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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Ath Resources | LSE:ATH | London | Ordinary Share | GB00B013H730 | ORD 0.5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.325 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:8617I ATH Resources plc 22 February 2005 Press Release 22 February 2005 ATH Resources plc ("ATH Resources" or "the Company") Planning application for Laigh Glenmuir ATH Resources plc, one of the UK's largest coal producers, announces that it is today submitting a planning application to mine 500,000 tonnes of coal at Laigh Glenmuir. The Laigh Glenmuir project of some 47 hectares is located approximately 2km to the north of the operational Garleffan opencast coal mine in Ayrshire and will produce low ratio coal over two years to be supplied to the market through its New Cumnock railhead. This is the first of three planning applications which the Company anticipates making during the first six months of 2005. In addition, the Company is continuing to seek other opportunities to develop the business within the sector. Since ATH Resources reported its maiden set of Preliminary Results on 8 December 2004, the Company has experienced a downturn in production at its Garleffan and Skares Road mines. This has been largely due to a difficult winter period in Ayrshire in which several months of severe wet weather has made it increasingly difficult for the mines to run at full operational capacity. The Company has taken steps to increase production with additional excavators being installed at both mines with the aim of making up the shortfall in production over the remainder of the year. ATH Resources is aware of the increases in international coal prices but has a portfolio of coal supply contracts with electricity generators at lower historic prices which run beyond 2006. Consequently, while the Company will endeavor to exploit any opportunity to supply coal around the fringes of its contracts at the higher prices this benefit will be largely offset by the increased costs of raw materials and in particular fuel oil for the plant fleet. Tom Allchurch, Chief Executive of ATH Resources plc, said: "We continue to develop our business as intended at the time of our AIM admission in June 2004 with the objective of providing a stable income to Shareholders. We have experienced a difficult production period over the winter but are confident that the mines will shortly start to recoup production lost to inclement weather." - Ends - For further information: ATH Resources Tom Allchurch, Chief Executive Tel: +44 (0) 1302 760 462 tom@ath.co.uk www.ath.co.uk Media enquiries: Abchurch Henry Harrison-Topham Tel: +44 (0) 20 7398 7702 henry.ht@abchurch-group.com www.abchurch-group.com Notes to Editors: ATH Resources is an AIM-listed operator of opencast coal mines in the UK with its current two operational mines, Skares Road and Garleffan, located near New Cumnock, East Ayrshire in Scotland. The Company is currently the third largest producer of coal in the UK producing approximately 1.6 million tonnes per annum. Coal was used to generate 34.7 per cent of the UK's electricity in 2003 and the Company holds coal supply contracts with four of the UK's main electricity generating companies. The management team has been in place since 1998. It acquired the rights to operate (and subsequently acquire) the Skares Road mine with support from The Alchemy Plan and Bank of Scotland. Following ATH Resource's incorporation in October 2003, and backed by a follow on investment from The Alchemy Plan, the Company acquired the Garleffan mine in November 2003. In addition to the Skares Road and Garleffan mines, the Company also has a number of other coal mining projects in Scotland and two through its French subsidiary, SRMMC including a series of six existing coal concessions in south-central France, covering an area of 36km2 with an estimated resource of approximately 4.5 million tonnes of recoverable coal. ATH Resources listed on the AIM market of the London Stock Exchange in June 2004 under the symbol ATH.L This information is provided by RNS The company news service from the London Stock Exchange END MSCSEFFWFSISEFE
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