88娱乐城
The AIM-listed company expects its 41% interest in Western Canadian Coal to have a big impact on earnings in the current year.
In the three months to June 2005, Western Canadian Coal earned an operating profit of $CA8 million ($US7 million) after bringing the Dillon metallurgical coal mine into production.
Feasibility studies advanced on the Brule coal deposit adjacent to the Dillon mine are also underway. A second, larger mine, Perry Creek, is also being developed, expected to take annual coal production to 3.5 million tonnes.
鈥淐ambrian has continued to build its strong asset base to maintain its position as a diversified mining house servicing the steel industry,鈥� Cambrian chairman Charles de Chezelles said.
鈥淭hese financial results demonstrate the successful implementation of the company鈥檚 investment strategies and we are delighted to be in a position to offer a maiden dividend to our shareholders.
鈥淚 continue to be enthusiastic about our future prospects, remain pleased by our progress to date and look forward to the next year of development within the group.鈥�
The rise in value of Western Canadian Coal along with Cambrian鈥檚 other major coal asset, Asia Energy, has underpinned a significant increase in the company鈥檚 market value to 拢119 million ($US210 million).
The driving force behind Cambrian's continued expansion over the past year has been the growth in world steel production. World steel output rose 9.1% in 2004 and by a further 6.9% in the first eight months of 2005.
