Atlantic Coal Share News (ATC)

AIM-listed miner Atlantic Coal impressed with the signing of a joint venture with a China-based company that will buy at least 100,000 tonnes of its coal per year.China-based CIC Brancepeth Coal, which was founded and is currently managed by AIM-listed CIC Capital, also wants US-focused Atlantic to provide coal mining and processing expertise.Atlantic Coal must pay all shipping costs, including duties, tariffs and taxes under the coal sale agreement, which will begin no later than March 31st and last for three years, followed by a possible extension.Managing Director Steve Best said CIC brought over 22 years of experience in the Chinese coal market "which will not only facilitate the marketing of our premium anthracite to what is the world's largest user of anthracite but also provide the essential local contacts to ensure effective transport and distribution to end users primarily in the iron and steel industry". Shares in Atlantic Coal were up 29.8% to 0.31p at 13:10 on Thursday, at which point CIC Capital's were up 6.7% at 6p.OH