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The weighted average $USFOB for new contract prices of Curragh metallurgical coal (hard coking, semi-hard coking and PCI) will be $140 per tonne FOB compared to $167/t previously.

“The continued trend from steel-makers to lower-grade metallurgical coals has affected hard coking coal pricing more significantly than lower grade metallurgical coal,” Butel said.

Coal production for the quarter was 2,838,000t – comprising 1,978,000t of metallurgical coal and 860,000t of steaming coal. This was 25.2% higher than the previous quarter.

Coal production progressively increased during the quarter following recovery from the impact of Cyclone Oswald in early 2013.

Metallurgical coal production increased by 28.9% and steaming coal production increased by 17.5% compared to the previous quarter.

“Following the successful expansion of Curragh’s export metallurgical coal capacity, production during the 2013 financial year was affected by a scheduled shutdown during the Christmas period and significant wet weather, which interrupted rail and port activities, associated with Cyclone Oswald,” the company said.

“As a result, metallurgical coal production for the year increased by 2.3% to 7,380,000t.”