Falling prices hit Universal

Declining coal prices has seen South Africa-focused coal miner Universal Coal report a 76% decline in operating profits for the half year ended December, while net profits after tax fell by 95% compared with the previous corresponding period.

Universal on Friday reported a 34% increase in run-of-mine coal for the period, with the inclusion of the North Block Complex (NBC) during the period under review. Run-of-mine production for the interim period was reported at 5.4-million tonnes.