REG - Atlantic Coal PLC - Q2 2014 Production and Sales Update <Origin Href="QuoteRef">ATCP.L</Origin> <Origin Href="QuoteRef">RM.L</Origin>

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06/09/2014 02:36

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RNS Number : 5552L
Atlantic Coal PLC
07 July 2014 
 
Atlantic Coal plc ("Atlantic Coal") 
 
Q2 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
30 June 2014 from its Stockton Anthracite Mine ("Stockton"), located near
Hazleton, Pennsylvania. 
 
Q2 2014 Key productionand sales fundamentals: 
 
●    Clean coal production of 48,810 tons (Q1 2014: 35,757 tons); 
 
●    Clean coal sales of 39,289 tons (Q1 2014: 36,449 tons); 
 
●    Clean coal stockpile stood at 12,210 tons (Q1 2014: 2,702 tons); 
 
●    Run of Mine ("ROM") production of 185,903 tons (Q1 2014: 85,270 tons); 
 
●    ROM  stockpile stood at 46,367 tons (Q1 2014: 58,036 tons); and 
 
●    Bank cubic yards ("BCY") of overburden removed 494,896 (Q1 2014: 856,254
BCY). 
 
Production Summary Q2 2014: 
 
 Overburden Removed (BCY)  Run of Mine Production (tons)  Clean Coal Production (tons)  Coal Sales (tons)  
 494,896                   185,903                        48,810                        39,289             
 
 
Atlantic Coal's Managing Director, Steve Best, said: "Our Q2 volumes were not
only up on the previous quarter but more importantly were significantly up on
Q2 2013. Whilst Q1 production and sales were adversely affected by the worst
winter in Pennsylvania for 20 years, we bounced back in Q2 with a 37% increase
in coal production and an 8% increase in sales. As we move from spring to
summer sales generally fall off but in Q2 we increased sales by 65% compared
with Q2 2013 (23,761 tons) and production by 59% compared with Q2 2013 (30,641
tons). This reflects a distinct strengthening in the market and our ability to
meet this with increased production. 
 
Our production strategy is based on keeping the washing plant fully utilised
and, in order to maintain the ROM feed stockpile to meet the clean coal
production target and demand for our product, I am pleased to report that a
second shift commenced at the mine on 23 June 2014. I am also pleased to
report that, as a result of improvements to the washing plant and washing
operations we have improved the annual wash recovery rate (% clean coal
recovered from the ROM coal) from 39.3% at the end of Q1 to 46% at the end of
Q2. 
 
This all puts Atlantic Coal well on course to meet production targets for
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