Atlantic Coal, the AIM-listed Pennsylvania-based coal production and processing company, has announced that the Reading Anthracite Company (RAC), an established operator in Pennsylvania's anthracite coal industry, has approved the lease option agreement over the 410-acre mining property.
Atlantic Coal has consequently made the $250,000 payment to RAC in order to secure its entry into the lease option.
RAC directors have estimated the site to contain reserves of 4.1m tons of clean coal, with the potential to more than double Atlantic Coal's existing anthracite reserves.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
In November, the average sales price during November 2011 of anthracite in Pennsylvania was $156 per ton.
Atlantic's share price rose 4.49% to 0.47p by 13:59.
NR
-
UK food price inflation rate ‘lowest level in two years’, British Retail Consortium findsNews Food price inflation is at its slowest rate since March 2022, according to the BRC. It also found non-food products have gone into deflation.
-
Top-quality, rapidly growing European stocks are selling at enticing valuationsTimothy Lewis, portfolio manager at JPMorgan European Growth & Income tells us where he’d put his money
