Unaudited preliminary results for the year ended 31 December 2010
- Revenues increased 37% to A$93.0m (2009: A$67.8m) due to increased production and higher coal price
- Return to gross profit in 2H2010
- Net loss of A$11.8m compounded by A$3.5m accounting charge due to convertible notes carrying value
- Basic LPS (5.4c) (FY2009: (5.4c))
- Granting of 4 million tonnes per annum (Mtpa) allocation capacity at the new Wiggins Island Coal Terminal to be built at Gladstone
- £46 million (net of expenses) raised in January 2011, via private placement (approximately A$72 million)
- Strong cash position post-fundraising ensures development funding obligations can be met for Wiggins Island Coal Terminal
- Cook mine well positioned to benefit from expected higher coal prices going forward
- Mining Lease Application for Minyango lodged
Mark Trevan, Managing Director, commented:
“We are pleased to report that Caledon returned to a gross profit in the second half of the year as a result of increased production at the Cook mine and rising coal prices; however, this was not sufficient to offset the loss in the first half resulting in the Company recording a full year loss. The total loss for the Group was compounded by an accounting charge associated with the carrying value of convertible notes of A$3.5m which has neither a cash nor corporate tax impact.
Caledon has a strong cash position following the recent £46m financing in January (net of expenses), which ensures the Company can meet its development funding obligations for the Wiggins Island Coal Terminal. The Cook mine returned to normal operations in mid January following the recent floods in Queensland and is well positioned to benefit from the expected higher coal prices going forward. Feasibility work at our neighbouring Minyango project continues and the granting of 4Mtpa allocation capacity at the new Wiggins Island Coal Terminal provides a clear development timeframe towards production in 2014."