Canada’s coal industry is looking ahead to a brighter future, as leading producers increase their production in a bid to meet surging demand from the international steel sector and higher contract prices. After releasing its year-end financial results on Wednesday, Calgary-based Grande Cache Coal Corp. (TSX: T.GCE), said it plans to boost its annual production rate to 3.5 million tonnes by the end of fiscal 2013, an increase from 1.74 million tonnes in the year ended March 31st, 2010.
“Business is very strong,’’ said David Jan, a spokesman for Western Coal Corp. (TSX: T.WTN), which is eyeing higher production after announcing plans on Wednesday to buy the remaining interest in British company Energybuild Group Plc that it doesn’t already own.Jan said Western is planning to use its financial strength to boost annual production from operations in Canada, the United States and Wales to 10 million tonnes by 2013 from 3.4 million in 2010.
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