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

Most Popular

Why we won’t see a house-price crash in 2021
House prices

Why we won’t see a house-price crash in 2021

Lockdown sent house prices berserk as cooped up home-workers fled for bigger properties in the country. And while they won’t rise quite as much this y…
18 Jan 2021
Inflation is the easiest way out of this – just don’t expect politicians to admit it
Inflation

Inflation is the easiest way out of this – just don’t expect politicians to admit it

The UK government borrowed £34.1bn in December, a record amount for that month. Britain's debt pile now amounts to 100% of GDP. How are we going to pa…
22 Jan 2021
When will the US stockmarket bubble burst?
US stockmarkets

When will the US stockmarket bubble burst?

With US stocks more expensive than before the Wall Street crash of 1929, there are growing signs of “mania”. But what will push markets over the edge?
22 Jan 2021