For the month of December, Quest Minerals & Mining, announced coal revenues of $350,000. Quest's operating subsidiary, Gwenco, Inc., for the month of December, produced and shipped 11,500 gross tons, resulting in sales of over 5,200 clean tons of coal.
Eugene Chiaramonte, Jr., President of Quest, stated, "We are pleased to report that Gwenco increased its coal sales by approximately 20% from the prior month of November. We shipped 11,500 tons to our buyers during the month, resulting in the sale of over 5,200 clean tons of coal at $67.00 per ton. Our average recovery rate remained relatively constant at 46%, which remains extremely close to our goal of 50% or greater recovery. What makes these production results even more impressive is that we achieved these results even though there was a severe power outage in the region which caused a nine day closure during the second half of December," Chiaramonte continued. "We produced 3,500 clean tons during the first half of December alone. Without the power outage, we were on pace to produce over 7,000 clean tons for the month, which would have put us very close to our goal of 10,000 clean tons per month. With each month's production, we are making more and more progress towards our initial operational goals. We continue to believe that, if we are able to continue to operate without any significant delays or mining stoppages, we will achieve these goals in this new fiscal year. We also continue to believe that demand for coal, both in the United States and abroad, is rebounding and getting stronger, with U.S. and Asian steel producers continuing to show positive signs."
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About Quest Minerals & Mining
Quest Minerals & Mining Corp., or Quest, acquires and operates energy and mineral related properties in the southeastern part of the United States. Quest focuses its efforts on properties that produce quality compliance blend coal.
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