2011 Production Update (0683W)
January 24 2012 - 4:30AM
UK Regulatory
TIDMATC
RNS Number : 0683W
Atlantic Coal PLC
24 January 2012
Atlantic Coal plc / Index: AIM / Epic: ATC / Sector: Mining
Atlantic Coal plc ("Atlantic" or the "Company")
2011 production update
Atlantic Coal plc, the AIM listed open cast coal production and
processing company with activities in Pennsylvania, USA, announces
a production update for the 12 months ending 31 December 2011 from
the Stockton Colliery ("Stockton"), its opencast anthracite
operation in Pennsylvania.
During 2011 Atlantic mined 208,730 tons of run-of-mine coal
("ROM") (2010: 203.060) (against a targeted annual production of
300,000 tons of ROM for 2011) and removed 3,257,776 bank cubic
yards ("BCY") of overburden (2010: 2,837,863). 233,241 ROM coal was
washed (2010: 229,293) which produced 105,403 tons of clean coal
(2010: 88,620). Sales for the year were 106,403 tons (2010: 97,349)
at an average price of US$142.33 per ton (2010: $124.43). 23,149
tons of ROM coal is also held as stock (2010: 21,216).
As announced on 14 July 2011, the Company has experienced
increasing mechanical problems with its DeMag H185 excavator and
ceased its operation altogether from September 2011. The Company
acquired a Komatsu PC2000 hydraulic excavator ("Komatsu") as a
replacement in October 2011 and, since becoming operational, this
has already had a positive effect on production which the Board
anticipates will be further enhanced when the second Liebherr 9250
19-yard bucket hydraulic excavator ("Liebherr") becomes
operational, scheduled to be in Q1 2012.
In addition, whilst the construction of the railroad diversion
was completed in Q3 2011 on schedule, certain delays have occurred
in the negotiations with operators regarding commissioning. These
delays are reflected in a higher ratio of coal to overburden than
Atlantic's mine plan had originally forecast. However the Board is
confident that these discussions will progress positively and looks
forward to updating shareholders at the appropriate time.
Production summary:
Run-of-minel (tons) Overburden Production Coal Average Revenue
Removed (k) Tonnage (tons) Sales (tons) Price (US$) (US$)
-------------------- ------------- ---------------- -------------- ------------- -----------
208,730 3.257,776 100,139 106,403 142.33 14,196,884
-------------------- ------------- ---------------- -------------- ------------- -----------
Atlantic Managing Director, Steve Best, said, "Whilst we had
anticipated higher production figures from Stockton for 2011, we
remain confident that, with the Komatsu already operational and a
second Liebherr becoming operational in Q1 2012, we will see
increased production for 2012 and indeed, both initial production
and sales price figures for January 2012 look to be a large
improvement on those achieved in January 2011.
**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
Peter Rose FoxDavies Tel: 020 3463 5030
Simon Leathers FoxDavies Tel: 020 3463 5010
Hugo de Salis St Brides Media & Finance Tel: 020 7236 1177
Ltd
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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