VANCOUVER, Nov. 2 /CNW/ - Western Coal Corp (TSX: WTN, WTN.WT and WTN.DB and AIM: WTN) ("Western" or "Company"), announces an update on operating results for the quarter ending September 30, 2009 (fiscal Q2-2010) and the expected release date of Q2-2010 financial results.
Fiscal Q2-2010 Operations Update
For the quarter ending September 30, 2009, operating results from the Company's Canadian operations include:
Shipments (000 metric tonnes)
- Hard coking coal 370
- Low-vol PCI coal 248
Production (000 metric tonnes)
- Hard coking coal 327
- Low-vol PCI 166
Average sales price realized
- US$ per metric tonne $111
- C$ per metric tonne $122
Average cash costs, FOB (C$/tonne)* $90
Operating results from its US operations from July 13, 2009(xx) to September 30, 2009 includes:
Shipments (000 short tons)
- Metallurgical coal 95
- Thermal coal 182
Production (000 short tons)
- Metallurgical coal 102
- Thermal coal 202
Average sales price realized
- US$ per short ton $88
- C$ per short ton $96
Average cash costs per short ton (C$/ton)* $70
* not a measure recognized under Canadian GAAP and does not have a
(xx) date of acquisition
During the quarter, the average waste stripping ratio (waste BCM per tonne of clean coal produced) at the Wolverine Operation was approximately 12.4:1 and continues to fall towards fiscal 2010 target levels of 11:1. The stripping ratio is a key indicator of cash costs of the operations.
The Company ended the quarter in excess of $115 million of net working capital, which includes approximately $95 million of cash on hand.
Fiscal Q2-2010 Earnings Release and Conference Call
Western expects to release fiscal Q2-2010 financial results before the TSX opens on November 13, 2009 and hold a conference call to discuss those results at 10:00am (Vancouver) November 13, 2009. To participate in the call, please dial either 416-644-3415 or 1-877-974-0448. For replay access please dial either 416-640-1917 or 1-877-289-8525 and enter passcode 4180574 followed by the number sign.
The call will be webcast live and will be available at www.westerncoal.com
Western is a producer of high quality metallurgical and thermal coal from mines located in northeast British Columbia (Canada) and West Virginia (USA). The mines have the capacity to produce 7 million tonnes per year and have over 20 years of coal reserves. Western also owns a 50.6% interest Energybuild (EBG: AIM) which produces high quality anthracite and thermal coal in South Wales (UK). Other interests owned include a 45% interest in Xtract Energy (XTR: AIM), 20% interest in NEMI Northern Energy & Mining (NNE.A: TSX). The Company is headquartered in Vancouver, BC, Canada, and trades on the AIM and TSX stock exchanges under the symbol "WTN". More information can be found at www.westerncoal.com
SOURCE WESTERN COAL CORP.
For further information: For further information: David Jan, Director, Investor Relations, (604) 608-2692, David.Jan@westerncoal.com