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NWR Trading Update and Q1 2013 Prices

NWR Trading Update and Q1 2013 Prices

28.1.2013 9:01
Autor: Redakce, Patria Online

New World Resources Plc ('NWR' or the 'Company') announces that it has reached agreements with its customers for coking coal, thermal coal and coke prices for the current period. The Company also reiterates its operating update for the fourth calendar quarter of 2012 and 2013 outlook, as published on January 14, 2013.

Q4 2012 operating update

Below is a brief overview of the Company's key production and sales indicators for Q4 2012 as well as FY 2012. These figures are unaudited estimates and subject to change. NWR (88,1 CZK, -2,65%) will publish its results for the twelve-month period ended 31 December 2012 on Thursday 21 February 2013, when further information will be provided.

2013-01-28 NWR 

The average EUR/CZK FX rate in Q4 2012 was 25.2.

2013 Outlook

As previously announced the Company expects for the FY 2013:

·     Coal production in the range of 10-11Mt;

·     Coke production of approximately 800kt;

·     Broadly flat mining unit costs year-on-year at constant FX;

·     Significant reduction of total CAPEX year-on-year on the order of 30-50 per cent.

More details will be communicated to the market in February 2013 together with the announcement of NWR FY 2012 Financial results.

Coking coal pricing

The average agreed price of coking coal for delivery in the first quarter of 2013 is EUR 103 per tonne, a 3 per cent increase compared to the fourth quarter 2012 realised price.

This average coking coal price is based on the expectation that coking coal sales for the first quarter 2013 will be split approximately 45 per cent hard coking coal (mid-volatility), 47 per cent semi-soft coking coal and 8 per cent PCI coking coal.

Coke pricing

The average price agreed for coke sales during the first quarter of 2013 is EUR 253 per tonne, a 1 per cent decrease compared to the fourth quarter 2012 realised price.

The average coke price is based on the expectation of the first quarter 2013 sales to be approximately 76 per cent foundry coke, 15 per cent blast furnace coke and 9 per cent other types.

Thermal coal pricing

An average price of EUR 60 per ton has been concluded for 2013 thermal coal deliveries, a 19 per cent decrease compared to the FY 2012 realised price.

Approximately 80 per cent of the thermal coal prices have been concluded on the basis of the yearly pricing, while a quarterly pricing period has been applied to approximately 20 per cent of deliveries.

All prices are expressed as blended averages between the different qualities both for coal and coke and are ex-works.

All of the announced prices are indicative prices, and are based on an exchange rate of EUR/CZK of 25.0. A range of factors including, but not limited to, exchange rate fluctuations, quality mix, timing of the deliveries and flexible provisions in the individual agreements, may influence final realised prices. The actual realised price for the period may therefore differ from the average prices announced.

Source: NWR

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