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CanAm expects new mines to boost '13 coal sales 50%

Keywords: Tags  CanAm Coal, coal, metallurgical coal, thermal coal, Jos De Smedt, Stacy Irish

NEW YORK — Metallurgical and thermal coal producer CanAm Coal Corp. expects coal sales to grow at least 50 percent in 2013, due in large part to new production at three mines.

The Calgary, Alberta-based company expects sales of 700,000 to 900,000 tons this year, an increase of some 250,000 to 450,000 tons from 2012.

The company increased to 80 percent its ownership of Birmingham, Ala.-based Birmingham Coal & Coke Co., which operates three mines in Alabama, effective July 1, 2012. It previously held a 50-percent stake.

CanAm has 2013 sales commitments for at least 750,000 tons, and its 2013 production is sustainably hedged, the company said.

Its 2013 pricing is unchanged for the majority of contracted volumes, although certain volumes will see modest price decreases, CanAm said.

"We anticipate sales volume growth of at least 50 percent, and depending on when our new mines reach full production we have the potential to as much as double production over 2012," president and chief executive officer Jos De Smedt said.

A version of this article was first published by AMM sister publication Steel First.

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