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Production update for the second quarter of Fiscal 2014
Forbes & Manhattan Coal Corp.
(Registration number: 002116278)
(External company registration number: 2011/011661/10)
Share code on the Toronto Stock Exchange: FMC
Share code on the JSE Limited: FMC
ISIN: CA3451171050
(“Forbes Coal” or “the Company”)
FORBES COAL REPORTS RECORD SALEABLE PRODUCTION FOR
THE SECOND QUARTER OF FISCAL 2014
DOMESTIC SALES INCREASE 14% FOR THE SECOND QUARTER OF FISCAL 2014
TORONTO, ONTARIO – September 11, 2013: Forbes & Manhattan Coal Corp. (TSX/JSE:
FMC) reports record second quarter production at its Magdalena bituminous mine (June 1, 2013
to August 31, 2013). Total run of mine production (ROM) for the second quarter of fiscal 2014
was 446,000 tonnes on par with the 447,000 tonnes produced in the first quarter of fiscal 2014,
and an 8% increase over the second quarter of fiscal 2013, with the Magdalena mine achieving
record production levels in each of July and August 2013.
Production Highlights:
Q2 2014 Q1 2014 Q2 2013
Total ROM Production 446,000 447,000 414,000
Aviemore ROM Production 124,000 138,000 131,000
Magdalena ROM Production 322,000 309,000 283,000
Total Saleable Production 258,000 253,000 290,000*
Total Sales 255,000 261,000 286,000
* includes 33,000 tonnes of bought in coal
- Second quarter fiscal 2014 total ROM production of 446,000 tonnes is on par with total
first quarter fiscal 2014 ROM production of 447,000 tonnes;
- Aviemore second quarter fiscal 2014 ROM production was 124,000 tonnes, a 10%
decrease over the first quarter fiscal 2014 production of 138,000 tonnes which was a
record quarter for the Aviemore mine;
- Magdalena ROM production was 322,000 tonnes for the second quarter fiscal 2014, a
4% increase over first quarter fiscal 2014 production of 309,000 tonnes. Record
production was achieved by the Magdalena underground mine in each of July and
August 2013;
- Second quarter fiscal 2014 saleable production was 258,000 tonnes, a 2% increase over
first quarter fiscal 2014 saleable production of 253,000 tonnes. No coal was bought in
during the second quarter of fiscal 2014;
- In the second quarter of fiscal 2014, FMC’s domestic sales were 135,000 tonnes, a 14%
increase over the first quarter of fiscal 2014;
President and Chief Executive Officer Stephan Theron commented, “We are very pleased with
the production numbers we have achieved this quarter and in particular with the consecutive
record production months achieved by the Magdalena underground mine in July and August.
The Company has experienced a steady and consistent pace of growth in the last three months
and we are tracking well against our annual production targets. A continued incremental
increase in production each month is the focus for the remainder of the year. We will continue
to maintain current production momentum.”
Logistics
In the second quarter of fiscal 2014, the Company exported 103,000 tonnes of coal, a 27%
decrease over the first quarter of fiscal 2014. The stockpile at Navitrade increased by 22,000
tonnes, a 53% increase over the first quarter of fiscal 2014. Domestic sales were 135,000
tonnes, a 14% increase over the first quarter of fiscal 2014.
About Forbes Coal
Forbes Coal is a coal producer in southern Africa. It holds a majority interest in two operating
mines through its 100% interest in Forbes Coal (Pty) Ltd. ("Forbes Coal Dundee"), a South
African company which has a 70% interest in Zinoju Coal (Pty) Ltd. ("Zinoju"). Zinoju holds a
100% interest in the Magdalena bituminous mine and the Aviemore anthracite mine in South
Africa (collectively, “the Forbes Coal Dundee Properties”). The mines have a substantial
resource base and each mine has a projected life span in excess of 20 years.
Please refer to the Company's NI 43-101 compliant technical report on the Forbes Coal Dundee
Properties dated March 6, 2013 entitled "Independent Qualified Persons’ Report on Forbes Coal
Dundee Operations in the KwaZulu-Natal Province, South Africa", available on the SEDAR
profile of the Company at www.sedar.com. Additional information is available at
www.forbescoal.com.
Cautionary Notes
Johan Odendaal, B.Sc.(Geol.), B.Sc.(Hons)(Min. Econ.), M.Sc. (Min. Eng.), a director of
Minxcon and an independent Qualified Person, as defined in National Instrument 43-101 has
reviewed and approved the scientific and technical information contained in this release.
This press release contains “forward-looking information” within the meaning of applicable
Canadian securities legislation. Forward-looking information includes, but is not limited to,
statements with respect to anticipated production results with respect to the Forbes Coal
Dundee Properties and future financial or operating performance of the Company and its
projects. Generally, forward-looking information can be identified by the use of forward-looking
terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”,
“scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or
“believes”, or variations of such words and phrases or state that certain actions, events or
results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-
looking information is subject to known and unknown risks, uncertainties and other factors that
may cause the actual results, level of activity, performance or achievements of the Company to
be materially different from those expressed or implied by such forward-looking information,
including but not limited to: general business, economic, competitive, foreign operations,
political and social uncertainties; a history of operating losses; delay or failure to receive board
or regulatory approvals; timing and availability of external financing on acceptable terms; not
realizing on the potential benefits of the proposed transaction; conclusions of economic
evaluations; changes in project parameters as plans continue to be refined; future prices of
mineral products; failure of plant, equipment or processes to operate as anticipated; accidents,
labour disputes and other risks of the mining industry; and, delays in obtaining governmental
approvals or required financing or in the completion of activities. Although the Company has
attempted to identify important factors that could cause actual results to differ materially from
those contained in forward-looking information, there may be other factors that cause results not
to be as anticipated, estimated or intended. There can be no assurance that such information
will prove to be accurate, as actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not place undue reliance on
forward-looking information. The Company does not undertake to update any forward-looking
information, except in accordance with applicable securities laws.
FOR FURTHER INFORMATION PLEASE CONTACT:
Stephan Theron Samantha Thomson
President and Chief Executive Officer Investor relations Manager
+1 (416) 861-5912 +1 (416) 309-2957
Email: stheron@forbescoal.com Email: sthomson@forbescoal.com
Sponsor:
Sasfin Capital
A Division of Sasfin Bank Limited
Johannesburg
11 September 2013
Date: 11/09/2013 01:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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