Atlantic Coal gains on record production at Pennsylvania mine

Atlantic Coal advanced Tuesday after announcing record production levels from its Stockton Anthracite Mine in Hazleton, Pennsylvania.

Atlantic Coal advanced Tuesday after announcing record production levels from its Stockton Anthracite Mine in Hazleton, Pennsylvania.

Shares jumped 24% at 11:00 as the AIM listed anthracite coal mining company reported a 61% increase in clean coal to 161,529 tonnes for the year ended December 31st, exceeding the company's target of 155,000 tonnes.

Atlantic saw a 100% rise in run-of-mine (ROM) coal production to 417,839 tonnes.

The average sales price reached $149.20, up from $142.33 in 2011.

Atlantic Coal's Managing Director Steve Best said: "I am delighted to report these positive production and sales figures from Stockton, which have established Atlantic as one of the top five anthracite producers in Pennsylvania.

"We are now beginning to see the benefits of our investment programme to improve the operation of the mine, and I look forward to continued improvement in performance."

Last year the company achieved its first major export shipment outside of North America with 11,000 tonnes of anthracite from Fairless Hills Port, Philadelphia to Germany for use in the steel industry.

The group also hold options over three larger anthracite sites in Pennsylvania, which have the potential to expand its portfolio this year.

"Further announcements on the progress of these transactions will be made at the appropriate time and we look to the coming year with optimism," Best added.

RD

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Why investors should be “cautiously bullish” for 2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

Here’s why you really should own at least some bitcoin
Bitcoin

Here’s why you really should own at least some bitcoin

While bitcoin is having a quiet year – at least in relative terms – its potential to become the default cash system for the internet is undiminished, …
16 Sep 2020
Will a second wave of Covid lead to another stockmarket crash?
Stockmarkets

Will a second wave of Covid lead to another stockmarket crash?

Can we expect to see another lockdown like in March, and what will that mean for your money? John Stepek explains.
18 Sep 2020
James Ferguson: How bad data is driving fear of a second wave of Covid-19
UK Economy

James Ferguson: How bad data is driving fear of a second wave of Covid-19

Merryn and John talk to MoneyWeek regular James Ferguson about the rise in infections in coronavirus and what the data is really telling us.
17 Sep 2020