LONDON (Alliance News) - Atlantic Coal PLC Monday said it significantly increased coal production, sales volume, and its stockpile in the second quarter of its financial year, and said it remains on course to meet production targets for 2014.
The AIM-listed anthracite coal mining company, which operates in the US state of Pennsylvania, said it produced 48,810 tonnes of coal at its Stockton anthracite mine in the quarter ended June 30, up from 35,757 tonnes in the first quarter.
It said sales volumes increased to 39,289 tonnes, from 36,449 tonnes in the first quarter.
Production and sales volumes were also up on the second quarter of last year.
Coal stockpile stood at 12,210 tonnes at quarter end, up from 2,702 tonnes at the end of the first quarter, and run of mine production was 185,903 tonnes, compared with 85,270 tonnes in the first quarter. Run of mine stockpile stood at 46,367 tonnes, compared with 58,036 tonnes in the previous quarter.
"Whilst first quarter production and sales were adversely affected by the worst winter in Pennsylvania for 20 years, we bounced back in the second quarter with a 37% increase in coal production and an 8% increase in sales...This reflects a distinct strengthening in the market and our ability to meet this with increased production," said Managing Director Steve Best in a statement.
Atlantic Coal shares were up 3.7% at 0.140 pence Monday morning.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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