Atlantic Coal PLC Q3 production, sales update and TVR (0629S)

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: [phone] 
 Nick Naylor        Allenby Capital Limited     Tel: [phone] 
 Alex Price         Allenby Capital Limited     Tel: [phone] 
 Elisabeth Cowell   St Brides Media & Finance   Tel: [phone] 
                     Ltd 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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