Macarthur Coal Records 15% Output Drop

28 April 2010 (Last Updated April 28th, 2010 18:30)

Macarthur Coal recorded a 15% fall in third quarter coal production from the previous quarter after Cyclone Ului closed port and rail services in Queensland, Australia. The company’s total output for the quarter, however, was up 13.9% to 1.18 million tons. Macarthur’s sales in the

Macarthur Coal recorded a 15% fall in third quarter coal production from the previous quarter after Cyclone Ului closed port and rail services in Queensland, Australia.

The company’s total output for the quarter, however, was up 13.9% to 1.18 million tons.

Macarthur’s sales in the March quarter stood at 1.226 million tons of coal, down from 1.448 million tons the previous quarter but up 50% on 2009’s figures.

The company attributed its year-on-year improvement to a strong operating performance at the Coppabella and Moorvale mines and a return to full production levels after the global financial crisis.

Meanwhile, Macarthur extended the timeline on its $1bn offer for Gloucester Coal by a week to 13 May, even though the deal was rejected by Gloucester’s parent company Noble Group last week.

Peabody is also reviewing Macarthur’s books to decide whether to finalise its $3.7bn bid for Macarthur, the world’s largest producer of pulverised coal used for steel making.