Corsa Coal Announces Financial Results for Second Quarter 2023

FRIEDENS, Pa., Aug. 8, 2023 /CNW/ – Corsa Coal Corp. (TSXV: CSO) (OTCQX: CRSXF) (“Corsa” or the “Company”), a premium quality metallurgical coal producer, today reported financial results for the three and six months ended June 30, 2023.  Corsa has filed its unaudited condensed interim consolidated financial statements for the three and six months ended June 30, 2023 and 2022 and related management’s discussion and analysis under its profile on www.sedar.com.

Unless otherwise noted, all dollar amounts in this news release are expressed in United States dollars and all ton amounts are short tons (2,000 pounds per ton).  Pricing and cost per ton information is expressed on a free-on-board (“FOB”), mine site basis, unless otherwise noted.

Second Quarter Highlights

  • Key financial results and operational statistics are shown below:
For the three months endedFor the six months ended
June 30,June 30,
(in millions except per share, per ton and sales tons)2023202220232022
Net and comprehensive income (loss)$           8.0$         (3.0)$           9.9$         (6.9)
Diluted earnings (loss) per share$         0.08$        (0.03)$         0.10$        (0.07)
Cash provided by operating activities$           3.6$           5.4$           6.0$           6.2
Total revenue$         55.3$         42.3$       103.3$         81.1
Non-GAAP Financial Measures
Adjusted EBITDA(1)$         14.4$           5.0$         21.5$           8.0
EBITDA(1)$         13.1$           0.8$         19.0$           0.5
Average realized price per ton of metallurgical coal sold(1)$     175.61$     164.73$     175.26$     160.44
Cash production cost per ton sold(1)$     114.04$     123.82$     121.42$     127.98
Company produced metallurgical coal sales tons274,413204,215509,758405,540
Purchased metallurgical coal sales tons20,09636,56835,01665,491
Total metallurgical coal sales tons294,509240,783544,774471,031
  • Corsa’s average realized price for the second quarter 2023 is the approximate equivalent of between $288 to $294 per metric ton on an FOB vessel basis(2). For the second quarter 2023, Corsa’s sales mix included 66% of sales to domestic customers and 34% of sales to international customers.
(1)       This is a non-GAAP financial measure.  See “Non-GAAP Financial Measures” below.
(2)       Similar to most U.S. metallurgical coal producers, Corsa reports sales and costs per ton on an FOB mine site basis and denominated in short tons.  Many international metallurgical coal producers report prices and costs on a delivered-to-the-port basis (or “FOB vessel basis”), thereby including freight costs between the mine and the port.  Additionally, Corsa reports sales and costs per short ton, which is approximately 10% lower than a metric ton.  For the purposes of this figure, we have used an illustrative freight rate of $45-$50 per short ton.  Historically, freight rates are attached to the coal market indices and will adjust as market prices rise and fall.  Further adjustments include a vessel freight differential and quality adjustments necessary to evaluate Corsa’s price compared to Australian premium low volatile metallurgical coal.  As a note, most published indices for metallurgical coal report prices on a delivered-to-the-port basis denominated in metric tons.



Kevin M. Harrigan, President and Chief Executive Officer of Corsa, commented, “Our second quarter of 2023 continued and accelerated the momentum that we saw in the previous quarter.  Sales tons improved 18% and while sales price per ton sold remained consistent, our margins increased considerably as a result of a 12% improvement in cash production cost per ton sold leading to an improvement in net income of over four times that of the first quarter and adjusted EBITDA to over double that of the first quarter.  Compared to the second quarter of 2022, the second quarter of 2023 shows sales tons improvement of 22%, sales price per ton sold improvement of 7%, cash production cost per ton sold improvement of 8%, cash margin per ton sold improvement of 90% and overall significant improvements in both net income and adjusted EBITDA.”

“The results for the second quarter and the year-to-date 2023 reflect not only the prices achieved through our strategy but more importantly improved operations at all of our mines.  Our deep mines performed well with increases in headcount and miner experience as well as improved geological conditions at the Casselman and Horning mines.  Production from the surface operations increased as we resumed lower -cost, highwall mining operations during the quarter.  We continue to make improvements at each operation with the expectation of further reducing our cash cost of production and remain focused on increasing headcount and training to drive our results.”

“During the second quarter, a majority of the cash flows from operations were used to service working capital items and the Company is now in a position to improve liquidity in the second half of 2023.”

“Additionally, the Company’s directors and officers participated in a stock option exercise in July which was necessary to fund the corporate parent company due to loan covenant restrictions.”

“We continue to execute our plan of improving operations, lowering costs and expanding margins which are all necessary to reduce our debt, service our environmental obligations and grow the Company.”

Financial and Operations Summary

For the three months endedFor the six months ended
June 30June 30,
IncreaseIncrease
(in thousands)20232022(Decrease)20232022(Decrease)
Revenues$   55,309$   42,326$   12,983$ 103,254$   81,099$   22,155
Cost of sales(2)$   42,843$   38,812$     4,031$   84,816$   75,786$     9,030
Selling, general and administrative expense$     2,325$     2,215$        110$     4,566$     4,598$        (32)
Net and comprehensive income (loss)$     7,982$    (2,970)$   10,952$     9,910$    (6,947)$   16,857
Cash provided by operating activities$     3,552$     5,426$    (1,874)$     5,991$     6,202$      (211)
EBITDA(1)$   13,053$        807$   12,246$   19,007$        482$   18,525
Adjusted EBITDA(1)$   14,429$     4,961$     9,468$   21,521$     7,990$   13,531
Coal sold – tons
NAPP – metallurgical coal2952415454547174
(1) This is a non-GAAP financial measure.  See “Non-GAAP Financial Measures” below.
(2) Cost of sales consists of the following:
For the three months endedFor the six months ended
June 30June 30
(in thousands)2023202220232022
Mining and processing costs$         28,901$         24,130$         57,901$         49,316
Purchased coal costs4,0876,7267,92310,884
Royalty expense2,6511,4324,9362,955
Amortization expense3,2103,0715,9186,150
Transportation costs from preparation plant to customer1,7671,7453,8253,687
Idle mine expense1,3145572,817797
Tolling costs4741,063
Limestone costs247153479230
Other costs6665241,017704
Total cost of sales$         42,843$         38,812$         84,816$         75,786
For the three months endedFor the six months ended
June 30,June 30,
20232022Variance20232022Variance
Realized price per ton sold(1)
NAPP – metallurgical coal$  175.61$ 164.73$     10.88$  175.26$ 160.44$     14.82
Cash production cost per ton sold(1)(2)
NAPP – metallurgical coal$  114.04$ 123.82$       9.78$  121.42$ 127.98$       6.56
Cash cost per ton sold(1)(3)
NAPP – metallurgical coal$  115.68$ 133.21$     17.53$  123.40$ 133.41$     10.01
Cash margin per ton sold(1)
NAPP – metallurgical coal$   59.93$   31.52$     28.41$   51.86$   27.03$     24.83
EBITDA(1) (000’s)
NAPP$  13,801$   1,549$   12,252$  20,470$   3,127$   17,343
Corporate(748)(742)(6)(1,463)(2,645)1,182
Total$  13,053$      807$   12,246$  19,007$      482$   18,525
Adjusted EBITDA(1) (000’s)
NAPP$  14,967$   5,394$     9,573$  22,596$   9,112$   13,484
Corporate(538)(433)(105)(1,075)(1,122)47
Total$  14,429$   4,961$     9,468$  21,521$   7,990$   13,531
(1) This is a non-GAAP financial measure.  See “Non-GAAP Financial Measures” below.
(2) Cash production cost per ton sold excludes purchased coal.  This is a non-GAAP financial measure.  See “Non-GAAP Financial Measures” below.
(3) Cash cost per ton sold includes purchased coal.  This is a non-GAAP financial measure.  See “Non-GAAP Financial Measures” below.



Coal Pricing Trends and Outlook

Price levels opened the second quarter 2023 at $300.00/metric ton (“mt”) delivered-to-the-port (“FOBT”) for spot deliveries of Australian premium low volatile metallurgical coal and closed the quarter at $233.00/mt FOBT. The quarterly average price for the second quarter 2023 was $242.92/mt FOBT compared to $342.57/mt FOBT in the first quarter 2023, and traded in a range from a high of $300.00/mt FOBT to a low of $222.00/mt FOBT.

The price for spot deliveries of Australian premium low volatile metallurgical coal opened the third quarter 2023 at $233.00/ mt FOBT and was trading at $237.00/mt FOBT at the end of July, with a high price of $237.00/mt FOBT, a low price of $221.50/mt FOBT and averaged $232.06/mt FOBT during the month. Forward curve pricing for the balance of 2023 is trading at an average of $244.60/mt FOBT with the fourth quarter at a high of $244.75/mt FOBT and the third quarter at a low of $244.38/mt FOBT. The forward curve for 2024 indicates pricing at an average of $252.50/mt FOBT. Third quarter 2023 hot-rolled steel coil prices increased in China by 3.2%, decreased in Europe by 5.1%, and decreased in the United States by 2.9%. Increased steel production with limited metallurgical coal supply response as well as restocking support increasing metallurgical coal prices that are expected to increase from the low point of the year and remain significantly above historical levels.

See “Risk Factors” in the Company’s annual information form dated April 13, 2023 for the year ended December 31, 2022 for an additional discussion regarding certain factors that could impact coal pricing trends and outlook, as well as the Company’s ongoing operations.

Third Quarter 2023 Update

The Company’s third quarter 2023 sales volumes are expected to be higher than the second quarter of 2023 due to increased production from our deep and surface mines and will be towards the high end of historical levels.  Metallurgical coal selling prices are expected to be lower than the second quarter of 2023 due to increased participation in the metallurgical coal spot market.  Cash cost of sales are expected to be similar to the previous quarter and will remain elevated compared to historical levels.  Selling, general and administrative expenses are expected to be slightly higher than the second quarter 2023 due to increased sales volumes. The main priorities of the Company are increasing efficient production, reducing costs, and increasing our ability to participate in the metallurgical coal spot market.  We are committed to improving the Company’s balance sheet with minimized downside financial risk but are also focused on organic growth opportunities to complement our existing operations. The Company’s capital allocation and deployment strategy will be aligned with these priorities and the Company’s financial position.

Corsa committed over 1.150 million tons for the calendar year 2023 with 87% of the committed tons at an FOB mine price of nearly $176/ton.  The price per ton is the equivalent of $286/mt FOBT for Australian premium low volatile metallurgical coal.  The volumes and price per ton were impacted by nearly 153,000 carryover tons which were priced at the 2022 fixed price contract rate.

Financial Statements and Management’s Discussion and Analysis

Refer to Corsa’s unaudited condensed interim consolidated financial statements for the three and six months ended June 30, 2023 and 2022 and related management’s discussion and analysis, filed under Corsa’s profile on www.sedar.com, for details of the financial performance of Corsa and the matters referred to in this news release.

Non-GAAP Financial Measures

Corsa uses certain non-GAAP financial measures to measure its performance internally and to assist in business decision-making as well as providing key performance information to senior management.  These measures are not recognized under International Financial Reporting Standards (“GAAP”).  Corsa believes that, in addition to the conventional measures prepared in accordance with GAAP, certain investors and other stakeholders also use these non-GAAP financial measures to evaluate Corsa’s operating and financial performance; however, these non-GAAP financial measures do not have any standardized meaning and therefore may not be comparable to similar measures presented by other issuers.  Accordingly, these non-GAAP financial measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. 

Management uses the following non-GAAP financial measures:

  • EBITDA – earnings before deductions for interest, taxes, depreciation and amortization;
  • Adjusted EBITDA – EBITDA adjusted for change in estimate of reclamation and water treatment provision for non-operating properties, impairment and write-off of mineral properties and advance royalties, gain (loss) on sale of assets and other costs, stock-based compensation, non-cash finance expenses and other non-cash adjustments. Adjusted EBITDA is used as a supplemental financial measure by management and by external users of our financial statements to assess our performance as compared to the performance of other companies in the coal industry, without regard to financing methods, historical cost basis or capital structure; the ability of our assets to generate sufficient cash flow; and our ability to incur and service debt and fund capital expenditures;
  • Realized price per ton sold – revenue from coal sales less transportation costs from the mine site to the loading terminal divided by tons of coal sold. Management evaluates our operations based on the volume of coal we can safely produce or purchase and sell in compliance with regulatory standards, and the prices we receive for our coal. Our sales volume and sales prices are largely dependent upon the terms of our contracts, for which prices generally are set based on an index. We evaluate the price we receive for our coal on an average realized price on an FOB mine site per short ton basis;
  • Cash production cost per ton sold – cash production costs of sales excluding purchased coal costs, all included within cost of sales, divided by tons of produced coal sold. Cash production cost is based on cost of sales and includes items such as manpower, royalties, fuel, and other similar production related items, pursuant to IFRS, but relate directly to the costs incurred to produce coal and sell it on an FOB mine site basis. Cash production cost per ton sold is used as a supplemental financial measure by management and by external users to assess our operating performance as compared to the operating performance of other companies in the coal industry. Purchased coal is excluded as the purchased coal costs are based on market prices of coal purchased and not the cost to produce the coal;
  • Cash cost purchased coal per ton sold – purchased coal costs divided by tons of purchased coal sold. Management uses this measure to assess coal purchases against the market price at which this coal will be sold;
  • Cash cost per ton sold – cash production costs of sales, included within cost of sales, divided by total tons sold. Management uses cash cost per ton sold to assess our overall financial performance on a per ton basis to include the Company’s production and purchased coal cost in total; and
  • Cash margin per ton sold – calculated difference between realized price per ton sold and cash cost per ton sold. Cash margin per ton sold is used by management and external users to assess the operating performance as compared to the operating performance of other coal companies in the coal industry.

For a reconciliation of non-GAAP financial measures to GAAP measures, see the tabular presentation at the end of this news release.

Qualified Person

All scientific and technical information contained in this news release has been reviewed and approved by David E. Yingling, Professional Engineer and the Company’s mining engineer, who is a qualified person within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

Caution

Potential developments and market conditions discussed in this news release are considered to be forward looking information.  Readers are cautioned that actual results may vary from this forward-looking information.  See “Forward-Looking Statements” below.

Information about Corsa

Corsa is a coal mining company focused on the production and sales of metallurgical coal, an essential ingredient in the production of steel. Our core business is producing and selling metallurgical coal to domestic and international steel and coke producers in the Atlantic and Pacific basin markets.

Forward-Looking Statements

Certain information set forth in this press release contains “forward-looking statements” and “forward-looking information” (collectively, “forward-looking statements”) under applicable securities laws. Except for statements of historical fact, certain information contained herein including, but not limited to, statements relating to improved profitability, adjusted EBITDA and financial results, the ability to manage the Company going forward, the expected price volatility of the metallurgical coal market, the future demand for steel and its production, and the availability of its supply, changes to sales margins and expected profitability, the expected sales volumes and cash costs of sales of the Company in the second quarter of 2023, along with the Company’s main priorities and its capital allocation and deployment strategy in 2023, constitute forward-looking statements which include management’s assessment of future plans and operations and are based on current internal expectations, assumptions and beliefs, which may prove to be incorrect. Some of the forward-looking statements may be identified by words such as “will”, “estimates”, “expects” “anticipates”, “believes”, “projects”, “plans”, “capacity”, “hope”, “forecast”, “anticipate”, “could” and similar expressions. These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties. These risks and uncertainties include, but are not limited to: changes in market conditions, governmental or regulatory developments as a result of the COVID-19 pandemic or otherwise, the operating status and capabilities of our customers and competitors; various events which could disrupt operations and/or the transportation of coal products, including the geological conditions at the Company’s mines, the conflict in Ukraine, labor stoppages, the outbreak of disease and severe weather conditions; and management’s ability to anticipate and manage the foregoing factors and risks.  There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The reader is cautioned not to place undue reliance on forward-looking statements. Corsa does not undertake to update any of the forward-looking statements contained in this press release unless required by law. The statements as to Corsa’s capacity to produce coal are no assurance that it will achieve these levels of production or that it will be able to achieve these sales levels.

The TSX Venture Exchange has in no way passed on the merits of this news release.  Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Non-GAAP Financial Measures Reconciliation

EBITDA and Adjusted EBITDA for the three months ended June 30, 2023 and 2022

For the three months endedFor the three months ended
June 30, 2023June 30, 2022
(in thousands)NAPPCorp.TotalNAPPCorp.Total
Net and comprehensive income (loss)$   9,743$  (1,761)$   7,982$    (1,891)$  (1,079)$    (2,970)
Add (Deduct):
Amortization expense3,2103,2103,0713,071
Interest expense8485201,368369337706
Income tax expense493493
EBITDA13,801(748)13,0531,549(742)807
Add (Deduct):
Stock-based compensation (a)6969(5)(5)
Net finance (income) expense, excluding interest expense (b) 802498513,508823,590
Loss (gain) on disposal of assets (c)7979
Other costs (d)36492456258232490
Adjusted EBITDA$ 14,967$     (538)$ 14,429$     5,394$     (433)$     4,961
(a)     Reflects the non-cash expense related to the vesting of stock options.
(b)     Components of finance expense and income excluding interest expense.
(c)     Reflects the amounts included in other income and expense related to the disposal of assets not utilized in the Company’s mining operations.
(d)     Reflects various adjustments, none of which were individually material, related to adjusting the Company’s workers’ compensation liability, costs incurred for the Company’s internal investigation of the sales agent matter and legal settlements.



EBITDA and Adjusted EBITDA for the six months ended June 30, 2023 and 2022

For the six months endedFor the six months ended
June 30, 2023June 30, 2022
(in thousands)NAPPCorp.TotalNAPPCorp.Total
Net and comprehensive income (loss)$ 12,887$  (2,977)$   9,910$    (3,649)$  (3,298)$    (6,947)
Add (Deduct):
Amortization expense5,9185,9186,1506,150
Interest expense1,6651,0212,6866266531,279
Income tax expense493493
EBITDA20,470(1,463)19,0073,127(2,645)482
Add (Deduct):
Restructuring charges (a)886886
Stock-based compensation (b)13113111
Net finance (income) expense, excluding interest expense (c) 1,5231071,6305,5401645,704
Loss (gain) on disposal of assets (d)1111135135
Other costs (e)592150742310472782
Adjusted EBITDA$ 22,596$  (1,075)$ 21,521$     9,112$  (1,122)$     7,990
(a)     Reflects the separation costs associated with the Company’s previous President and Chief Executive Officer and Chief Operating Officer.
(b)     Reflects the non-cash expense related to the vesting of stock options.
(c)     Components of finance expense and income excluding interest expense.
(d)     Reflects the amounts included in other income and expense related to the disposal of assets not utilized in the Company’s mining operations.
(e)     Reflects various adjustments, none of which were individually material, related to adjusting the Company’s workers’ compensation liability, costs incurred for the Company’s internal investigation of the sales agent matter and legal settlements.



Realized price per ton sold for the three months ended June 30, 2023 and 2022

For the three months endedFor the three months ended
June 30, 2023June 30, 2022
NAPPNAPPNAPPNAPP
(in thousands except per ton amounts)MetThermalTotalMetThermalTotal
Revenue$  53,710$    1,599$  55,309$   42,128$      198$   42,326
Add (Deduct):
Tolling revenue(518)(518)
Transportation costs from preparation plant to customer(1,767)(1,767)(1,731)(14)(1,745)
Limestone revenue(139)(139)(179)(179)
Net coal sales (at preparation plant)$  51,804$    1,599$  53,403$   39,700$      184$   39,884
Coal sold – tons295163112412243
Realized price per ton sold (at preparation plant)$  175.61$    99.94$  171.71$   164.73$    92.00$   164.13



Realized price per ton sold for the six months ended June 30, 2023 and 2022

For the six months endedFor the six months ended
June 30, 2023June 30, 2022
NAPPNAPPNAPPNAPP
(in thousands except per ton amounts)MetThermalTotalMetThermalTotal
Revenue$  99,595$    3,659$103,254$   80,768$      331$   81,099
Add (Deduct):
Tolling revenue(1,237)(1,237)
Transportation costs from preparation plant to customer(3,825)(3,825)(3,673)(14)(3,687)
Limestone revenue(255)(255)(291)(291)
Net coal sales (at preparation plant)$  95,515$    3,659$  99,174$   75,567$      317$   75,884
Coal sold – tons545375824713474
Realized price per ton sold (at preparation plant)$  175.26$    98.89$  170.40$   160.44$  105.67$   160.09



Cash cost per ton sold, cash production cost per ton sold, and cash cost per purchased coal per ton sold for the three months ended June 30, 2023 and 2022

For the three months endedFor the three months ended
June 30, 2023June 30, 2022
NAPPNAPPNAPPNAPP
(in thousands except per ton amounts)MetThermalTotalMetThermalTotal
Cost of Sales:
Mining and processing costs$  28,709$       192$  28,901$   23,952$       178$   24,130
Purchased coal costs2,7651,3224,0876,72066,726
Royalty expense2,6512,6511,4321,432
Total cash costs of tons sold$  34,125$    1,514$  35,639$   32,104$      184$   32,288
Total tons sold295163112412243
Cash cost per ton sold (at preparation plant)$  115.68$    94.63$  114.59$   133.21$    92.00$   132.87
Total cash costs of tons sold$  34,125$    1,514$  35,639$   32,104$      184$   32,288
Less: purchased coal(2,765)(2,765)(6,720)(6,720)
Cash cost of produced coal sold$  31,360$    1,514$  32,874$   25,384$      184$   25,568
Tons sold – produced275162912052207
Cash production cost per ton sold (at preparation plant)$  114.04$    94.63$  112.97$   123.82$    92.00$   123.52
Purchased coal$    2,765$            –$    2,765$     6,720$            –$     6,720
Tons sold – purchased coal20203636
Cash cost purchased coal per ton sold (at preparation plant)$  138.25$            –$  138.25$   186.67$            –$   186.67



Cash cost per ton sold, cash production cost per ton sold, and cash cost per purchased coal per ton sold for the six months ended June 30, 2023 and 2022

For the six months endedFor the six months ended
June 30, 2023June 30, 2022
NAPPNAPPNAPPNAPP
(in thousands except per ton amounts)MetThermalTotalMetThermalTotal
Cost of Sales:
Mining and processing costs$  56,990$       911$  57,901$   49,005$       311$   49,316
Purchased coal costs5,3262,5977,92310,878610,884
Royalty expense4,9364,9362,9552,955
Total cash costs of tons sold$  67,252$    3,508$  70,760$   62,838$      317$   63,155
Total tons sold545375824713474
Cash cost per ton sold (at preparation plant)$  123.40$    94.81$  121.58$   133.41$  105.67$   133.24
Total cash costs of tons sold$  67,252$    3,508$  70,760$   62,838$      317$   63,155
Less: purchased coal(5,326)(5,326)(10,878)(10,878)
Cash cost of produced coal sold$  61,926$    3,508$  65,434$   51,960$      317$   52,277
Tons sold – produced510375474063409
Cash production cost per ton sold (at preparation plant)$  121.42$    94.81$  119.62$   127.98$  105.67$   127.82
Purchased coal$    5,326$            –$    5,326$   10,878$            –$   10,878
Tons sold – purchased coal35356565
Cash cost purchased coal per ton sold (at preparation plant)$  152.17$            –$  152.17$   167.35$            –$   167.35



Cash margin per ton sold for the three months ended June 30, 2023 and 2022

For the three months endedFor the three months ended
June 30, 2023June 30, 2022
NAPPNAPPNAPPNAPP
MetThermalTotalMetThermalTotal
Realized price per ton sold (at preparation plant)$  175.61$    99.94$  171.71$   164.73$    92.00$   164.13
Cash cost per ton sold (at preparation plant)$  115.68$    94.63$  114.59$   133.21$    92.00$   132.87
Cash margin per ton sold$    59.93$      5.31$    57.12$     31.52$           –$     31.26



Cash margin per ton sold for the six months ended June 30, 2023 and 2022

For the six months endedFor the six months ended
June 30, 2023June 30, 2022
NAPPNAPPNAPPNAPP
MetThermalTotalMetThermalTotal
Realized price per ton sold (at preparation plant)$  175.26$    98.89$  170.40$   160.44$  105.67$   160.09
Cash cost per ton sold (at preparation plant)$  123.40$    94.81$  121.58$   133.41$  105.67$   133.24
Cash margin per ton sold$    51.86$      4.08$    48.82$     27.03$            –$     26.85

SOURCE Corsa Coal Corp.

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