Atlantic Coal Share News (ATC)

South African mining company Strategic Natural Resources has notched up its first revenues, raking in £72,000 in the six months to 31 August 2009. It posted a pre-tax loss, however, of £0.14m, after making a pre-tax profit of £4.12m a year earlier when the company banked a £4.31m gain on the sale of the group's 26% interest in Elitheni Coal.The company attracted a lot of mergers and acquisitions interest in the reporting period, and remains in discussions with Absolute Holdings about a possible bid for the Johannesburg-listed company.In August, Atlantic Coal took a 9.99% stake in the company and contemplated making a bid for Strategic Natural Resources (SNC) of not less than 15p a share. Atlantic subsequently disposed of its stake after the board of SNC rejected Atlantic's advances.The company is beginning to see some increase in mining and smelting activities in South Africa which 'will result in increasing interest in the Elitheni resource, the sole coal mine active in the Eastern Cape with access to export facilities and a supply contract for a new power plant at its mine mouth,' the company chairman, Richard Latham said.