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Atlantic Coal signs option on new US anthracite site

Tue, 03rd Jan 2012 09:00

US focused aim listed miner Atlantic Coal rallied after it signed an option on a new US anthracite property that could more than double its anthracite reserves.The lease option with Pennsylvania based Reading Anthracite is for a permitted 410 acre site in the Pennsylvanian Anthracitic Belt, 25 miles from where the group's existing Stockton Colliery is currently producing. Managing director Steve Best said, "We are extremely pleased to have been able to secure an option on this major site. This agreement is in line with our growth strategy of expanding our regional footprint in this prime anthracite region, which has excellent infrastructure and established demand, and building Atlantic Coal into a major anthracite producer in the USA."Atlantic estimates that the site contains reserves of 12m tons Run of Mine with 4.1m tons of clean coal, which means the group could potentially more than double existing anthracite reserves. Atlantic Coal's average sales price during November 2011 of anthracite in Pennsylvania was around $156 per ton.Atlantic will pay $6m in cash and shares to RAC, subject to due diligence, and grant it $3m worth of warrants at 0.75p per share.The group also said there is strong potential for building a commercial relationship with RAC, a US anthracite company.--cj
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Atlantic Coal Loss Narrows, But Cash Pile Also Dwindles

LONDON (Alliance News) - Atlantic Coal PLC Thursday said its pretax loss narrowed in its last financial year, as lower costs in some areas of the business more than offset pressure on anthracite prices. However, its cash pile is dwindling. Atlantic Coal said its cash at bank fell to USD877,

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29 Apr 2014 13:15

UK MIDDAY BRIEFING: BP Profit Down, But Payout Up Again

LONDON (Alliance News) - BP Tuesday said its pretax profit fell 73% in the first quarter, due to lower revenues and after last year's result was buoyed by the sale of its stake in TNK-BP, but it raised its quarterly dividend for the second time in six months and said further s

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UK WINNERS & LOSERS: Experian Up And Intertek Down As CFO Switches

LONDON (Alliance News) - The following stocks are the leading risers and fallers within the main London indices midday Tuesday.
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FTSE 100 - WINNERS
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Shire, up 3.6%. The pharmaceutical company is the leading riser in the blue-c

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29 Apr 2014 09:40

Atlantic Coal Production Rates Hit By Pennsylvania's Cold Weather

LONDON (Alliance News) - Atlantic Coal PLC Tuesday said its production rates and coal sales volumes fell in its first quarter due to weather constraints in North America during the period. The coal miner said its clean coal production fell 14% to 35,757 tonnes in the three months ended Marc

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28 Feb 2014 10:06

Atlantic Coal Hopes To Boost Mine Output With Machinery Order

LONDON (Alliance News) - Coal miner Atlantic Coal PLC Friday said it has ordered new heavy trucks and bulldozers, purchases it hopes will further increase output at its Stockton Colliery in Pennsylvania. In a statement, the company said it has ordered six Komatsu Model HD785-7 100 ton haul

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20 Jan 2014 09:00

Atlantic Coal Says Production Grew By 45% In Fourth Quarter

LONDON (Alliance News) - Atlantic Coal PLC Monday said it has achieved higher sales volumes for the full year, following a 45% production increase in its fourth quarter. The AIM-listed anthracite coal mining company, with operations in Pennsylvania, said its production for the three months

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7 Jan 2014 16:24

Atlantic Coal directors stock up

Peter Chinneck, a Non-Executive Director of Atlantic Coal, has acquired five million shares in the coal production and processing company. Chinneck spend 0.24p a piece, giving a total trade value of £12,000. He now holds a total of 218m shares, equal to a stake of around 4.68%. Meanwhile, the wi

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Iofina Chairman shows confidence after profit warning

Proving his confidence in the business on the day it published a profit warning, Iofina Chairman Chris Fay splashed the cash in two separate share purchases. Fay first bought £50,000 worth at 101p in the morning after the shares plummeted from Monday's 132.25p closing price. Later in the day he f

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14 Nov 2013 13:15

Atlantic Coal jumps on China offtake joint venture

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Atlantic Coal Lifted By Coal Sale Agreement Into China

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