24 October 2013
Price negotiations for the October to December 2013 quarter for metallurgical coal exports from Wesfarmers Resources' Curragh mine in Queensland's Bowen Basin have now been concluded with the majority of customers.
For the October to December 2013 quarter, the weighted average US$FOB for new contract prices of Curragh metallurgical coal (hard coking, semi-hard coking and PCI) will increase by approximately five per cent as compared to the July to September 2013 quarter contract prices. Approximately 75 per cent of deliveries in the October to December quarter are forecast to be at the new contract prices with the balance at carry over prices from the previous quarter, and subject to actual contract deliveries for the October to December 2013 quarter.
Managing Director of Wesfarmers Resources Mr Stewart Butel said the coal pricing outcome for Curragh's range of metallurgical coals was in line with recent market price settlements.
Stewart Butel, Managing Director
Wesfarmers Resources
Ph: +61 7 3031 7794
APPENDIX ONE - QUARTERLY PRICE SETTLEMENTS
FY13 | FY14 | |
Quarterly Pricing Settlements1 Units | Jan - Mar Apr-Jun 2013 2013 | Jul - Sep Oct - Dec 2013 2013 |
Weighted average2 price movement (quarter on quarter)
per cent3 2 4 (15) 5
Curragh hard coking coal benchmark price4
US$ FOB per metric tonne3
160 167 140 147
1. Wesfarmers Resources, in its ordinary course of business, enters into forward foreign exchange contracts to protect the division from adverse currency fluctuations. Further details in relation to the hedging profile can be found in the Wesfarmers Limited
2013 Full Year Results Supplementary Information released to the ASX on 15 August 2013.
2. Weighted average pricing for Curragh metallurgical coal (hard coking, semi-hard coking and PCI).
3. Price settlements are approximate.
4. Based on highest price for Curragh hard coking coal in the quarter.
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