GCL 0.00% $3.54 gloucester coal ltd

GLOUCESTER COAL LTDABN 66 008 881 712Level 9 Citadel Towers...

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    GLOUCESTER COAL LTD
    ABN 66 008 881 712
    Level 9 Citadel Towers (Tower B)
    799 Pacific Highway
    Chatswood NSW 2067
    Sydney – Australia
    Telephone: 61-2 9413 2028
    Facsimile: 61-2 9413 4802
    Email: [email protected]
    GLOUCESTER COAL
    PRESS RELEASE
    Gloucester Coal Ltd
    2005 Japanese Steel Mill Price Settlement
    GCL has concluded negotiations with the Japanese steel mills in regard to contract
    tonnage and price for the 2005/2006 Japanese financial year. GCL is pleased to report
    that the average price for Gloucester coking coal from April will be over US$100 per
    tonne, an increase of more than US$55 from the current Japanese financial year’s contract
    price. This is a record sale price for GCL and highlights the significant strength of the
    coking coal market and the continued support by the Japanese steel mills for high
    fluidity Gloucester coking coal.
    GCL Coking Coal US$ Sale Price
    0
    20
    40
    60
    80
    100
    120
    96 97 98 99 00 01 02 03 04 05
    JFY
    US$/tonne
    The price increase is the result of strong international demand for steel products and a
    continued supply shortage of high quality coking coal. The Directors of Gloucester Coal
    believe that this strong market is likely to continue for the foreseeable future.
    Gavin May
    Chief Executive Officer
    21 February 2005
 
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