Atlantic Coal PLC Record Production from Stockton Anthracite Mine (5717V)
January 15 2013 - 5:20AM
UK Regulatory
TIDMATC
RNS Number : 5717V
Atlantic Coal PLC
15 January 2013
Atlantic Coal plc / Index: AIM / Epic: ATC / Sector: Mining
15 January 2013
Atlantic Coal plc ("Atlantic Coal" or the "Company")
2012 Production Update
Record Production from Stockton Anthracite Mine
Atlantic Coal plc, the AIM listed anthracite coal mining company
operating in Pennsylvania, USA, is pleased to announce a positive
production update for the year ended 31 December 2012 from its
Stockton Anthracite Mine ("Stockton"), located near Hazleton,
Pennsylvania.
Key production and sales fundamentals:
-- 61% increase in clean coal produced to 161,529 tons (2011:
100,139 tons) - ahead of the Company's target of 155,000 tons
-- 100% increase in run-of-mine ("ROM") coal produced to 417,839 tons (2011: 208,730 tons)
-- 32% increase in coal sales to 140,213 tons over 2011 (2011: 106,403 tons)
-- Increase in average sales price realised to US$149.20,
(excluding by-product fine coal) (2011: US$142.33)
-- Robust levels of stockpile inventory as at 31 December 2012.
ROM: 44,061 tons (2011 - 23,149) and clean coal: 23,370 tons (2011
- 1,484) available for sale during the main winter home heating
season (January-March)
-- 3,728,597 bank cubic yards ("BCY") of overburden removed (2011: 3,257,776 BCY)
-- Significant improvement to strip ratio of overburden to clean coal to 23.1 (2011: 32.5)
Production Summary:
Run-of-mine Production Overburden Removed Clean Coal Production Coal Sales (tons) Average Price (US$)
(tons) (BCY) (tons)
417,839 3,728,597 161,529 140,213 149.20
Atlantic Coal's Managing Director Steve Best said: "I am
delighted to report these positive production and sales figures
from Stockton, which have established Atlantic as one of the top
five anthracite producers in Pennsylvania. We are now beginning to
see the benefits of our investment programme to improve the
operation of the mine, and I look forward to continued improvement
in performance.
"With a 61% increase in production and the 32% increase in sales
of clean coal over 2011, our revenue also benefited from the 5%
increase in the average sales price of coal.
"During the year we expanded our sales channels and achieved a
significant milestone with the first major export shipment outside
of North America, comprising 11,000 tons of anthracite from
Fairless Hills Port, Philadelphia to Germany for use in the steel
industry. We are positive about further such sales in the
future.
"As well as continuing to maximise production at Stockton, we
continue to hold options over three larger anthracite sites in
Pennsylvania, each with the potential to enlarge our portfolio
substantially, and further details of these options are contained
in previous announcements. Further announcements on the progress of
these transactions will be made at the appropriate time and we look
to the coming year with optimism."
**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
MSCLLFLILTIELIV
Atlantic Coal (LSE:ATC)
Historical Stock Chart
From Jun 2024 to Jul 2024
Atlantic Coal (LSE:ATC)
Historical Stock Chart
From Jul 2023 to Jul 2024