South32, a global producer of premium-quality hard coking coal for steelmaking with its Illawarra Metallurgical Coal asset in New South Wales in Australia, has announced its production and sales results for the fourth quarter and the full financial year of 2023-24 ended June 30.
In the given quarter, the company’s metallurgical coal production at its Illawarra Metallurgical Coal asset amounted to 1.27 million mt, increasing by two percent quarter on quarter and decreasing by 15.3 percent year on year, while its metallurgical coal sales totaled 1.36 million mt, up by 29.0 percent quarter on quarter and down by 11.0 percent year on year.
In the full financial year, South32 produced 4.31 million mt of metallurgical coal, falling by 22.0 percent year on year, while its metallurgical coal sales dropped by 23.0 percent year on year to 4.17 million mt. The company’s total coal production in the given year amounted to 4.94 million mt, down by 24.0 percent, while its total coal sales came to 4.87 million mt, down by 23.0 percent, both on year-on-year basis.
South32 achieved 99 percent of its revised financial year 2023-24 production guidance with the completion of three planned longwall moves and the commencement of a fourth planned move in the June 2024 quarter.
The company also stated that it plans to complete the sale of its Illawarra Metallurgical Coal asset to GEAR M Illawarra Met Coal Pty Ltd, owned by Golden Energy and Resources Pte Ltd (GEAR) and M Resources Pty Ltd, later in the first quarter of financial year 2024-25.