Australian coking coal producer Beacon Hill Resources has announced its interim results for the first half ended on June 30 of the current year.
Accordingly, Beacon Hill has posted a net loss of $7.6 million for the first half, compared to a net loss of $8.8 million in the corresponding period of the previous year. The company's revenues almost tripled year on year standing at $1.2 million.
According to Beacon Hill's statement, mining and processing operations recommenced in May this year, with the company producing 153,520 mt of raw coal up to the end of the first half. Production was therefore only active during the final eight weeks of the second quarter. The production ramp-up continued to progress well with the plant producing both coking coal and thermal coal. Production is expected to be ramped up further during the second half.
For the remainder of 2013, the company expects the difficult coal market conditions experienced during the first six months to continue.
