CanAm Coal reports another big bump in Alabama coal sales

CanAm Coal (TSX VENTURE: COE)(OTCQX: COECF) reported Aug 26 preliminary coal sales for the month of July 2013 of about 67,500 tons, which establishes another record for the company and represents a 10% increase over June sales of approximately 61,500 tons.

With initial mine development and transition now completed, monthly production/sales from the company’s four Alabama mines should be between 60,000 to 70,000 tons per month. This represents a substantial increase from average actual Q1 and Q2 sales of about 50,000 and 56,000, respectively.

Company President and CEO Jos De Smedt said: “We are extremely pleased with our July production/sales results as the hard work of our team to transition from mine development to steady state production has resulted in another record month in the history of our Company. With all of our mines now in full production mode and all of this production fully contracted for by our customers, we have a great start to the second half of 2013.

The company is expected to release its second quarter full financial results at the end of August.

CanAm’s main activities and assets include its operating coal mines in Alabama and the Buick Coal Project which holds significant coal resources, 188 million indicated and 103 million inferred resources, in Colorado. Other coal and related opportunities continue to be evaluated on an ongoing basis.

About Barry Cassell 20414 Articles
Barry Cassell is Chief Analyst for GenerationHub covering coal and emission controls issues, projects and policy. He has covered the coal and power generation industry for more than 24 years, beginning in November 2011 at GenerationHub and prior to that as editor of SNL Energy’s Coal Report. He was formerly with Coal Outlook for 15 years as the publication’s editor and contributing writer, and prior to that he was editor of Coal & Synfuels Technology and associate editor of The Energy Report. He has a bachelor’s degree from Central Michigan University.