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Positive Q1 2013 Production Update

8 Apr 2013 11:20

RNS Number : 7937B
Atlantic Coal PLC
08 April 2013
 



Atlantic Coal plc / Index: AIM / Epic: ATC / Sector: Mining

8 April 2013

Atlantic Coal plc ("Atlantic Coal" or the "Company")

Positive Q1 2013 Production Update

 

Atlantic Coal plc, the AIM listed anthracite coal mining company operating in Pennsylvania, USA, is pleased to announce a positive production update for the quarter ended 31 March 2013 from its Stockton Anthracite Mine ("Stockton"), located near Hazleton, Pennsylvania.

 

Q1 2013 Key production and sales fundamentals:

 

·; Operational performance continues to improve at Stockton with record production

·; 67% increase in clean coal produced to 53,131 tons in comparison with Q1 2012 (Q1 2012: 31,729)

·; 91% increase in coal sales to 53,324 tons in comparison with Q1 2012 (Q1 2012: 27,913 tons)

·; Average sales price of US$139.84 realised (Q1 2012: $166.30) (2012 yearly average of $149.20:) - reflects a softening over the winter months in some US industrial markets

·; 18% increase in overburden removed to 847,434 bank cubic yards ("BCY") (Q1 2012: 715,691)

 

Production Summary:

Overburden Removed (BCY)

Clean Coal Production (tons)

Coal Sales (tons)

Average Price (US$/ton)

847,434

53,131

53,324

139.84

Atlantic Coal's Managing Director Steve Best said: "As demonstrated by these positive figures for Q1 2013, the production of high quality anthracite at Stockton has consistently increased quarter on quarter, since the completion of the Norfolk Southern Railroad diversion nearly a year ago and the implementation of operational improvements. We are therefore delivering on our strategy of increasing production at Stockton, improving operational performance, and utilising our revised mine plan and personnel to maximise efficiencies, which enables us to look ahead with confidence with regards to the performance of this asset.

 

"I believe that it is worth noting that we have achieved a number of key milestones over the last 12 months, including sustained production and sales at Stockton and the acquisition of the Pott & Bannon property, which more than trebled our existing reserves. We therefore have a producing asset, significant anthracite resources and a number of highly exciting acquisition targets which we believe will enable us to continue to deliver on our strategy to become a major mid-tier anthracite producer in Pennsylvania."

 

 

**ENDS**

 

For further information on the Company, visit: www.atlanticcoal.com or contact:

Steve Best

Atlantic Coal plc

Tel: 020 3328 5670

Nick Naylor 

Allenby Capital Limited

Tel: 020 3328 5656

Mark Connelly

Allenby Capital Limited

Tel: 020 3328 5656

Alex Price

Allenby Capital Limited

Tel: 020 3328 5656

Elisabeth Cowell

St Brides Media & Finance Ltd

Tel: 020 7236 1177

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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