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

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