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Q1 production and sales update

29th Apr 2014 07:00

RNS Number : 7083F
Atlantic Coal PLC
29 April 2014
 



Atlantic Coal plc ("Atlantic Coal")

 

Q1 2014 Production and Sales Update 

 

Atlantic Coal, the AIM listed anthracite coal mining company operating in Pennsylvania, USA announces production and sales update for the quarter ended 31 March 2014 from its Stockton Anthracite Mine ("Stockton"), located near Hazleton, Pennsylvania.

 

Q1 2014 Key productionand sales fundamentals:

 

Clean coal production of 35,757 tons (Q4 2013: 41,555 tons);

 

Clean coal sales of 36,449 tons (Q4 2013: 42,280 tons);

 

Clean coal stockpile stood at 2,702 tons (Q4 2013: 2,922 tons);

 

Run of Mine ("ROM") production of 85,270 tons (Q4 2013: 104,344 tons);

 

ROM stockpile stood at 58,036 tons (Q4 2013: 59,791 tons); and

 

Bank cubic yards ("BCY") of overburden removed 856,254 (Q4 2013: 911,568 BCY).

 

Production Summary Q1 2014:

 

Overburden Removed (BCY)

Run of Mine Production (tons)

Clean Coal Production (tons)

Coal Sales (tons)

856,254

85,270

35,757

36,449

 

Atlantic Coal's Managing Director, Steve Best, said: "Our Q1 volumes were down on the previous quarter as a result of operational problems caused by the coldest and longest winter in Pennsylvania for 20 years. Washing coal at temperatures consistently well below freezing proved to be particularly problematic and health and safety concerns, as well as practical considerations, also resulted in mining operations often having to be suspended or scaled back.

 

"On a more positive note, trials on improving both mined coal and wash plant recoveries are progressing well. This, together with other operational improvements including an over 40% reduction in blasting costs, give us confidence in the Company's ability to achieve overall improvements in production, efficiency and profitability for the rest of 2014."

 

**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

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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