Atlantic Coal PLC Q3 production, sales update and TVR (0629S)
November 04 2013 - 2:00AM
UK Regulatory
TIDMATC
RNS Number : 0629S
Atlantic Coal PLC
04 November 2013
Atlantic Coal plc ("Atlantic Coal" or the "Company")
Q3 2013 Production, sales update and total voting rights
Atlantic Coal, the AIM listed anthracite coal mining company
operating in Pennsylvania, USA, is pleased to announce a positive
production and sales update for the quarter ended 30 September 2013
from its Stockton Anthracite Mine ("Stockton"), located near
Hazleton, Pennsylvania.
Q3 Key production and sales fundamentals:
-- Clean coal production of 28,629 tons (Q2 2013: 30,641 tons);
-- Clean coal sales of 40,462 tons (Q2 2013: 23,761 tons);
-- Clean coal stockpile stood at 3,646 tons (Q2 2013: 17,162 tons);
-- Average sales price realized was US$121.82, excluding by-product #5 (Q2 2013: US$126.40)
-- Run of Mine ("ROM") production of 50,905 tons (Q2 2013: 122,616 tons);
-- ROM stockpile stood at 59,395 tons (Q2 2013: 91,599 tons);
-- 572,334 bank cubic yards ("BCY") of overburden removed (Q2 2013: 291,732 BCY);
Production Summary:
Overburden Clean Coal Production Coal Sales (tons) Average Price (US$/ton)
Removed (BCY) (tons)
572,334 28,629 40,462 121.82
Atlantic Coal's Managing Director, Steve Best, said: "Our Q3
volumes were strong and I am pleased to report that at the end of
October our total sales for 2013 had already exceeded the 2012
total of 140,213 tons. This is particularly encouraging given that
we scaled back mining operations during the quarter to focus on
sales to reduce our stockpile. This also had the benefit of
reducing costs over the summer months.
Our overburden removal operations were, however, increased in
the upper mine levels where the overburden is softer and no
blasting is required with the result that costs per cubic yard are
consequently cheaper. This "advance" overburden removal will stand
us in good stead as we look to increase our coal production in
Q4.
I am also pleased to report that market price levels are now
improving and against this background we have commenced two full
shifts working at both the mine and the washing plant in
anticipationof higher demand as we go into the winter.
We look forward to providing further updates on our progress at
Stockton and our new Pott and Bannon project, together with our
wider strategy to increase our presence in the US anthracite
industry, at the appropriate time."
Total voting rights
The Company's issued share capital is 3,973,047,302 ordinary
shares with voting rights. The Company does not hold any ordinary
shares in treasury. Therefore the total number of ordinary shares
in the Company with voting rights is 3,973,047,302.
The above figure may be used by shareholders in the Company as
the denominator for the calculations by which they will determine
if they are required to notify their interest in, or a change to
their interest in, the issued share capital of the Company under
the Financial Conduct Authority's Disclosure and Transparency
Rules.
**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
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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