News

Higher coal price lifts Bisichi Mining

21 February 2008 11:06:00

Shares in South African coal miner Bisichi Mining were higher after it secured large price increases for its coal products.

It gained a 64% increase in steam coal prices between the second quarter of 2008 and the first quarter of 2009 and a 42% increase in metallurgical coal prices between the first and third quarters of 2008.

"With domestic and international coal markets at an historic high we have moved swiftly to lock in significant price increases," managing director Andrew Heller said.

"Our success in this regard has given Bisichi a very strong start to 2008, on which we plan to build."

Global coal prices have surged recently amid snowstorms in China, the world's largest producer, floods in Australia and power cuts in South Africa.

Bisichi said last month that it had "suffered only minimal disruptions" from the power cuts.

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