Australia's Allegiance Coal falls on coal sale termination

Allegiance Coal

03/11/2022 02:28

** Shares of Allegiance Coal Ltd  AHQ.AX  fall as much as
3.6% to A$0.053, on track for their worst day since Oct. 31, if
losses hold
    ** Coal miner says coal sale agreement with a legacy Asian
customer has been terminated  urn:newsml:reuters.com:*:nASX5bm1L1
    ** Says customer sought to terminate contract and claim
damages against co's U.S.-based coal unit New Elk Coal Company
(NECC) 
    ** Says sale contract between NECC and buyer had two
remaining 80 kilo tonnes cargos for delivery
    ** Says NECC accepted contract as terminated but denies any
liability to customer
    ** Stock has fallen 84.9% this year, as of last close
 (Reporting by Poonam Behura in Bengaluru)
 ((Poonam.Behura@thomsonreuters.com;))