Australia's Gloucester Coal Ltd. (>> Gloucester Coal Limited), which is being acquired by Yanzhou Coal Mining Co. (YZC), said Monday its production more than tripled on year in its financial third quarter although it cautioned demand and prices remain subdued.
The company's mines produced almost 1.28 million metric tons in the three months through March, compared with 342,000 tons a year earlier, Gloucester said in a statement.
Sales of metallurgical coal jumped in the period to 570,000 tons from 196,000 tons in the same period last year, while sales of thermal coal increased to 796,000 tons from 300,000 tons, it said.
Australia's Treasurer, Wayne Swan, in March approved the merger of Gloucester with Yanzhou Coal's Australian unit, subject to several conditions, in a deal that will create a coal producer 78% owned by Yanzhou.
-By Robb M. Stewart, Dow Jones Newswires; +61 3 9292 2094; [email protected]