referred to as the Slater Properties. Revenue for the three months to end May was CA$19.6 million compared to CA$9.7 million in the same three months of 2010 while EBITDA was CA$6.2 million versus CA$3.3 million previously. Run of mine production at 311,002 tonnes was 45% up on last year's 197,744 tonnes after the ramp up of production at two of its mines. Saleable production grew to 207,189 tonnes from 134,976 tonnes while the company achieved sales of 190,827 compared to 114,573 tonnes. “The growth in revenue is a result of...