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Weekly Round-Up
UK Coal cuts full-year production guidance
17 November 2009
Shares in UK Coal tumbled 7% to 77p today after the group revised down its production estimates for the year.
While production from the company’s four surface mines remains on track to reach 1.4 million tons, its deep mining operations have been performing badly. As a result, last month’s prediction that levels would top 6.2 million tons for the year has now been abandoned and the figure is now more likely to be between 5.7 and 5.8 million tons.
Production at Kellingley in Yorkshire has struggled to get back on track after a fatality at the mine, while production at Thoresby and Welbeck in Nottinghamshire have been dogged by very poor environmental and geological conditions. Processing hiccups have also affected saleable production levels from Daw Mill in the West Midlands.
On a brighter note, development work and preparation of new faces at Daw Mill, Kellingley and Thoresby are on target to be ready in January 2010 for Daw Mill and Kellingley, and in March 2010 for Thoresby.
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Investor view: Why I am still backing Nighthawk Energy
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