US-focused AIM-listed miner Atlantic Coal increased coal sales in 2011 despite experiencing mechanical problems at the Stockton Colliery, its open-cast anthracite operation in Pennsylvania.
During the year the firm sold 106,403 tons of coal compared to 97,349 tons the previous year, with a rise in the average price at $142.33 per ton compared to $124.43 the previous year.
The group said 23,149 tons of run-of-mine coal (ROM) coal is also held as stock (2010: 21,216 tons).
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Atlantic mined 208,730 tons of ROM, which fell short against a targeted annual production of 300,000 tons of ROM for the year.
233,241 ROM coal was washed (2010: 229,293) which produced 105,403 tons of clean coal (2010: 88,620).
After experiencing mechanical problems with an excavator, the company ordered a replacement and, since becoming operational, this has already had a positive effect on production. The firm anticipates production will be further enhanced when a second hydraulic excavator becomes operational, scheduled to be in the first quarter of 2012.
The company also noted "certain delays" which have occurred in the negotiations with operators regarding commissioning of a newly constructed railroad diversion, but said it is confident that discussions will progress positively.
Atlantic Managing Director, Steve Bet, said production should ramp up this year. "Both initial production and sales price figures for January 2012 look to be a large improvement on those achieved in January 2011," Best revealed.
The share price fell 6.33% to 0.37p by 12:21.
NR
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