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Southland Colliery Production Update

25 March 2003

Gympie Gold’s 90%-owned Southland Colliery has returned to full production after the recent strata control problems.

Gympie Gold's 90%-owned Southland Colliery has returned to full production after the recent strata control problems. Run-of-mine production was 56,000 tonnes for the past week and 176,000 tonnes for the month to date in March. This exceeds current budget of 150,000 tonnes per month, reflecting the new operational regime.

Coal quality has also improved since the longwall unit was re-positioned back on the seam floor on 10 February 2003, with the washery yield rising from around 80% to more than 90%.

Contracted export coking coal sales scheduled for shipment during the March to June 2003 period total 650,000 tonnes. Two additional semi-hard coking-coal contracts in North Asia have recently been secured. An increasing proportion of higher priced semi-hard coking coal contracts in Southland's sales mix for the coming year are expected to offset forecast small price reductions in global coking coal markets.



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    Last Modified: Tuesday, 25-Mar-2003 11:16:58 EST