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ATH Ath Resources

0.325
0.00 (0.00%)
13 Sep 2024 - Closed
Delayed by 15 minutes
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

Planning application

22/02/2005 7:01am

UK Regulatory


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

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