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Canada : CEO - Completion of Q2 was a major milestone for CANAM COAL CORP.

CanAm Coal Corp has announced that for the first half of 2013, revenue, EBITDA from operations and loss amounted to USD 29.5 million, USD 4.5 million and USD 3.4 million respectively versus SD 26.1 million, USD 3.8 million and USD 2.8 million a year ago.

The company's sales hit 318,000 tonnene during the period, up by 28% from 248,000 tonnene last year.

CanAm Coal also declared its Q2 2013 fiscal results for the period ending June 30th 2013.

It said revenue, EBITDA from operations and loss for the quarter reached USDS 15.6 million, USD 2.6 million and million respectively against USD 13.3 million, USD 1.9 million and million last year.

The company achieved sales of 168,500 tonnene in the quarter, up by 30% from 130,500 tonnene in Q2 2012.

President and CEO, Jos De Smedt said : "Completion of the second quarter was a major milestone for the Company as by the end of Q2 we had transitioned all of our mines to a steady state level of production. As we accomplished this, the results of our hard work became evident in our June production/sales level of over 61,400 tonnene and, more importantly, in our July numbers of approximately 67,500 tonnene of sales. With a mine complement in place that has the ability to produce between 60,000 to 80,000 tonnene on a monthly basis, the second half of 2013 should see significant growth in sales and production. From a financial perspective, Q2 showed definitive improvement; operating cash flow was 5 times better than in the prior year, free cash flow was slightly positive compared to a deficit of USD2.0 million in the prior year and first half 2013 capex was half of capex in the prior year. This combined with expected sales levels of between 60,000 to 70,000 tonnene on a monthly basis, should improve free cash flow significantly in the second half of 2013 and in 2014."

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Publication:Mena Report
Date:Sep 3, 2013
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