29th Apr 2014 07:00
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 |
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