Atlantic Coal cheered by production boost at Stockton mine
12 November 2009
Atlantic Coal, the AIM listed open cast coal production company, has managed to drag its flagship Stockton opencast anthracite mine in Pennsylvania into cash flow positive territory.
In the four months to October, run of mine (ROM) production hit 109,257 tons, with 33,070 tons of clean coal. In the half-year to June, the year-on-year figure had already risen by 284% to 110,123 tons and 31,002 tons respectively.
As a result, revenues for the four months touched $4 million from the sale of 32,348 tons, against $3.4 million from the sale of 27,223 tons in the preceding six months.
The improvement is great news for Atlantic, which has previously been dogged by production and processing problems at the mine. A newly introduced mining plan and restructuring process aimed at refining the business in order to maximise production at Stockton have been credited for the progress.
Last month the company pulled out of a deal to buy fellow AIM coal miner Strategic Natural Resources because the two sides could not agree terms. Today, Atlantic said it was still on the acquisition trail and wanted to “act as a consolidator in what is still a fragmented market”.
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