25/09/2007
Caledon Resources is poised to boost production after selling 60,000 tonnes of coking coal from its Cook mine in Queensland.
The AIM-quoted company, which wants to achieve monthly output of 100,000 tonnes from Cook next year, has taken delivery of equipment to help realise this goal, in the form of a new ABM Bolter Miner. This is part of the Magatar Mining System, a new mining method in Australia, which is claimed to achieve impressive production rates.
Caledon, a former China gold play now directed at supplying coal to steelmakers in the People’s Republic and India, regards this first 60,000-tonne sale as an important milestone. The company says the coal was sold 'under existing marketing agreements at a price in line with industry expectations'.
Recommended here at 32p earlier this month, Caledon shares are 3.65p up today at 39p. Hold on.
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