Atlantic Coal PLC Positive Q1 2013 Production Update (7937B)
08 April 2013 - 8:20PM
UK Regulatory
TIDMATC
RNS Number : 7937B
Atlantic Coal PLC
08 April 2013
Atlantic Coal plc / Index: AIM / Epic: ATC / Sector: Mining
8 April 2013
Atlantic Coal plc ("Atlantic Coal" or the "Company")
Positive Q1 2013 Production Update
Atlantic Coal plc, the AIM listed anthracite coal mining company
operating in Pennsylvania, USA, is pleased to announce a positive
production update for the quarter ended 31 March 2013 from its
Stockton Anthracite Mine ("Stockton"), located near Hazleton,
Pennsylvania.
Q1 2013 Key production and sales fundamentals:
-- Operational performance continues to improve at Stockton with record production
-- 67% increase in clean coal produced to 53,131 tons in
comparison with Q1 2012 (Q1 2012: 31,729)
-- 91% increase in coal sales to 53,324 tons in comparison with Q1 2012 (Q1 2012: 27,913 tons)
-- Average sales price of US$139.84 realised (Q1 2012: $166.30)
(2012 yearly average of $149.20:) - reflects a softening over the
winter months in some US industrial markets
-- 18% increase in overburden removed to 847,434 bank cubic yards ("BCY") (Q1 2012: 715,691)
Production Summary:
Overburden Removed (BCY) Clean Coal Production (tons) Coal Sales (tons) Average Price (US$/ton)
847,434 53,131 53,324 139.84
Atlantic Coal's Managing Director Steve Best said: "As
demonstrated by these positive figures for Q1 2013, the production
of high quality anthracite at Stockton has consistently increased
quarter on quarter, since the completion of the Norfolk Southern
Railroad diversion nearly a year ago and the implementation of
operational improvements. We are therefore delivering on our
strategy of increasing production at Stockton, improving
operational performance, and utilising our revised mine plan and
personnel to maximise efficiencies, which enables us to look ahead
with confidence with regards to the performance of this asset.
"I believe that it is worth noting that we have achieved a
number of key milestones over the last 12 months, including
sustained production and sales at Stockton and the acquisition of
the Pott & Bannon property, which more than trebled our
existing reserves. We therefore have a producing asset, significant
anthracite resources and a number of highly exciting acquisition
targets which we believe will enable us to continue to deliver on
our strategy to become a major mid-tier anthracite producer in
Pennsylvania."
**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
Mark Connelly Allenby Capital Limited Tel: 020 3328 5656
Alex Price Allenby Capital Limited Tel: 020 3328 5656
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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