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AGM Statement

Date : 02/29/2012 @ 2:00AM
Source : UK Regulatory (RNS & others)
Stock : Ath Resources (ATH)
Quote : 0.325  0.0 (0.00%) @ 12:00AM
ATH Resources share price Chart

AGM Statement

TIDMATH

RNS Number : 3115Y

ATH Resources plc

29 February 2012

 
 Press Release   29 February 2012 
 

ATH Resources plc

("ATH Resources" or the "Group")

AGM Statement

ATH Resources plc (AIM: ATH), one of the UK's largest coal producers, will be holding its Annual General Meeting today at 11:00 hrs at Eversheds LLP, Bridgewater Place, Water Lane, Leeds, LS11 5DR.

At the Annual General Meeting David Port, Chairman of ATH Resources, will provide the following trading update:

"Production achieved in the four months ended 31 January 2012 was 20 per cent. ahead of the same period last year, although due to the delays in obtaining appropriate levels of restoration bonding, production for the full year is expected to be only slightly ahead of last year.

"Despite the Board having successfully renegotiated pricing on two of the Group's legacy contracts and with the remaining legacy contract finishing in the next few weeks, the escalating gas oil price and weakness in international coal prices are continuing to exert pressure on the Group's operating margins and, if this persists, will impact on the Group's trading performance for the full year. The Group is working to improve margins through a combination of cost efficiencies and improving its sales mix. However, given the uncertainties over commodity prices, the Board remains cautious in its view of trading performance for the full year.

"The Group is still awaiting a decision on its appeal against a requirement to register for the Government's Carbon Reduction Commitment Scheme and will provide an update to the market as soon as the outcome is known.

"Development of the Group's project pipeline remains on track with planning applications for over 2 million tonnes expected to be submitted during 2012."

- Ends -

For further information:

 
 ATH Resources plc 
 David Port, Executive Chairman       Tel: +44 (0) 7836 693798 
  Alistair Black, Chief Executive    Tel: +44 (0) 1302 760 462 
                                                 www.ath.co.uk 
 
 
 Seymour Pierce Ltd 
 Sarah Jacobs / Stewart Dickson (Nominated   Tel: +44 (0) 207 107 8000 
  Adviser) 
 Richard Redmayne / Katie Ratner 
  (Broker) 
                                                 www.seymourpierce.com 
 

Media enquiries:

 
 Abchurch 
 Joanne Shears / Mark Dixon      Tel: +44 (0) 207 398 7729 
 mark.dixon@abchurch-group.com      www.abchurch-group.com 
 

Notes to Editors

ATH Resources was listed on the AIM market of the London Stock Exchange in June 2004 and operates four surface coal mines in Scotland; Skares Road and Netherton in East Ayrshire, Glenmuckloch in Dumfries and Galloway and Muir Dean in Fife. The Group is currently one of the largest producers of coal in the UK providing coal principally to the electricity supply industry and also the industrial and house coal markets. Coal is used to generate around a third of the UK's electricity and the Group holds coal supply contracts with four of the UK's main electricity generating companies.

Further information on ATH Resources can be found at www.ath.co.uk

This information is provided by RNS

The company news service from the London Stock Exchange

END

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