LONDON (Alliance News) - Atlantic Coal PLC on Friday said it has ordered further equipment for its Stockton Mine in Pennsylvania in the US following the delivery of a hydraulic excavator to the site.
Atlantic said it has ordered an additional ten items of heavy mining machinery from Midlantic, a subsidiary of Japanese heavy plant equipment manufacturer Komatsu Inc.
The acquisition of the new equipment will be funded through an asset-based lease purchase agreement, at a total cost of USD20 million over six years.
"We anticipate that the acquisition of the new equipment will assist with our operational efficiency and enable us to meet our production goals for the immediate future," said Steve Best, Atlantic Coal's Managing Director.
Shares in Atlantic Coal were up 7.2% to 0.134 pence on Friday morning, one of the best performers in the AIM All-Share.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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