Atlantic Coal PLC H1 2015 production and sales, Stockton, update (5781R)
June 30 2015 - 2:31AM
UK Regulatory
TIDMATC
RNS Number : 5781R
Atlantic Coal PLC
30 June 2015
Atlantic Coal plc ("Atlantic Coal", the "Company" or the
"Group")
H1 2015 positive production and sales update
Stockton mine development, wash plant and coal transportation
update
Atlantic Coal, the AIM listed anthracite coal mining company
operating in Pennsylvania, USA announces a positive production and
sales update ahead of the close of its half year ended 30 June 2015
together with an update on the development progress at its Stockton
anthracite mine ("Stockton"), located near Hazleton,
Pennsylvania.
H1 2015 estimated key production:
-- Clean coal production of approximately 91,000 tons (H1 2014: 83,303 tons);
-- Total coal sales of approximately 103,000 tons (H1 2014:
75,761 tons) including clean coal sales of approximately 72,000
tons and run of mine (ROM) coal sales of approximately 31,000
tons;
-- Clean coal stockpile of approximately 32,000 tons (H1 2014: 10,934 tons);
-- Run of Mine ("ROM") production of approximately 284,000 tons (H1 2014: 191,007 tons);
-- ROM stockpile of approximately 82,000 tons (H1 2014: 52,281 tons);
-- Bank cubic yards ("BCY") of overburden removed of
approximately 2,100,000 (H1 2014: 1,351,240) BCY); and
-- Wash recovery rate of approximately 53% (2014: 41.8%).
Estimated production summary H1 2015 (% change on H1 2014):
Overburden Run of Mine Clean Coal Total coal
Removed (BCY) Production production sales (tons)
(tons) (tons)
--------------- ------------ ------------ --------------
2,100,000 284,000 91,000 103,000
--------------- ------------ ------------ --------------
+55% +48% +9.0% +36%
--------------- ------------ ------------ --------------
Based on the above production data the directors of the Company
(the "Directors") anticipate that the Group's revenue for the six
months ended on 30 June 2015 will be in the region of $10,300,000
which compares favourably with H1 2014 revenue of $9,447,000. The
Directors expect that this will translate into substantial stronger
H1 2015 results as compared with those of H1 2014.
These production figures demonstrate the positive impact of both
the new equipment fleet and the additional coal in the basin on the
costs of production.
Stockton mine development update
The Company is pleased to announce that it has completed
removing coal from the basin of the cut being worked in Q1 and that
this did in fact prove to be almost solid coal in the Mammoth seam
averaging 30ft thick.
The Group is now working on removing the overburden on the next
cut. With the new fleet of equipment now fully operational the
Directors anticipate starting to dig basin coal by the beginning of
October 2015. Based on our experience of the previous cut, and on
old underground mine plans, the Directors are optimistic on the
prospects of this new cut both in terms of its solidity and
thickness.
Stockton wash plant update
The Company has acquired and installed a Wemco 8' x 8' heavy
media drum in its wash plant. This drum replaces the original
smaller drum which is at the end of its service life. The Directors
anticipate that the new larger drum will enable an increase in run
of mine feed through the wash plant with positive clean coal
production and cost benefits during H2 2015.
Coal transportation update
Coal transportation by rail has been significantly improved with
the completion of a rail siding and loading platform located on the
Stockton mine site. The Directors anticipate that direct access to
the Stockton Mine rail stop loading facilities on the Reading Blue
Mountain and Northern Railroad will enhance loading logistics and
reduce costs associated with rail transportation of coal to
industrial customers.
The Directors remain confident that improved H1 2015 mine
operating efficiencies and production will contribute positively to
the Group's performance during 2H 2015.
Atlantic Coal's Managing Director, Steve Best, commented: "I am
delighted to report what we anticipate will be continued excellent
performance in Q2 building on what we saw in Q1. On the basis that
we expect to be in the basin on the new cut by the beginning of
October we look forward with confidence to the remainder of the
year."
**ENDS**
For further information on the Company, visit:
www.atlanticcoal.com or contact:
Steve Best Atlantic Coal plc Tel: 0191 386 6392
Nick Naylor Allenby Capital Limited Tel: 020 3328 5656
Alex Price Allenby Capital Limited Tel: 020 3328 5656
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCSEIFWUFISEDM
Atlantic Coal (LSE:ATC)
Historical Stock Chart
From Mar 2024 to Apr 2024
Atlantic Coal (LSE:ATC)
Historical Stock Chart
From Apr 2023 to Apr 2024