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pacific coal resources ltd (VGGGF) Snapshot

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pacific coal resources ltd (VGGGF) Details

Pacific Coal Resources Ltd., a mining company, is engaged in the exploration, development, and production of coal, coking coal, asphalt, and asphaltite properties. It owns rights to interests in four exploration and mining projects, including La Caypa project located in the Barrancas Municipality, Guajira Department in Colombia; Jam project located in Samaca in the Boyaca Department of Central Colombia; La Tigra, a steam coal and asphaltite exploration project located in the Santander Department in Central Colombia; and Cerro Largo project located in La Jagua de Ibirico, a municipality in the department of Cesar, Colombia. The company is headquartered in Toronto, Canada.

pacific coal resources ltd (VGGGF) Top Compensated Officers

Executive Chairman and Chief Executive Office...
Total Annual Compensation: $250.0K
Chief Financial Officer
Total Annual Compensation: $158.4K
Chief Operating Officer
Total Annual Compensation: $155.5K
Executive Vice President
Total Annual Compensation: $156.6K
Vice-President of Legal
Total Annual Compensation: $185.4K
Compensation as of Fiscal Year 2013.

pacific coal resources ltd (VGGGF) Key Developments

Pacific Coal Resources Ltd. Reports Production Results for the Second Quarter and Year to Date of 2014; Provides Production Guidance for the Second Half of 2014 and 2014

Pacific Coal Resources Ltd. reported production results for the second quarter and year to date of 2014. In the second quarter of 2014, the company produced 87,618 tonnes from the Cerro Largo mine, over two times the amount produced in the first quarter of 2014 (35,593 tonnes) and 12% greater than the second quarter of 2013 (78,429 tonnes). Production at Cerro Largo in January and February 2014 was lower as the Company finalized a contract with a new third party operator, who commenced operations late in the first quarter of 2014. Production was 36% below planned production for the second quarter of 2014 as the new operator's ramp-up to full production was slower than originally anticipated. For the year to date, the company reported production of coal of 123,211 metric tones. Production targets for 2014 at Cerro Largo are 0.4 million tonnes, an approximately 32% increase over the tonnes produced in 2013. For the remainder of 2014, the company is aiming to maximize south pit production and working towards full-scale underground production at the La Caypa mine, beginning by completing the 40,000 tonne pilot project by the end of the year. At the Cerro Largo mine, the company will continue its focus on maximizing operations and lowering costs as the mine's new third party operator ramps-up to full production.

Pacific Coal Resources Ltd. Announces Unaudited Consolidated Earnings and Production Results for the First Quarter Ended March 31, 2014; Provides Production Guidance for the Full Year of 2014

Pacific Coal Resources Ltd. announced unaudited consolidated earnings results for the first quarter ended March 31, 2014. For the quarter, the company reported revenues of $35,671,000 against $21,901,000 a year ago. Adjusted earnings before interest, taxes, depreciation and amortization were $3,087,000 against adjusted loss per share before interest, taxes, depreciation and amortization of $2,503,000 a year ago. Earnings from operations were $1,161,000 against loss from operations of $4,887,000 a year ago. Net loss attributed to shareholders was $113,000 against $3,150,000 a year ago. The company also announced production results for the first quarter ended March 31, 2014. For the quarter, the company produced 274,421 tonnes of coal in the first quarter of 2014 from open-pit mining, representing an increase of 24% from the first quarter of 2013 of 223,346 tonnes. The increase from the first quarter of 2013 can be attributed to the fact that the current operator of La Caypa commenced operations in February 2013, therefore production in the first quarter of 2013 was limited. The decrease from the fourth quarter of 2013 can be attributed to the ramp up of the south pit operations in the first quarter of 2014, which began in November 2013. The company is forecasting thermal coal from La Caypa in 2014 of approximately 960,000 tonnes (open pit production of 920,000 tonnes and underground production of 40,000 tonnes), representing a 5% production decrease from 2013. The company had initially forecasted production of an additional 130,000 tonnes from open pit production in 2014, but production results in the second and third quarter of 2014 are expected to be lower than originally estimated as a result of adverse geological conditions in the section from which the company plans to produce.

Pacific Coal Resources Ltd., Annual General Meeting, Jun 04, 2014

Pacific Coal Resources Ltd., Annual General Meeting, Jun 04, 2014., at 10:00 US Eastern Standard Time. Location: Suite 1100 - 333 Bay Street. Agenda: To receive the consolidated annual financial statements for the year ended December 31, 2013 and the auditors' report thereon; to fix the number of directors for the ensuing year at nine; to elect the directors of the Corporation until the next annual meeting of the shareholders of the Corporation or until their successors are elected or appointed; to appoint auditors of the Corporation to hold office until the close of the next annual meeting and authorize the board of directors to fix their remuneration; to re-approve, as required by the TSX Venture Exchange on an annual basis, the Corporation's rolling stock option plan, as described in the enclosed Management Information Circular; and to transact such further and other business as may properly be brought before the Meeting or any adjournment thereof.


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