Australia’s TerraCom misses FY2024 coal sales target

Australian thermal coal producer TerraCom has failed to hit its full-year sales guidance for the 2024 fiscal year to 30 June, because of lower sales at its Blair Athol mine.

The Blair Athol mine in Queensland state's Bowen basin sold 408,000t for April-June to finish the year at 1.57mn t, below its 1.7mn t guidance.

This came because of significant unscheduled downtime occurring on the dragline in mid-June, the firm said on 3 July. This ultimately affected railing its output to port, with the third planned June shipment now to be made in early July, TerraCom said.

TerraCom last year slashed its expected thermal coal sales for the year to 30 June 2023 to 1.8mn t from 1.9mn t, because of issues with logistics on the Queensland rail network it uses.

TerraCom, which sells Blair Athol coal to Japanese and South Korean energy markets and the Indian sponge iron market, has set a sales guidance for the mine of 1.8mn t for the year to 30 June 2025.

By Tom Major

Australian thermal coal prices ($/t)