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MC Mining Ltd on Monday reported a steep decline in coal sales in the first quarter of its 2023 financial year, though it noted a rise in revenue per tonne.
In the first quarter that ended September 30, the Western Australia-based coal miner recorded coal sales totalling 42,686 tonnes, down 39% from 70,545 tonnes in the first quarter last year.
Revenue per tonne, however, increased to $125 per tonne from $108 per tonne due to the sale of coal in the higher-priced US dollar, the firm explained.
Run-of-mine coal production at Uitkomst metallurgical and thermal coal mine was 5% higher at 126,053 tonnes from 120,260 tonnes. MC Mining owns 70% stake in Uitkomst.
Shares in MC Mining were down 2.0% at R 245.00 in Johannesburg on Monday.
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