Coal Miner New World Beat Earnings Expectations

2:10 AM ET Wed, 24 Aug 2011

"We benefitted from good pricing first half prices were up very significantly and production was up some 7 percent at 5.85 million tons and in our business production is a leverage," Mike Salamon executive chairman at New World Resources told CNBC. He added the third quarter would see a fractional decline in pricing for coal but was still strong while discussions in the Far East for coking coal were around £300 a ton which was relative to $315 a ton for the third quarter.