And at this point, I'd like to turn the call over to Don Lindsay.Donald R. Lindsay Thanks very much, Greg, and good morning to all. I will start with a review of the results for the quarter and then turn the presentation over to Ron Millos, our Senior Vice President of Finance and CFO, to address some of the more in-depth financial topics. And I do have a number of the other members of management team on the call this morning and available to answer your questions. So first, this was a very exciting quarter for us. I'm very proud to report that we recorded one of our highest quarterly profits ever, and this is backed up by record revenues, gross profits, record pretax profits and EBITDA on a normalized basis. The very strong quarter is a reflection of the strong fundamentals of our business, particularly in coal and copper where prices continue to provide great margins. Underscoring our strong financial position is our $4.5 billion cash balance as of today. And of course, that continues to grow in a very healthy way. And finally, in coal, we also set a record for material movement in the quarter, which is an important milestone as we continue to advance our plans for greater coal production. Turning to Slide 6. Q3's record revenues stood at almost $3.4 billion, up 40% from Q3 in 2010, and a gross profit before depreciation and amortization of over $1.8 billion. Third quarter adjusted profit was $742 million, which is up 64% from last year's third quarter while over the same period, EBITDA was $1.7 billion. On Slide 7, we show our view of normalized or adjusted profit for the quarter. Profit attributable to shareholders before adjustments was $814 million. We had unusual items this quarter in the form of a minor asset sale, some FX losses and derivative gains that are related to high coupon debt. And adjusting for these items, profit was $742 million for the quarter or $1.26 per share.
Turning to our operating results on Slide 8. In our coal business, production sales were up about 10% year-over-year at 6 million tonnes and 6.1 million tonnes, respectively. The average realized price for the second quarter was USD $285 per tonne and again, for the 10% discount to the benchmark price of $315 per tonne for premium quality coal. Third quarter 2011 unit site costs were $70 per tonne, and distribution cost came in at $31 per tonne. And this gave us combined cost of CAD $101 per tonne over the quarter. And if you compare that quarter-over-quarter, we've seen our cost decline by approximately 10%.We have decreased our guidance on sales volumes for the year and hence, for the fourth quarter due to recent apparent weakening in steel markets. We expect our annual coal sales volumes to be in the range of between 22.2 million and 23 million tonnes. Achieving this sales range is predicated on full delivery of our contracted volume commitments for the fourth quarter, which currently stand at 5.6 million tonnes. So at 5.6 million tonnes so far, we are continuing to have discussions with customers for more sale. Turning to Slide 10. Over the past few quarters, we have talked about the progress we have been making in terms of adding equipment plant capacity and people. I'm very pleased to highlight in Q3 that we again moved a record amount of material. The bars in this chart show the amount of total material, which includes coal and waste material that we have moved quarterly over the past 2.5 years. Read the rest of this transcript for free on seekingalpha.com