Wednesday, February 18, 2009

News: Maltby Colliery helps Hargreaves' results


Investment in Maltby Colliery by owners and operators, Hargreaves Services has led to good production performance and solid results. Despite the economic downturn the group continues to benefit from having a broad range of diversified revenue steams within the relatively resilient energy and waste sector. Hargreaves recently purchased high specification face equipment for Maltby, which is now starting to produce coal on site. Hargreaves is confident that it will be able to sell its product based on the quality characteristics of the Maltby coal and resulting coke, allthough the outlook for commodities remains uncertain. The group has also benefited from fluctuating currency prices that have led to the benchmark price for coal currently at 35% higher than it was when Hargreaves acquired Maltby Colliery in February 2007. When the colliery was purchased from UK Coal plc the estimated mine life extended to 2015 and Hargreaves remains "optimistic about the long term prospects for carbon based products and will continue to invest in the Production Division, including the delivery of the mine life extension at Maltby." The operator also expects that the recently acquired Coal4Energy will be both highly profitable and cash generative.
Hargreaves website


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