CAPITAL MARKETS

Oaky Creek coal mine a star for MIM

IN ITS quarterly results for the June 2000 quarter, MIM has reported an

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In the 12 months to June 2000, the Oaky No 1 colliery produced a total of 4.2 million tonnes (3.7Mt longwall coal), the highest annual output in the mine's history MIM said.

For the same period the Oaky North colliery produced 2.4Mt (2Mt longwall coal).

Three monthly figures to June 2000 were 1Mt for Oaky No 1 and 1.6Mt for Oaky North.

MIM also reported "outstanding performance from the Oaky North longwall" with ROM coal output for April of 772,000t (745,764t longwall coal) the highest recorded monthly output by an Australian longwall. The mine also produced the best week in April, cutting 208,884t longwall coal. Oaky North had a changeout in June with the longwall recommencing production in early July.

MIM said it expected continued strong performance for Oaky Creek. Longwall moves are planned for Oaky No 1 and Newlands during the September quarter and washplant operations will be maintained from ROM stocks. Newlands colliery is part of the Newlands-Collinsville-Abbot Point operations (NCA) owned by MIM (75%) and Itochu Corporation (25%).

"While Newlands and Collinsville coal output increased compared with the March quarter, output continued to be managed in response to the weak market," MIM said. "Tonnages from both operations were below those for the previous June quarter. The market outlook has improved and production levels were increased towards the end of the quarter in line with increased sales anticipated during the September quarter."

MIM's coal exports through Abbot Point totalled 2.54 Mt for the quarter.

 

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