Its primary focus is production at the Coppabella and Moorvale coal mines located near Moranbah in Queensland’s Bowen Basin, which together provide approximately 47% of the PCI coal exported from Australia.
Along with many of its mining peers, MCC has been one of 2011’s shares to sell due to the impact of the Queensland floods on its production.
On 4 May, MCC forecast FY11 net profit to be around 50% higher than the previous year’s $125.1 million result.
Although the group expects full year NPAT to be between $185 million and $205 million, production guidance was lowered to 4.1Mt – 4.3Mt, from the previous 3.8Mt – 4.0Mt.
MCC blamed the production downgrade on extreme wet weather in FY11.