Australia's Griffin Coal achieved an average price of A$42/mt ($30.50/mt) for its thermal coal over July-September, A$1/mt lower than its average sales price in April-June, the company's Indian owner said in a report Monday.
Production at Griffin Coal's mines in the Collie coal field of Western Australia, about 220 km south of Perth, was 590,000 mt in July-September, a 19% drop from the 730,000 mt that Griffin produced in April-June, said Lanco Infratech.
Griffin Coal's sales to customers were 580,000 mt in the September-ended quarter, down from 720,000 mt in April-June, according to the report.
The West Australian coal producer's product is mid-CV thermal coal with a calorific value of 4,800 kcal/kg GAR, ash of 6.5%, sulfur of 0.6% and moisture of 26%. Local power plants are the main consumers of Griffin Coal's product.
Lanco Infratech's Griffin Coal division reported revenue of Rupees 1.13 billion ($17 million) for July-September, down 31% from Rupees 1.64 billion in April-June.
The Griffin Coal division reported an earnings loss before interest, tax, depreciation and amortization, or EBITDA, for July-September of Rupees 2.64 billion that adjusted to a loss of Rupees 403 million ($6 million), after taking into account a Rupees 2.24 billion foreign currency loss, the company said.
The adjusted loss for the September-ended period widened from the previous quarter's Rupees 321 million, which was adjusted for foreign currency changes.
Shipments of thermal coal from Griffin's mines in Western Australia through Fremantle port to Asia have completely stopped, according to information in Fremantle port authority's 2015 annual report.
Lanco Infratech purchased Griffin Coal for A$800 million in 2010 with the intention of increasing its production to 15 million mt/year, in order to supply to the company's power plants in India.
