Coal producer Gloucester Coal Ltd
(ASX:GCL) says it has signed a deal to sell coking coal for use in an emerging market in north Asia.
The company has revealed the price for the 25,000 tonne sale has been agreed at US$164 a tonne – significantly higher than current prices.
CEO Barry Tudor says the contract is an important step towards expanding Gloucester’s customer base as production increases, and the sale price reflects a strong outlook for coking coal.
Gloucester Coal posted a profit of $81.74 million for the 2009 financial year.
