Unless otherwise noted, all dollar amounts in this news release are expressed in
Second Quarter Highlights
- Key financial results and operational statistics are shown below:
For the three months ended | For the six months ended | |||||||
(in millions except per share, per ton and sales tons) | 2023 | 2022 | 2023 | 2022 | ||||
Net and comprehensive income (loss) | $ 8.0 | $ (3.0) | $ 9.9 | $ (6.9) | ||||
Diluted earnings (loss) per share | $ 0.08 | $ (0.03) | $ 0.10 | $ (0.07) | ||||
Cash provided by operating activities | $ 3.6 | $ 5.4 | $ 6.0 | $ 6.2 | ||||
Total revenue | $ 55.3 | $ 42.3 | $ 103.3 | $ 81.1 | ||||
Non-GAAP Financial Measures | ||||||||
Adjusted EBITDA(1) | $ 14.4 | $ 5.0 | $ 21.5 | $ 8.0 | ||||
EBITDA(1) | $ 13.1 | $ 0.8 | $ 19.0 | $ 0.5 | ||||
Average realized price per ton of metallurgical coal sold(1) | $ 175.61 | $ 164.73 | $ 175.26 | $ 160.44 | ||||
Cash production cost per ton sold(1) | $ 114.04 | $ 123.82 | $ 121.42 | $ 127.98 | ||||
Company produced metallurgical coal sales tons | 274,413 | 204,215 | 509,758 | 405,540 | ||||
Purchased metallurgical coal sales tons | 20,096 | 36,568 | 35,016 | 65,491 | ||||
Total metallurgical coal sales tons | 294,509 | 240,783 | 544,774 | 471,031 | ||||
- Corsa's average realized price for the second quarter 2023 is the approximate equivalent of between
$288 to$294 per metric ton on an FOB vessel basis(2). For the second quarter 2023, Corsa's sales mix included 66% of sales to domestic customers and 34% of sales to international customers.
(1) | This is a non-GAAP financial measure. See "Non-GAAP Financial Measures" below. |
(2) | Similar to most |
Kevin M. Harrigan, President and Chief Executive Officer of Corsa, commented, "Our second quarter of 2023 continued and accelerated the momentum that we saw in the previous quarter. Sales tons improved 18% and while sales price per ton sold remained consistent, our margins increased considerably as a result of a 12% improvement in cash production cost per ton sold leading to an improvement in net income of over four times that of the first quarter and adjusted EBITDA to over double that of the first quarter. Compared to the second quarter of 2022, the second quarter of 2023 shows sales tons improvement of 22%, sales price per ton sold improvement of 7%, cash production cost per ton sold improvement of 8%, cash margin per ton sold improvement of 90% and overall significant improvements in both net income and adjusted EBITDA."
"The results for the second quarter and the year-to-date 2023 reflect not only the prices achieved through our strategy but more importantly improved operations at all of our mines. Our deep mines performed well with increases in headcount and miner experience as well as improved geological conditions at the
"During the second quarter, a majority of the cash flows from operations were used to service working capital items and the Company is now in a position to improve liquidity in the second half of 2023."
"Additionally, the Company's directors and officers participated in a stock option exercise in July which was necessary to fund the corporate parent company due to loan covenant restrictions."
"We continue to execute our plan of improving operations, lowering costs and expanding margins which are all necessary to reduce our debt, service our environmental obligations and grow the Company."
Financial and Operations Summary
For the three months ended | For the six months ended | ||||||||||
Increase | Increase | ||||||||||
(in thousands) | 2023 | 2022 | (Decrease) | 2023 | 2022 | (Decrease) | |||||
Revenues | $ 55,309 | $ 42,326 | $ 12,983 | $ 81,099 | $ 22,155 | ||||||
Cost of sales(2) | $ 42,843 | $ 38,812 | $ 4,031 | $ 84,816 | $ 75,786 | $ 9,030 | |||||
Selling, general and administrative expense | $ 2,325 | $ 2,215 | $ 110 | $ 4,566 | $ 4,598 | $ (32) | |||||
Net and comprehensive income (loss) | $ 7,982 | $ (2,970) | $ 10,952 | $ 9,910 | $ (6,947) | $ 16,857 | |||||
Cash provided by operating activities | $ 3,552 | $ 5,426 | $ (1,874) | $ 5,991 | $ 6,202 | $ (211) | |||||
EBITDA(1) | $ 13,053 | $ 807 | $ 12,246 | $ 19,007 | $ 482 | $ 18,525 | |||||
Adjusted EBITDA(1) | $ 14,429 | $ 4,961 | $ 9,468 | $ 21,521 | $ 7,990 | $ 13,531 | |||||
Coal sold - tons | |||||||||||
NAPP – metallurgical coal | 295 | 241 | 54 | 545 | 471 | 74 | |||||
(1) This is a non-GAAP financial measure. See "Non-GAAP Financial Measures" below. |
(2) Cost of sales consists of the following: |
For the three months ended | For the six months ended | ||||||
(in thousands) | 2023 | 2022 | 2023 | 2022 | |||
Mining and processing costs | $ 28,901 | $ 24,130 | $ 57,901 | $ 49,316 | |||
Purchased coal costs | 4,087 | 6,726 | 7,923 | 10,884 | |||
Royalty expense | 2,651 | 1,432 | 4,936 | 2,955 | |||
Amortization expense | 3,210 | 3,071 | 5,918 | 6,150 | |||
Transportation costs from preparation plant to customer | 1,767 | 1,745 | 3,825 | 3,687 | |||
Idle mine expense | 1,314 | 557 | 2,817 | 797 | |||
Tolling costs | - | 474 | - | 1,063 | |||
Limestone costs | 247 | 153 | 479 | 230 | |||
Other costs | 666 | 524 | 1,017 | 704 | |||
Total cost of sales | $ 42,843 | $ 38,812 | $ 84,816 | $ 75,786 | |||
For the three months ended | For the six months ended | ||||||||||
2023 | 2022 | Variance | 2023 | 2022 | Variance | ||||||
Realized price per ton sold(1) | |||||||||||
NAPP – metallurgical coal | $ 175.61 | $ 10.88 | $ 175.26 | $ 14.82 | |||||||
Cash production cost per ton sold(1)(2) | |||||||||||
NAPP – metallurgical coal | $ 114.04 | $ 9.78 | $ 121.42 | $ 6.56 | |||||||
Cash cost per ton sold(1)(3) | |||||||||||
NAPP – metallurgical coal | $ 115.68 | $ 17.53 | $ 123.40 | $ 10.01 | |||||||
Cash margin per ton sold(1) | |||||||||||
NAPP – metallurgical coal | $ 59.93 | $ 31.52 | $ 28.41 | $ 51.86 | $ 27.03 | $ 24.83 | |||||
EBITDA(1) (000's) | |||||||||||
NAPP | $ 13,801 | $ 1,549 | $ 12,252 | $ 20,470 | $ 3,127 | $ 17,343 | |||||
Corporate | (748) | (742) | (6) | (1,463) | (2,645) | 1,182 | |||||
Total | $ 13,053 | $ 807 | $ 12,246 | $ 19,007 | $ 482 | $ 18,525 | |||||
Adjusted EBITDA(1) (000's) | |||||||||||
NAPP | $ 14,967 | $ 5,394 | $ 9,573 | $ 22,596 | $ 9,112 | $ 13,484 | |||||
Corporate | (538) | (433) | (105) | (1,075) | (1,122) | 47 | |||||
Total | $ 14,429 | $ 4,961 | $ 9,468 | $ 21,521 | $ 7,990 | $ 13,531 | |||||
(1) This is a non-GAAP financial measure. See "Non-GAAP Financial Measures" below. |
(2) Cash production cost per ton sold excludes purchased coal. This is a non-GAAP financial measure. See "Non-GAAP Financial Measures" below. |
(3) Cash cost per ton sold includes purchased coal. This is a non-GAAP financial measure. See "Non-GAAP Financial Measures" below. |
Coal Pricing Trends and Outlook
Price levels opened the second quarter 2023 at
The price for spot deliveries of Australian premium low volatile metallurgical coal opened the third quarter 2023 at
See "Risk Factors" in the Company's annual information form dated
Third Quarter 2023 Update
The Company's third quarter 2023 sales volumes are expected to be higher than the second quarter of 2023 due to increased production from our deep and surface mines and will be towards the high end of historical levels. Metallurgical coal selling prices are expected to be lower than the second quarter of 2023 due to increased participation in the metallurgical coal spot market. Cash cost of sales are expected to be similar to the previous quarter and will remain elevated compared to historical levels. Selling, general and administrative expenses are expected to be slightly higher than the second quarter 2023 due to increased sales volumes. The main priorities of the Company are increasing efficient production, reducing costs, and increasing our ability to participate in the metallurgical coal spot market. We are committed to improving the Company's balance sheet with minimized downside financial risk but are also focused on organic growth opportunities to complement our existing operations. The Company's capital allocation and deployment strategy will be aligned with these priorities and the Company's financial position.
Corsa committed over 1.150 million tons for the calendar year 2023 with 87% of the committed tons at an FOB mine price of nearly
Financial Statements and Management's Discussion and Analysis
Refer to Corsa's unaudited condensed interim consolidated financial statements for the three and six months ended
Non-GAAP Financial Measures
Corsa uses certain non-GAAP financial measures to measure its performance internally and to assist in business decision-making as well as providing key performance information to senior management. These measures are not recognized under International Financial Reporting Standards ("GAAP"). Corsa believes that, in addition to the conventional measures prepared in accordance with GAAP, certain investors and other stakeholders also use these non-GAAP financial measures to evaluate Corsa's operating and financial performance; however, these non-GAAP financial measures do not have any standardized meaning and therefore may not be comparable to similar measures presented by other issuers. Accordingly, these non-GAAP financial measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP.
Management uses the following non-GAAP financial measures:
- EBITDA - earnings before deductions for interest, taxes, depreciation and amortization;
- Adjusted EBITDA - EBITDA adjusted for change in estimate of reclamation and water treatment provision for non-operating properties, impairment and write-off of mineral properties and advance royalties, gain (loss) on sale of assets and other costs, stock-based compensation, non-cash finance expenses and other non-cash adjustments. Adjusted EBITDA is used as a supplemental financial measure by management and by external users of our financial statements to assess our performance as compared to the performance of other companies in the coal industry, without regard to financing methods, historical cost basis or capital structure; the ability of our assets to generate sufficient cash flow; and our ability to incur and service debt and fund capital expenditures;
- Realized price per ton sold - revenue from coal sales less transportation costs from the mine site to the loading terminal divided by tons of coal sold. Management evaluates our operations based on the volume of coal we can safely produce or purchase and sell in compliance with regulatory standards, and the prices we receive for our coal. Our sales volume and sales prices are largely dependent upon the terms of our contracts, for which prices generally are set based on an index. We evaluate the price we receive for our coal on an average realized price on an FOB mine site per short ton basis;
- Cash production cost per ton sold - cash production costs of sales excluding purchased coal costs, all included within cost of sales, divided by tons of produced coal sold. Cash production cost is based on cost of sales and includes items such as manpower, royalties, fuel, and other similar production related items, pursuant to IFRS, but relate directly to the costs incurred to produce coal and sell it on an FOB mine site basis. Cash production cost per ton sold is used as a supplemental financial measure by management and by external users to assess our operating performance as compared to the operating performance of other companies in the coal industry. Purchased coal is excluded as the purchased coal costs are based on market prices of coal purchased and not the cost to produce the coal;
- Cash cost purchased coal per ton sold - purchased coal costs divided by tons of purchased coal sold. Management uses this measure to assess coal purchases against the market price at which this coal will be sold;
- Cash cost per ton sold - cash production costs of sales, included within cost of sales, divided by total tons sold. Management uses cash cost per ton sold to assess our overall financial performance on a per ton basis to include the Company's production and purchased coal cost in total; and
- Cash margin per ton sold - calculated difference between realized price per ton sold and cash cost per ton sold. Cash margin per ton sold is used by management and external users to assess the operating performance as compared to the operating performance of other coal companies in the coal industry.
For a reconciliation of non-GAAP financial measures to GAAP measures, see the tabular presentation at the end of this news release.
Qualified Person
All scientific and technical information contained in this news release has been reviewed and approved by
Caution
Potential developments and market conditions discussed in this news release are considered to be forward looking information. Readers are cautioned that actual results may vary from this forward-looking information. See "Forward-Looking Statements" below.
Information about Corsa
Corsa is a coal mining company focused on the production and sales of metallurgical coal, an essential ingredient in the production of steel. Our core business is producing and selling metallurgical coal to domestic and international steel and coke producers in the
Forward-Looking Statements
Certain information set forth in this press release contains "forward-looking statements" and "forward-looking information" (collectively, "forward-looking statements") under applicable securities laws. Except for statements of historical fact, certain information contained herein including, but not limited to, statements relating to improved profitability, adjusted EBITDA and financial results, the ability to manage the Company going forward, the expected price volatility of the metallurgical coal market, the future demand for steel and its production, and the availability of its supply, changes to sales margins and expected profitability, the expected sales volumes and cash costs of sales of the Company in the second quarter of 2023, along with the Company's main priorities and its capital allocation and deployment strategy in 2023, constitute forward-looking statements which include management's assessment of future plans and operations and are based on current internal expectations, assumptions and beliefs, which may prove to be incorrect. Some of the forward-looking statements may be identified by words such as "will", "estimates", "expects" "anticipates", "believes", "projects", "plans", "capacity", "hope", "forecast", "anticipate", "could" and similar expressions. These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties. These risks and uncertainties include, but are not limited to: changes in market conditions, governmental or regulatory developments as a result of the COVID-19 pandemic or otherwise, the operating status and capabilities of our customers and competitors; various events which could disrupt operations and/or the transportation of coal products, including the geological conditions at the Company's mines, the conflict in
The
Non-GAAP Financial Measures Reconciliation
EBITDA and Adjusted EBITDA for the three months ended
For the three months ended | For the three months ended | ||||||||||
(in thousands) | NAPP | Corp. | Total | NAPP | Corp. | Total | |||||
Net and comprehensive income (loss) | $ 9,743 | $ (1,761) | $ 7,982 | $ (1,891) | $ (1,079) | $ (2,970) | |||||
Add (Deduct): | |||||||||||
Amortization expense | 3,210 | - | 3,210 | 3,071 | - | 3,071 | |||||
Interest expense | 848 | 520 | 1,368 | 369 | 337 | 706 | |||||
Income tax expense | - | 493 | 493 | - | - | - | |||||
EBITDA | 13,801 | (748) | 13,053 | 1,549 | (742) | 807 | |||||
Add (Deduct): | |||||||||||
Stock-based compensation (a) | - | 69 | 69 | - | (5) | (5) | |||||
Net finance (income) expense, excluding interest expense (b) | 802 | 49 | 851 | 3,508 | 82 | 3,590 | |||||
Loss (gain) on disposal of assets (c) | - | - | - | 79 | - | 79 | |||||
Other costs (d) | 364 | 92 | 456 | 258 | 232 | 490 | |||||
Adjusted EBITDA | $ (538) | $ 5,394 | $ (433) | $ 4,961 | |||||||
(a) | Reflects the non-cash expense related to the vesting of stock options. |
(b) | Components of finance expense and income excluding interest expense. |
(c) | Reflects the amounts included in other income and expense related to the disposal of assets not utilized in the Company's mining operations. |
(d) | Reflects various adjustments, none of which were individually material, related to adjusting the Company's workers' compensation liability, costs incurred for the Company's internal investigation of the sales agent matter and legal settlements. |
EBITDA and Adjusted EBITDA for the six months ended
For the six months ended | For the six months ended | ||||||||||
(in thousands) | NAPP | Corp. | Total | NAPP | Corp. | Total | |||||
Net and comprehensive income (loss) | $ (2,977) | $ 9,910 | $ (3,649) | $ (3,298) | $ (6,947) | ||||||
Add (Deduct): | |||||||||||
Amortization expense | 5,918 | - | 5,918 | 6,150 | - | 6,150 | |||||
Interest expense | 1,665 | 1,021 | 2,686 | 626 | 653 | 1,279 | |||||
Income tax expense | - | 493 | 493 | - | - | - | |||||
EBITDA | 20,470 | (1,463) | 19,007 | 3,127 | (2,645) | 482 | |||||
Add (Deduct): | |||||||||||
Restructuring charges (a) | - | - | - | - | 886 | 886 | |||||
Stock-based compensation (b) | - | 131 | 131 | - | 1 | 1 | |||||
Net finance (income) expense, excluding interest expense (c) | 1,523 | 107 | 1,630 | 5,540 | 164 | 5,704 | |||||
Loss (gain) on disposal of assets (d) | 11 | - | 11 | 135 | - | 135 | |||||
Other costs (e) | 592 | 150 | 742 | 310 | 472 | 782 | |||||
Adjusted EBITDA | $ (1,075) | $ 9,112 | $ (1,122) | $ 7,990 | |||||||
(a) | Reflects the separation costs associated with the Company's previous President and Chief Executive Officer and Chief Operating Officer. |
(b) | Reflects the non-cash expense related to the vesting of stock options. |
(c) | Components of finance expense and income excluding interest expense. |
(d) | Reflects the amounts included in other income and expense related to the disposal of assets not utilized in the Company's mining operations. |
(e) | Reflects various adjustments, none of which were individually material, related to adjusting the Company's workers' compensation liability, costs incurred for the Company's internal investigation of the sales agent matter and legal settlements. |
Realized price per ton sold for the three months ended
For the three months ended | For the three months ended | ||||||||||
NAPP | NAPP | NAPP | NAPP | ||||||||
(in thousands except per ton amounts) | Met | Thermal | Total | Met | Thermal | Total | |||||
Revenue | $ 53,710 | $ 1,599 | $ 55,309 | $ 42,128 | $ 198 | $ 42,326 | |||||
Add (Deduct): | |||||||||||
Tolling revenue | - | - | - | (518) | - | (518) | |||||
Transportation costs from preparation plant to customer | (1,767) | - | (1,767) | (1,731) | (14) | (1,745) | |||||
Limestone revenue | (139) | - | (139) | (179) | - | (179) | |||||
Net coal sales (at preparation plant) | $ 51,804 | $ 1,599 | $ 53,403 | $ 39,700 | $ 184 | $ 39,884 | |||||
Coal sold - tons | 295 | 16 | 311 | 241 | 2 | 243 | |||||
Realized price per ton sold (at preparation plant) | $ 175.61 | $ 99.94 | $ 171.71 | $ 164.73 | $ 92.00 | $ 164.13 | |||||
Realized price per ton sold for the six months ended
For the six months ended | For the six months ended | ||||||||||
NAPP | NAPP | NAPP | NAPP | ||||||||
(in thousands except per ton amounts) | Met | Thermal | Total | Met | Thermal | Total | |||||
Revenue | $ 99,595 | $ 3,659 | $ 80,768 | $ 331 | $ 81,099 | ||||||
Add (Deduct): | |||||||||||
Tolling revenue | - | - | - | (1,237) | - | (1,237) | |||||
Transportation costs from preparation plant to customer | (3,825) | - | (3,825) | (3,673) | (14) | (3,687) | |||||
Limestone revenue | (255) | - | (255) | (291) | - | (291) | |||||
Net coal sales (at preparation plant) | $ 95,515 | $ 3,659 | $ 99,174 | $ 75,567 | $ 317 | $ 75,884 | |||||
Coal sold - tons | 545 | 37 | 582 | 471 | 3 | 474 | |||||
Realized price per ton sold (at preparation plant) | $ 175.26 | $ 98.89 | $ 170.40 | $ 160.44 | $ 105.67 | $ 160.09 | |||||
Cash cost per ton sold, cash production cost per ton sold, and cash cost per purchased coal per ton sold for the three months ended
For the three months ended | For the three months ended | ||||||||||
NAPP | NAPP | NAPP | NAPP | ||||||||
(in thousands except per ton amounts) | Met | Thermal | Total | Met | Thermal | Total | |||||
Cost of Sales: | |||||||||||
Mining and processing costs | $ 28,709 | $ 192 | $ 28,901 | $ 23,952 | $ 178 | $ 24,130 | |||||
Purchased coal costs | 2,765 | 1,322 | 4,087 | 6,720 | 6 | 6,726 | |||||
Royalty expense | 2,651 | - | 2,651 | 1,432 | - | 1,432 | |||||
Total cash costs of tons sold | $ 34,125 | $ 1,514 | $ 35,639 | $ 32,104 | $ 184 | $ 32,288 | |||||
Total tons sold | 295 | 16 | 311 | 241 | 2 | 243 | |||||
Cash cost per ton sold (at preparation plant) | $ 115.68 | $ 94.63 | $ 114.59 | $ 133.21 | $ 92.00 | $ 132.87 | |||||
Total cash costs of tons sold | $ 34,125 | $ 1,514 | $ 35,639 | $ 32,104 | $ 184 | $ 32,288 | |||||
Less: purchased coal | (2,765) | - | (2,765) | (6,720) | - | (6,720) | |||||
Cash cost of produced coal sold | $ 31,360 | $ 1,514 | $ 32,874 | $ 25,384 | $ 184 | $ 25,568 | |||||
Tons sold - produced | 275 | 16 | 291 | 205 | 2 | 207 | |||||
Cash production cost per ton sold (at preparation plant) | $ 114.04 | $ 94.63 | $ 112.97 | $ 123.82 | $ 92.00 | $ 123.52 | |||||
Purchased coal | $ 2,765 | $ - | $ 2,765 | $ 6,720 | $ - | $ 6,720 | |||||
Tons sold - purchased coal | 20 | - | 20 | 36 | - | 36 | |||||
Cash cost purchased coal per ton sold (at preparation plant) | $ 138.25 | $ - | $ 138.25 | $ 186.67 | $ - | $ 186.67 | |||||
Cash cost per ton sold, cash production cost per ton sold, and cash cost per purchased coal per ton sold for the six months ended
For the six months ended | For the six months ended | ||||||||||
NAPP | NAPP | NAPP | NAPP | ||||||||
(in thousands except per ton amounts) | Met | Thermal | Total | Met | Thermal | Total | |||||
Cost of Sales: | |||||||||||
Mining and processing costs | $ 56,990 | $ 911 | $ 57,901 | $ 49,005 | $ 311 | $ 49,316 | |||||
Purchased coal costs | 5,326 | 2,597 | 7,923 | 10,878 | 6 | 10,884 | |||||
Royalty expense | 4,936 | - | 4,936 | 2,955 | - | 2,955 | |||||
Total cash costs of tons sold | $ 67,252 | $ 3,508 | $ 70,760 | $ 62,838 | $ 317 | $ 63,155 | |||||
Total tons sold | 545 | 37 | 582 | 471 | 3 | 474 | |||||
Cash cost per ton sold (at preparation plant) | $ 123.40 | $ 94.81 | $ 121.58 | $ 133.41 | $ 105.67 | $ 133.24 | |||||
Total cash costs of tons sold | $ 67,252 | $ 3,508 | $ 70,760 | $ 62,838 | $ 317 | $ 63,155 | |||||
Less: purchased coal | (5,326) | - | (5,326) | (10,878) | - | (10,878) | |||||
Cash cost of produced coal sold | $ 61,926 | $ 3,508 | $ 65,434 | $ 51,960 | $ 317 | $ 52,277 | |||||
Tons sold - produced | 510 | 37 | 547 | 406 | 3 | 409 | |||||
Cash production cost per ton sold (at preparation plant) | $ 121.42 | $ 94.81 | $ 119.62 | $ 127.98 | $ 105.67 | $ 127.82 | |||||
Purchased coal | $ 5,326 | $ - | $ 5,326 | $ 10,878 | $ - | $ 10,878 | |||||
Tons sold - purchased coal | 35 | - | 35 | 65 | - | 65 | |||||
Cash cost purchased coal per ton sold (at preparation plant) | $ 152.17 | $ - | $ 152.17 | $ 167.35 | $ - | $ 167.35 | |||||
Cash margin per ton sold for the three months ended
For the three months ended | For the three months ended | ||||||||||
NAPP | NAPP | NAPP | NAPP | ||||||||
Met | Thermal | Total | Met | Thermal | Total | ||||||
Realized price per ton sold (at preparation plant) | $ 175.61 | $ 99.94 | $ 171.71 | $ 164.73 | $ 92.00 | $ 164.13 | |||||
Cash cost per ton sold (at preparation plant) | $ 115.68 | $ 94.63 | $ 114.59 | $ 133.21 | $ 92.00 | $ 132.87 | |||||
Cash margin per ton sold | $ 59.93 | $ 5.31 | $ 57.12 | $ 31.52 | $ - | $ 31.26 | |||||
Cash margin per ton sold for the six months ended
For the six months ended | For the six months ended | ||||||||||
NAPP | NAPP | NAPP | NAPP | ||||||||
Met | Thermal | Total | Met | Thermal | Total | ||||||
Realized price per ton sold (at preparation plant) | $ 175.26 | $ 98.89 | $ 170.40 | $ 160.44 | $ 105.67 | $ 160.09 | |||||
Cash cost per ton sold (at preparation plant) | $ 123.40 | $ 94.81 | $ 121.58 | $ 133.41 | $ 105.67 | $ 133.24 | |||||
Cash margin per ton sold | $ 51.86 | $ 4.08 | $ 48.82 | $ 27.03 | $ - | $ 26.85 | |||||
SOURCE
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