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Takeover target Macarthur Coal Limited (ASX:MCC) says wet weather hit its June quarter production, resulting in a 22.5 per cent decline in sales from the same time a year before.
For the year saleable coal production was down 24 per cent to 3.81 million metric tons.
While the Queensland coal miner lifted a force majeure at the end of April, the continuing impact of weather conditions has been blamed for the drop in sales and output.
The force majeure freed Macarthur from the obligation to deliver on its contracts from December 3, 2010 to April 28, 2011.
Two weeks ago Macarthur Coal received a $4.7 billion joint takeover bid by mining giant, Peabody Energy and steel giant ArclorMittal.
In the six months to 31 December 2010, Macarthur Coal reported a net profit of $141.2 million.
