LONDON (Alliance News) - Coal miner Atlantic Coal PLC saw its shares rise in early trade on Thursday after it posted sharp increases in clean coal production and coal sales in the nine months to the end of September.
The company, which operates from the Stockton anthracite mine in the US state of Utah, said its clean coal production in the nine months to September 30 rose 28% to 151,523 tonnes, up from 118,279 tonnes a year earlier, while its run of mine production rose 50% to 365,985 tonnes from 243,527 tonnes.
Atlantic Coal also said its total coal sales in the nine months increased to 186,186 tonnes, a 65% year-on-year increase from 112,831 tonnes.
"I am pleased to report an excellent production and sales performance during the third quarter. This is particularly pleasing when viewed against the very challenging market conditions for commodities, in particular for thermal and metallurgical coals, the prices of which have plunged dramatically," said Managing Director Steve Best.
Shares in Atlantic Coal were up 10% to 0.149 pence on Thursday, one of the best performers in the AIM All-Share.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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