RNS Number : 0683W Atlantic Coal PLC
24 January 2012
Atlantic Coal plc / Index: AIM / Epic: ATC / Sector: Mining
Atlantic Coal plc, the AIM listed open cast coal production
and processing company with activities in Pennsylvania, USA,
announces a production update for the 12 months ending 31
December 2011 from the Stockton Colliery
("Stockton"), its opencast anthracite operation in
Pennsylvania.
During 2011 Atlantic mined 208,730 tons of run-of-mine coal
("ROM") (2010:
203.060) (against a targeted annual production of 300,000
tons of ROM for 2011)
and removed 3,257,776 bank cubic yards ("BCY") of
overburden (2010:
2,837,863). 233,241 ROM coal was washed (2010: 229,293) which
produced
105,403 tons of clean coal (2010: 88,620). Sales for the year
were 106,403 tons (2010: 97,349) at an average price of
US$142.33 per ton (2010: $124.43). 23,149 tons of ROM coal is
also held as stock (2010: 21,216).
As announced on 14 July 2011, the Company has experienced
increasing mechanical problems with its DeMag H185 excavator
and ceased its operation altogether from September 2011. The
Company acquired a Komatsu PC2000 hydraulic excavator
("Komatsu") as a replacement in October 2011 and,
since becoming operational, this has already had a positive
effect on production which the Board anticipates will be
further enhanced when the second Liebherr 9250 19- yard
bucket hydraulic excavator ("Liebherr") becomes
operational, scheduled to be in Q1 2012.
In addition, whilst the construction of the railroad
diversion was completed in Q3
2011 on schedule, certain delays have occurred in the
negotiations with operators regarding commissioning. These
delays are reflected in a higher ratio of coal to overburden
than Atlantic's mine plan had originally forecast.
However the Board is confident that these discussions will
progress positively and looks forward to updating
shareholders at the appropriate time.
Run-of- minel (tons) | Overburden Removed (k) | Production Tonnage (tons) | Coal Sales (tons) | Average Price (US$) | Revenue (US$) |
208,730 | 3.257,776 | 100,139 | 106,403 | 142.33 | 14,196,884 |
Atlantic Managing Director, Steve Best, said, "Whilst we
had anticipated higher production figures from Stockton for
2011, we remain confident that, with the Komatsu already
operational and a second Liebherr becoming operational in
Q1
2012, we will see increased production for 2012 and indeed,
both initial production and sales price figures for January
2012 look to be a large improvement on those achieved in
January 2011.
For further information on the Company, visit: www.atlanticcoal.comor contact:
Steve Best | Atlantic Coal plc | Tel: 020 3328 5670 |
Nick Naylor | Allenby Capital Limited | Tel: 020 3328 5656 |
Alex Price | Allenby Capital Limited | Tel: 020 3328 5656 |
Peter Rose | FoxDavies | Tel: 020 3463 5030 |
Simon Leathers | FoxDavies | Tel: 020 3463 5010 |
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
distribué par | Ce noodl a été diffusé par Atlantic Coal plc et initialement mise en ligne sur le site http://www.atlanticcoal.com. La version originale est disponible ici. Ce noodl a été distribué par noodls dans son format d'origine et sans modification sur 2012-01-24 10:59:00 AM et restera accessible depuis ce lien permanent. Cette annonce est protégée par les règles du droit d'auteur et toute autre loi applicable, et son propriétaire est seul responsable de sa véracité et de son originalité. |
Documents associés | |
2011 production update |