Guildford Coal makes first coal shipment from Mongolia

Guildford Coal has made its first shipment of coking coal from its Baruun Noyon Uul (BNU) mine in Mongolia, which consisted of 8,000 tonnes of the steelmaking raw material, it said on Monday August 25.

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The Australia-listed miner originally planned to make its first sale in the first quarter of 2014.

“This significant milestone comes after nine months of negotiations with regulatory approval agencies in Mongolia. The final piece of the jigsaw was sign off on a permit to utilise a 98km haul road linking the BNU mine to the Chinese border crossing at Shivee Khuren/Ceke,” it said.

Its md Peter Kane said the next priority for the company is to negotiate with Chinese customers to take the BNU coking coal brand via long-term offtake agreements.

China has taken considerably less imported coking coal this year as domestic suppliers continued to make price cuts. According to Chinese customs, a total of 36.01 million tonnes of the steelmaking raw material arrived in the country the first seven month of 2014, down 12.6% year-on-year.

Steel First’s Premium Hard Coking Coal Index was at $122.67 per tonne cfr Jingtang on Friday August 22, compared with $146.86 per tonne cfr at the beginning of this year.

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