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Production Update

18 Apr 2012 12:30

RNS Number : 5953B
Atlantic Coal PLC
18 April 2012
 



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

18 April 2012

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

Production Update

 

Atlantic Coal plc, the AIM listed open cast coal production and processing company with activities in Pennsylvania, USA, is pleased to announce a production update for the three months ended 31 March 2011 from the Stockton Colliery ("Stockton"), its opencast anthracite operation in Pennsylvania.

 

Production at Stockton increased 12% to 31,729 tons of clean coal during Q1 2012 compared to the equivalent period in 2011 (Q1 2011: 28,376). During the period Atlantic removed 715,691 bank cubic yards ("BCY") of overburden (Q1 2011: 658,785). 85,911 tons of run of mine coal was washed (Q1 2011: 62,000). 

 

Demand for Stockton's high quality anthracite remains strong with production from Pennsylvanian anthracite mines struggling to meet demand. As a result there has been a substantial increase in the average sale price of Pennsylvanian anthracite with a Q1 2012 average price of $166.30 per ton compared with a Q1 2011 price of $134.25, an increase of approximately 24%.

 

Production Summary:

 

Run-of-mine washed (tons)

Overburden

Removed (bank cubic yards)

Clean Coal Production

(tons)

Average

Price per ton (US$)

85,911

715,691

31,729

166.30

 

Atlantic Managing Director, Steve Best, said, "I am pleased to report that production at Stockton during the first quarter of 2012 has been steady and that we have experienced an increase in comparison to Q1 2011. As announced earlier today, the railroad diversion is now complete allowing the working of over approximately 1.0 million tons of coal of previously unworkable reserves, which will enable us to increase production at the mine over the coming months."

 

**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

Simon Leathers

Fox-Davies Capital Limited

Tel: 020 3463 5010

Andy Frangos

Cornhill Capital Ltd

Tel: 020 7710 9618

Hugo de Salis

St Brides Media & Finance Ltd

Tel: 020 7236 1177

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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