By Jason Scott
May 5 (Bloomberg) -- Centennial Coal Co. rose the most in three weeks in Sydney trading after saying it will increase exports as a new mine and shipping terminal are built.
The Sydney-based coal producer rose as much as 11 percent, the most since April 14, before trading 15 cents higher at A$2.12 at 10:41 a.m. local time. The stock has fallen 36 percent this year.
Exports will rise to more than 4 million metric tons this fiscal year and to 5 million tons in the year ending June 30, 2010, the company said in a presentation released today on the Australian stock exchange.
Centennial operates 10 mines in Australia’s New South Wales state, producing almost 20 million tons a year of coal that’s sold locally and to utilities in Japan, South Korea, China, Taiwan and Europe.
Construction started in March on a new 1.8 million ton a year mine at Airly, due to begin production next year. The Newcastle Coal Infrastructure Group terminal is expected to be operational in 2010’s third quarter, it said.
To contact the reporter on this story: Jason Scott in Perth at Jscott14@bloomberg.net
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