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Golden Energy and Resources reports 859% earnings surge, sees softer coal prices ahead

The Edge Singapore
The Edge Singapore8/14/2022 10:04 PM GMT+08  • 2 min read
Golden Energy and Resources reports 859% earnings surge, sees softer coal prices ahead
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Golden Energy and Resources, which mines coal and gold, has reported earnings of US$279 million for 1HFY2022 ended June, up 859% y-o-y, as contributions from its newly acquired stake in an Australian coal mine kicks in.

Revenue in the same period was up 201% y-o-y to US$2.43 billion, as the company benefitted from not just higher selling prices of coal but also a two-month contribution upon completion of taking a 80% stake Stanmore SMC, the Australian miner, for US$1.35 billion.

The remaining 20% stake, now held by Mitsui, will also be sold to Stanmore for US$380 million.

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