3 Oct 2008

Record coal prices

7:27 am on 3 October 2008

Solid Energy is fetching record export prices for coal and expects to make a strong profit next year.

The State-owned miner's profit tumbled $62 million to $34.4 million in the June year.

Solid Energy says coal prices declined 15% over the financial year and costs increased.

However, chief operating officer Barry Bragg says the price of coal turned around in the last two months of the year to reach record export prices of up to $US300 per tonne for hard coking coal.

The company has major projects underway to more than double its energy production over the next decade.

However, Mr Bragg says this requires a major capital investment and the company has some concerns about the current financial turmoil.