Continental Coal achieves first production at Penumbra

Continental Coal shares jumped by more than 20 per cent on the ASX today, after it announced first production from its Penumbra coal mine in South Africa.

Continental said it was pleased to have hit the milestone of first production of thermal coal from the Penumbra mine.

At close of trade today, Continental shares were trading at 5.1 cents, up 21.43 per cent.

“To be able to announce  that we have achieved first production from the Penumbra coal mine is a really significant moment for the company,” chief executive Don Turvey said.

“It is the result of a huge effort from our operations team and a number of contractors that have been working together on this project for the past 14 months.”

Mr Turvey said the first exports from the mine would be made shortly.

“It is set to be a long-life and low-cost operation which should create significant and sustainable returns for shareholders,” he said.