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Gloucester Coal Announces 100% Price Increase For Coking Coal - Quick Facts

Gloucester Coal Ltd (GCL.AX) announced that it had reached terms for its semi-hard coking coal volumes for Japanese Fiscal Year 2011 at prices close to 100% higher than those achieved for 2009/10 contracts.

The company said that the new coking coal prices represent the second highest price ever achieved for its coking coal. The company stated that the price confirms the high value customers place on its coking coal properties and continued strong demand from both existing and new customers in Asia.

The increase in production of coking coal will allow for additional export and local sales, the company added. Exports of coking coal will continue to be centered on five major Japanese Steel Mills but additional strategic markets are
being developed as production increases.

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