Atlantic Coal PLC Increased Anthracite Production from Stockton (8802N)
04 October 2012 - 4:00PM
UK Regulatory
TIDMATC
RNS Number : 8802N
Atlantic Coal PLC
04 October 2012
Atlantic Coal plc / Index: AIM / Epic: ATC / Sector: Mining
4 October 2012
Atlantic Coal plc ("Atlantic" or the "Company")
Increased Production From Stockton Coal Mine
Atlantic Coal plc, the AIM-listed anthracite coal mining company
operating in Pennsylvania, USA, is delighted to announce a positive
production update for the three months ended 30 September 2012,
from its Stockton mine ("Stockton") located near Hazleton, PA.
Key production fundamentals:
-- Excellent 130% increase in clean coal production year on year
to achieve record production of 44,633 tons (Q3 2011: 19,424)
-- 38% increase in clean coal sold year on year to 33,336 tons (Q3 2011: 24,111)
-- Run-of-mine ("ROM") coal washed more than doubled year on
year to 107, 625 tons (Q3 2011: 50,816 tons)
-- 935,767 bank cubic yards ("BCY") of overburden removed (Q3 2011: 833,055 BCY)
-- Significant improvement in strip ratio of overburden to clean
coal to 21.0 (Q3 2011: 42.9) - photographs of the exposed Mammoth
Seam are available in the gallery section of the Company's website:
www. atlanticcoal.com/Gallery/
-- Robust levels of stock pile inventory, run-of-mine (42,416
tons) and clean coal (23,435 tons) targeted for sale during the
lucrative winter home heating season
-- Average sales price realised was US$148.49 excluding by
product # 5 (Q3 2011: US$146.98) - continued strong national demand
for high quality anthracite but slight quarter on quarter price
drop experienced due to cyclical slower summer period
Atlantic Managing Director Steve Best said, "This is an exciting
time for Atlantic as production at Stockton continues to build upon
the record figures reported in Q2 2012. Stockton's production
profile has been transformed since the successful completion of the
railroad diversion in April 2012, as evidenced by the 130% increase
in production and the 38% increase in sales of clean coal year on
year.
"These results strengthen our position in the region, and with
options currently held over a number of larger anthracite sites,
further details of which were contained in our recent interim
statement, and each with the potential to enlarge our portfolio
substantially, we look forward to the coming months with optimism.
We will update shareholders on the status of these transactions at
the appropriate time.
"In addition, Atlantic has completed reclamation work on nearly
1,000 acres of the former Gowen Mine. This is further good news for
the Company, producing environmental improvements and representing
the completion of a major programme of expenditure."
Q3 2012 Production Summary:
Run-of-mine washed (tons) Overburden Clean Coal Production Average
Removed (bank cubic yards) (tons) Price per ton (US$)
107,625 935,767 44,633 148.49 excluding by product #5
**ENDS**
For further information on the Company, visit
www.atlanticcoal.com or contact:
Steve Best Atlantic Coal plc Tel: 020 3328 5670
Nick Naylor Allenby Capital Limited Tel: 020 3328 5656
Alex Price Allenby Capital Limited Tel: 020 3328 5656
Stefan Olivier Cornhill Capital Ltd Tel: 020 7710 9618
Elisabeth Cowell St Brides Media & Finance Tel: 020 7236 1177
Ltd
This information is provided by RNS
The company news service from the London Stock Exchange
END
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