20th Jan 2014 09:00
LONDON (Alliance News) - Atlantic Coal PLC Monday said it has achieved higher sales volumes for the full year, following a 45% production increase in its fourth quarter.
The AIM-listed anthracite coal mining company, with operations in Pennsylvania, said its production for the three months ended December 31, 2013 increased to 41,555 tonnes of clean coal compared from 28,629 tonnes the previous quarter.
The company's clean coal production for the full year was down 6.6% to 151,265 tonnes from 161,183 tonnes. However, it increased its sales volumes 19% over the full year to 166,781 tonnes from 140,213 tonnes the previous year.
Atlantic Coal said its stockpile at the end of 2013 totalled 3,175 tonnes, a significant fall of 23,024 tonnes from the previous year, as the company scaled back mining operations during the earlier part of the year to focus on sales to reduce its stockpile and its costs over the summer months.
The company also said its average sales price during the year was USD128.23 per tonne, excluding one of its by-products, down from an average of USD149.20 per tonne through 2012.
Atlantic Coal shares were down 0.7% to 0.253 pence Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
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