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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Atlantic Coal | LSE:ATC | London | Ordinary Share | GB00B142G994 | ORD 0.07P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.09 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMATC
RNS Number : 3603K
Atlantic Coal PLC
14 July 2011
Atlantic Coal plc / Index: AIM / Epic: ATC / Sector: Mining
14 July 2011
Atlantic Coal plc ("Atlantic" or the "Company")
Stockton Update for Six Months to 30 June 2011
& Revision of Annual Production Target
Atlantic Coal plc, the AIM listed open cast coal production and processing company with activities in Pennsylvania, USA, announces an update from the Stockton Colliery ("Stockton"), its opencast anthracite operation in Pennsylvania.
Production of clean coal and the levels of overburden removed increased in comparison with the corresponding period in 2010 largely as a result of the utilisation of the Liebherr 9250 19-yard bucket hydraulic excavator ("Liebherr"), which commenced operations in June 2010. There was a 65% increase in production of run-of-mine coal ("ROM") to 121,251 tons (2010: 73,550 ROM tons) and a 17% increase in overburden removed to 1,641,727 bank cubic yards ("BCYs") (2010: 1,393,864 BCYs). 123,037 tons of ROM coal was washed, representing an increase of 21% (2010: 101,381 ROM tons), producing 59,553 tons of clean coal - an increase of 62%. 60,515 tons were sold during the last six months at an average price for prepared coal of US$136.14 and, including by-product, an overall average sale price of US$126.12. ROM stocks were 36,593 tons (2010: 18,853).
The Company's 17 year old DeMag H185 excavator ("DeMag") has experienced mechanical difficulties primarily due to age and a lack of availability of replacement parts in the market. Accordingly, its utilisation levels have been affected, which, in tandem with time delays caused by unusually bad weather, has translated into a revision of the targeted annual production to 300,000 tons of ROM for 2011 from 450,000-500,000 tons of ROM. However, these results are considerably improved in comparison to H1 2010, highlighting the positive impact of the new Liebherr. With this in mind, the Board anticipates that the second Liebherr, scheduled to be operational during Q1 2012, will also enhance excavation capacity and facilitate increased ROM tons supplied to the wash plant.
Atlantic Managing Director Steve Best said, "Production over the last six months has increased in comparison with the equivalent period last year and we have made headway in clearing the overburden at Stockton, which is particularly positive at this time as local and global demand for our product remains high. The reduction in our annual production target is naturally disappointing and to a certain extent beyond our control, but we look forward to the arrival of the second Liebherr in the first quarter of 2012 and anticipate that this will enhance excavation capacity and facilitate increased ROM tons supplied to the wash plant."
**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 Peter Rose FoxDavies Tel: 020 3463 5030 Simon Leathers FoxDavies Tel: 020 3463 5010 Hugo de Salis St Brides Media & Finance Tel: 020 7236 1177 Ltd Elisabeth Cowell St Brides Media & Finance Tel: 020 7236 1177 Ltd
Notes
Atlantic Coal plc is an AIM listed coal production and processing company focussed predominantly on open cast mining and the processing of anthracite coal in Pennsylvania, USA. The Company's primary asset is the Stockton Colliery, a producing surface coal mine and adjacent anthracite preparation plant encompassing an area of approximately 900 hectares located in Hazel Creek in North-East Pennsylvania, which has current Proven Reserves of 4.2 million tons run-of-mine coal.
Atlantic's strategy is to create a significant mid-tier coal company; both through the expansion of activities at Stockton and identifying additional sites in Pennsylvania to build its production and resource profile, primarily by acquiring defined assets in stable, recognised, high quality coal regions. The Board has identified opportunities to expand within the region and is involved in ongoing negotiations regarding adjacent sites, with the intention of acting as a regional consolidator in the Pennsylvanian Coal Field. Expansion within the local area has the potential to minimise upfront deal costs as a result of existing and proven infrastructure, equipment, facilities and market demand.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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