Hot Features
Premium
Register to chat with like-minded investors on our interactive forums.
Atlantic Coal, an AIM listed anthracite coal mining company operating in Pennsylvania, USA, has announced a production and sales update for both the quarter and full year ended 31 December 2013 from its Stockton Anthracite Mine , located near Hazleton, Pennsylvania.
Q4 2013 Key production and sales fundamentals:
● 45% increase in clean coal production to 41,555 tons (Q3 2013: 28,629 tons);
● Clean coal sales of 42,280 tons (Q3 2013: 40,462 tons);
● Clean coal stockpile stood at 2,922 tons (Q3 2013: 3,646 tons);
● Increased average sales price realised of US$123.30, excluding by-product #5 (Q3 2013: US$121.82)
● 104% increase in Run of Mine (“ROM”) production of 104,344 tons (Q3 2013: 50,905 tons);
● ROM stockpile stood at 59,791 tons (Q3 2013: 59,395 tons); and
● Increased bank cubic yards (“BCY”) of overburden removed 911,568 (Q3 2013: 572,334 BCY).
Full Year 2013 key production and sales fundamentals:
● Clean coal production of 151,265 tons (2012: 161,183 tons);
● Clean coal sales of 166,781 tons (2012: 140,213 tons);
● Clean coal stockpile at 31 December stood at 3,175 tons (2012: 23,024 tons);
● Average sales price realised was US$128.23, excluding by-product #5 (2012: US$149.20)
● ROM production of 369,215tons (2012: 415,700 tons);
● ROM stockpile at 31 December stood at 59,791 tons (2012: 41,923 tons);
● BCY of overburden removed 2,621,892 (2012: 3,728,597 BCY); and
● Significant improvement to mine strip ratio of overburden to clean coal to 17.3 (2012: 23.1).
Atlantic Coal’s Managing Director Steve Best said, “Our Q4 2013 volumes and general performance were strong with coal production increasing by 45% and sales increasing by 4.5% compared with Q3 2013. There was an increase of 1.2% in the average sales price which was very welcome following the 1.2% increase between Q3 and Q2 2013 and confirming that market price levels are now strengthening.
“I am also pleased to report that the strong Q4 2013 performance propelled us to a very positive performance in 2013. Record sales of 166,183 tons (18.9% increase on 2012) were slightly tempered by a decrease in production to 151,265 tons (9.4% decrease on 2012) but this reflects the fact that we scaled back mining operations during the earlier part of the year to focus on sales to reduce our stockpile and to reduce costs over the summer months.
“Our investment in mine planning and continuing benefits from the diversion of the railroad in April 2012 has significantly improved mining operations with a reduction in mining strip ratio of overburden to clean coal from 23.1 to 1 in 2012 to 17.3 to 1 in 2013 with a consequent positive effect on mine performance.
“In October 2013 we commenced two full shifts working at both the mine and the washing plant in anticipation of higher demand and strengthening coal prices which has proved to be a beneficial decision with record sales for 2013 and coal prices on an upward curve and we look forward with confidence to a successful 2014 for Atlantic Coal.”
