Geo Energy Resources has reported a 37% jump in revenue to US$220.3 million for 1HFY2021, thanks to a higher volume of coal sold at higher prices.

Charles Antonny Melati, executive chairman of Geo Energy, calls 2021 an “exceptional” year for the coal market, with prices at record levels of US$69.53 per tonne as at Aug 2021. The average price fetched throughout 1H2020 was US$30.61, and for 1H2021, US$47.78 per tonne.

To capitalise on this “super cycle”, the company has applied to increase its production quota this year to near 12 million tonnes from 8 million tonnes last year.

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