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Pacific Coal's losses widen in Q3

Bnamericas Published: Friday, November 30, 2012
Colombia-focused Pacific Coal's (TSX-V: PAK) losses continued to widen during the third quarter. The Canadian coal miner posted a US$15.2mn net loss attributable to shareholders, compared to a US$1.13mn loss in the year-ago period, according to its latest results release. Revenues also fell, by 24.6% year-on-year to US$35.0mn. During the quarter, Pacific Coal sold its 5% stake in Blue Advanced Colloidal Fuels to Canadian oil company Pacific Rubiales (TSX: PRE) for US$5mn, and signed an MOU for the sale of its interest in Sociedad Portuaria Terminal de las Flores, which holds a port concession in Barranquilla. "The cash generated by these transactions will be used in the company's operating and selling activities at its producing coal and coke sites," executive chairman Hernán Martínez said in a statement. The company has three producing assets: the La Caypa and Cerro Largo coal mines, and the CI Jam coking coal mine. Coal output came to 341,248t in Q3, down nearly 15% year-on-year, while sales were down 20.3% to 366,678t. Citing current coke market trends, the company decided to keep production at minimum levels at CI Jam, which began operations in 4Q11. In light of these results, La Caypa's full-year guidance has been revised downward to 970,000t, from 1.15Mt previously, while Cerro Largo's forecast was cut to 400,000t, from 700,000t. "We expect production improvements and cost reductions at La Caypa as we replace the current operator in the fourth quarter," Martínez said. For the full third quarter results release, see the following link

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