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Monday, 22 November 10
RUSSIA'S KTK HAS PRODUCED 4.59 MLN TONNES OF COAL IN FIRST 9 MONTHS OR AN INCREASE OF 5% YEAR-ON-YEAR
 COALspot.com (Press Release) - KTK has produced 4.59 mln tonnes of coal in first nine months or an increase of 5% year-on-year.
Kuzbasskaya Toplivnaya Company, one of the fastest-growing thermal coal producers in Russia, has announced the unaudited IFRS financial results for the 3rd Quarter and 9 months ended 30 September 2010.
According to the unaudited IFRS financial results, Kuzbasskaya Toplivnaya's revenue for Q3 2010 increased by 44% to RUR 3,925 mln. quarter-on-quarter. Revenue for 9M 2010 gained 29% year-on-year up to 9,576 mln, it said in statement posted in its website.
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In Q3 2010 the volume of coal production also increased significantly by 52% quarter-on-quarter to 1.87 mln. tonnes. During the first 9 months of 2010 the KTK has produced 4.59 mln tonnes or an increase of 5% year-on-year.
“We are satisfied with the Company’s results in Q3 and 9M 2010. We have succeeded in making the next important step towards the implementation of the KTK strategy focused on further increases in coal extraction, the upgrade of product quality and raising the effectiveness of our business", said CEO of the company Igor Prokudin.
He further commented, "In August, on the eve of 10th anniversary of the Company, we launched our first enrichment plant “Kaskad”, which will help to reduce the production waste and contribute to expanding our export markets. We believe that it will reach its design capacity by the end of this year.
Thanks to investments in production expansion in H1 2010, KTK reached the highest coal extraction and processing volumes in its history.
According to the management expectations, the development of 2 new sectors on “Cheremshanskiy” and “Vinogradovskiy” open-pit mines, which started in Q2 2010, as well as expanded modern machinery and equipment fleet, will help the Company to continue the growth of its production volumes in Q4 and reach the yearly production target – 6.8 mln. tonnes. In addition to this, the production growth should lead to reduction of production cash costs per 1 tonne of coal compared to Q3 2010.
We are optimistic about the Company’s Q4 2010 performance and believe that high volumes of production together with further increase in the average coal sale price will help us to achieve even stronger production and financial results than in Q3 2010", commented by CEO of the company Igor Prokudin".
Source: KTK Web site
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Thursday, 14 October 10
COAL PRICES AT QINHUANGDAO PORT UP - CAPITALVUE
Capitalvue reported that, prices of steam coal yielding 5,500 kilocalories per kilogram (kcal/kg) in Qinhuangdao Port have risen five yuan to 715-72 ...
Thursday, 14 October 10
DRY BULK MARKET MAINTAINS POSITIVE TREND ON FIRMER CHINESE IRON ORE DEMAND
The dry bulk market has kept its upward trend set since last week, with the industry’s main benchmark, the Baltic Dry Index (BDI) rising to 2, ...
Tuesday, 12 October 10
DRY BULK MARKET LOOKING FOR DIRECTION AFTER WEEK OF CAPESIZE GROWTH
The dry bulk market ended Monday unchanged from Friday’s closing, today standing at 2,695 points. In summary, the capesize and the supramax se ...
Tuesday, 12 October 10
COAL SPOT TRADING MAY SOOTH PRICING CONFLICTS - GLOBAL TIMES
Global Times reported that, Tianjin-based Bohai Commodity Exchange launched steam coal for spot trading for the first time Monday. Steam coal is mai ...
Monday, 11 October 10
INDONESIAN POWER PLANTS AND OTHER INDUSTRIES TO BURN 78.97 MLN TONS OF COAL IN 2011
COALspot.com: The Minister of Energy and Mineral Resources of Indonesia has issued a ministerial degree 2360 K/30/MEM/ 2010 related to Domestic mark ...
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