Join our daily newsletter At The Bell to receive exclusive market insights
- The first full shipment of thermal coal from TerraCom’s (TER) North Block Complex at its South African operations has sailed
- The company says it has been diligently working to increase the South African export quantities over the last few months
- The domestic demand for coal from the South African operations reduced during the COVID-19 pandemic, which the company says further necessitated a more diversified sales strategy that targeted a more aggressive mix of both export and domestic sales
- TerraCom is up 3.41 per cent, trading at 9.1 cents
The first full shipment of thermal coal from TerraCom’s (TER) South African operations has sailed.
TerraCom is a resource explorer with a large portfolio of operating assets in both Australia and South Africa, aiming to become a mid-tier diversified operating and trading business.
The tonnes of thermal coal on the shipment were produced from the company’s North Block Complex.
The company says it has been diligently working to increase the South African export quantities over the last few months, making the very first shipment a significant milestone.
During the COVID-19 pandemic, the domestic demand for coal from the South African operations reduced, which further necessitated a more diversified sales strategy that targeted a more aggressive mix of both export and domestic sales.
“The implementation of the export strategy in South Africa has been a key focus of the company’s commercial and marketing team since the company acquired Universal Coal plc in June 2020,” said TerraCom Group CEO Danny McCarthy.
“The coal quality from several of the South African operations is high and the now established export strategy provides the platform for further growth opportunities for the Company in this market. We look forward to working with the South African management team to increase our export sales mix to deliver on the total coal sales targets.”
TerraCom is up 3.41 per cent, trading at 9.1 cents at 1:00 pm AEDT.
