Australian coal producer Macarthur Coal, the largest seaborne exporter of pulverized injection material for steel blast furnaces, said Tuesday it will defer a decision on investing in a fourth mine until early next year, having previously expected an update would be ready in December.
The delay comes "while it finalizes commercial terms," said the Brisbane-based company in a notice to the Australian Securities Exchange.
"The deferral of the announcement does not impact the timetable for delivery of the selected project," Macarthur Chief Executive Nicole Hollows said in the statement.
Hollows flagged in August the company's commitment to increasing coal sales to 9.2 million mt by the July 2013 starting financial year, up 74% from the record 5.3 million mt shipped in its last financial year, by bringing online its 70%-owned Middlemount project and evaluating opening a fourth mine.
Macarthur currently operates two mines in Queensland's Bowen Basin coalfield at Coppabella and Moorvale, producing low volatile PCI for steel customers in Asia, South America and Europe.
Of the company's 12 coal developments that are being evaluated for development, the most advanced after Middlemount is its Olive Downs North, Codrilla and Willunga projects, Macarthur said in August.
The Middlemount project, in which Hong Kong-based global commodities trader Noble holds the remaining stake, plans for first coal sales late in Macarthur's next financial year of July 2011-June 2012.
The project has an expected product mix of up to 70% semi-hard coking coal and 30% low vol PCI.
The delay comes "while it finalizes commercial terms," said the Brisbane-based company in a notice to the Australian Securities Exchange.
"The deferral of the announcement does not impact the timetable for delivery of the selected project," Macarthur Chief Executive Nicole Hollows said in the statement.
Hollows flagged in August the company's commitment to increasing coal sales to 9.2 million mt by the July 2013 starting financial year, up 74% from the record 5.3 million mt shipped in its last financial year, by bringing online its 70%-owned Middlemount project and evaluating opening a fourth mine.
Macarthur currently operates two mines in Queensland's Bowen Basin coalfield at Coppabella and Moorvale, producing low volatile PCI for steel customers in Asia, South America and Europe.
Of the company's 12 coal developments that are being evaluated for development, the most advanced after Middlemount is its Olive Downs North, Codrilla and Willunga projects, Macarthur said in August.
The Middlemount project, in which Hong Kong-based global commodities trader Noble holds the remaining stake, plans for first coal sales late in Macarthur's next financial year of July 2011-June 2012.
The project has an expected product mix of up to 70% semi-hard coking coal and 30% low vol PCI.
