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- TerraCom (TER) meets its sales revenue guidance and keeps South African exports steady over September
- The company says managed coal sales reached 808,000 tonnes of coal over September, translating to 482,000 tonnes of equity coal sales
- TerraCom achieves coal sales revenue of $177 per tonne over September, which is in line with its guidance of $178 per tonne given on September 9
- Nevertheless, TerraCom says it continues to face logistics constraints and COVID-19-related delays to business operations
- Shares in TerraCom last traded for 16 cents each on Thursday, September 30
Coal miner TerraCom (TER) has met its sales revenue guidance and kept South African exports steady over September.
The company said managed coal sales — which assume 100 per cent ownership of the South African Blair Athol coal operations — reached 808,000 tonnes of coal.
This comprised 170,000 tonnes of coal from TerraCom’s Australian operations and 638,000 tonnes from Blair Athol.
TerraCom, however, holds a 49 per cent interest in Blair Athol — meaning equity tonnes, or the amount attributable to the company’s ownership, totalled 482,000 tonnes of coal.
Importantly, TerraCom said it achieved coal sales revenue of $177 per tonne over September, which is in line with its guidance of $178 per tonne given on September 9.
What’s more, given the current “exceptional” price of seaborne coal, TerraCom said it expected to generate revenue of $230 per tonne during the December quarter of 2021.
If this prediction proves accurate, TerraCom will table an operating cash margin of more than $140 per tonne of coal for the quarter.
For the 2021 calendar year so far, managed coal sales have reached 9.9 million tonnes, with equity sales at six million tonnes of coal.
Nevertheless, TerraCom said it has continued to face logistics constraints and COVID-19-related delays to business operations, meaning it is yet to follow through with plans to increase export supply in South Africa.
Further, TerraCom said COVID-19 delays have stopped the company from lodging its obligatory audited FY21 financial report before the deadline of September 30. As a result, the company’s shares have been suspended from trade on the ASX until it releases its latest full-year results.
TerraCom said all efforts were being made to release its annual accounts “as soon as practicable”.
Shares in TerraCom last traded for 16 cents each on Thursday, September 30.
