October 18, 2011 / 11:49 AM / 7 years ago

UPDATE 1-Forbes Coal Q2 revenue up on strong exports

(Follows alert)

Oct 18 (Reuters) - Forbes & Manhattan Coal Corp’s second-quarter revenue jumped 80 percent sequentially on strong export sales.

For the June-August period, the South Africa-focused coal miner — which has two mines Aviemore and Magdalena — reported revenue of C$35.2 million.

Last month, the company said export sales in the quarter had more than doubled sequentially to 192,400 tonnes of coal, helped by higher production at its Aviemore anthracite.

Toronto, Ontario-based Forbes, which mines for bituminous and anthracite coal from mines in the Klipriver coalfield in South Africa, said commissioning of the second phase of expansion at Magdalena is on track for the third quarter.

Shares of the company closed at C$2.00 on Monday on the Toronto Stock Exchange. (Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Supriya Kurane)

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