Atlantic Coal PLC Q2 2013 Production Update (1451K)
July 26 2013 - 2:00AM
UK Regulatory
TIDMATC
RNS Number : 1451K
Atlantic Coal PLC
26 July 2013
Atlantic Coal plc / Index: AIM / Epic: ATC / Sector: Mining
26 July 2013
Atlantic Coal plc ("Atlantic Coal" or the "Company")
Q2 2013 Production Update
Atlantic Coal, the AIM listed anthracite coal mining company
operating in Pennsylvania, USA, is pleased to provide a production
update for the quarter ended 30 June 2013 from its Stockton
Anthracite Mine ("Stockton"), located near Hazleton,
Pennsylvania.
Q2 Key Production and Sales Fundamentals:
-- Run of Mine ("ROM") anthracite production experienced a 24.4%
quarter on quarter increase to 122,616 tons (Q1 2013: 98,529
tons)
-- ROM stockpiles stood at 91,599 tons which is a 265% increase
in comparison to Q1 2013 - the intention is to take advantage of
anticipated improved pricing environment later in the year
-- Clean coal production for the period was 30,641 tons (Q1
2013: 53,131 tons) and clean coal sales stood at 23,761 tons (Q1
2013: 53,324 tons) in response to a combination of the usual fall
off in demand in the spring and also to softening prices
-- Average sales price of anthracite was US$126.40 (Q1 2013: US$139.84)
-- Overburden removal during the period stood at 291,732 bank
cubic yards ("BCY") (Q1 2013: 847,434 BCY)
Production Summary:
Overburden Removed (BCY) Clean Coal Production (tons) Coal Sales (tons) Average Price (US$/ton)
291,732 30,641 23,761 126.40
Atlantic Coal's Managing Director Steve Best said, "While
anthracite prices have been depressed over the last year and
suppliers have sought to reduce inventory, Atlantic Coal has
weathered this period successfully. We have taken the decision to
decrease costs by significantly reducing overburden removal but the
continued strong ROM production demonstrates the on-going
effectiveness of our operations at Stockton. We have also taken the
decision to stockpile ROM production rather than process it at
current price levels, in order to take advantage of an anticipated
improved pricing environment in H2 2013 as demand typically
increases during the winter months. Our ability to rapidly modify
our production, processing and sales in reaction to a constrained
pricing environment is testament to the flexible operational model
we have built at Stockton and we look forward to providing further
updates regarding progress at both this asset, and our 410 acre
Pott and Bannon site, over the coming months."
**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
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
MSCNKPDNKBKDOOB
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