Atlantic Coal PLC Stockton Mine Update (9388E)
09 11월 2015 - 4:00PM
UK Regulatory
TIDMATC
RNS Number : 9388E
Atlantic Coal PLC
09 November 2015
Atlantic Coal plc ("Atlantic Coal" or the "Company")
Stockton Mine: update on Mammoth seam development, production
and sales.
The Board of Atlantic Coal, the AIM listed anthracite coal
mining company operating in Pennsylvania, USA is pleased to provide
updates on the development of the Mammoth seam at its Stockton
Mine, together with updates on the Company's recent anthracite
production and sales. Atlantic Coal owns and operates the Stockton
Mine ("Stockton") which is located near Hazleton, Pennsylvania.
Mammoth seam
The Mammoth seam has now been uncovered in the current mining
cut at the bottom of the basin at Stockton. As anticipated from the
study of old underground mine plans, the seam is almost solid
anthracite, containing very few old mine workings and averaging 30
feet in thickness.
This anthracite seam of will be worked over the coming months,
providing both feedstock for the production of clean anthracite
products and raw anthracite for sale to other processors. It is
anticipated that the next cut will reach the bottom of the basin
again in the latter part of 2016 and as excavation progresses the
directors believe that substantial quantities of anthracite will
also be recovered from the shallower 'Primrose', 'Orchard' and
'Diamond' seams, as well as from the Mammoth seam in the limbs of
the synclinal basin.
Anthracite production
For the ten months to 31 October 2015, Stockton anthracite
production was 164,328 tons. This represents a 26% increase
relative to the ten months to 31 October 2014, where production was
130,357 tons and represents 99.6% of the total production of
165,052 tons achieved in the full year ended 31 December 2014.
Anthracite sales
Clean anthracite product sales from Stockton for the ten months
to 31 October 2015 were 151,384 tons and raw (run of mine) sales
were 69,205 tons, a total of 220,589 tons. With respect to clean
anthracite product, this represents an 18.5% increase on the ten
months to 31 October 2014 figure of 127,780 tons and represents
98.5% of the total sales for the full year ended 31 December 2014
of 153,662 tons. Raw anthracite sales only commenced in the spring
of 2015.
October 2015 was a record month for clean anthracite product
sales, with 24,066 tons sold. Raw anthracite sales for the month
were 2,825 tons.
Atlantic Coal's Managing Director, Steve Best, said: "The
excellent performance of our Stockton Mine continues with record
year to date production and sales. As we still have two months of
production and sales left in 2015 we are confident of beating our
previous record production and sales by a significant margin. It is
particularly pleasing to see a record monthly sales figure in
October and this, together with our healthy inventory of both clean
anthracite product and raw anthracite gives us confidence for
Stockton's performance for the remainder of 2015 and the winter
season running into 2016.
Our investigation of old underground mine plans had indicated
that that we were approaching areas of thick Mammoth seam which
were largely unworked, but as mining is never predictable we could
not be certain of this. We are, however, now on our second cut of
30 feet thick almost solid Mammoth seam and this gives us a high
degree of confidence that this will continue over the rest of the
life of Stockton Mine."
**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 Tel: 020 3328
Limited 5656
John Depasquale Allenby Capital Tel: 020 3328
Limited 5656
Alex Brearley Allenby Capital Tel: 020 3328
Limited 5656
This information is provided by RNS
The company news service from the London Stock Exchange
END
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