Solid Energy exports, forward orders another record

By NZPA

Thursday 17th October 2002

State-owned coal miner Solid Energy exported a record amount of coal in the year to June, and is on track for another record year.

Solid Energy said in a statement today that the previous 12 months, in which its export sales rose 8 percent to 1.8 million tonnes, was the second record year in a row.

The company was on track for further record exports of 2.1 million tonnes in the current year, with forward orders for all coal production from its West Coast export mines.

More than 80 percent of Solid Energy's exports was premium quality coking coal for steelmaking, with a very small amount of very high quality coal for specialist product markets such as silicon metal manufacturing. The remainder is sold to thermal electricity customers.

Chief executive Don Elder said the company expected the larger part of its export product mix to change to thermal coals for energy markets, from the current coking coals.

Solid Energy's major overseas market is Japan, which takes 45 percent of exports.

The company has just signed a three-year, $70 million agreement with South African steelmaker Iscor, and it also has export contracts to South America, Europe and Australia.

Solid Energy will release its annual financial results next month.

Comments from our readers

No comments yet