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Armstrong Energy announces Q3 2014 results

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World Coal,

Armstrong Energy clocked up a loss of US$7.8 million in Q3 despite reporting a rise of US$700,000 in coal sales revenues for the quarter. This compares to a loss of US$7.9 million over the same period last year.

In the nine months to September, the company lost US$17.2 million – down from a US$18.9 million loss over the same period in 2013. Coal sales revenues for the nine-month period were up US$25.4 million year-on-year to US$336.1 million.

The increase in coal sales revenues was attributable to “favourable volume variance of approximately 0.3 million short t […] and a favourable price variance of US$13 million year-over-year due to favourable customer mix and higher year-over-year contract prices,” the company said in a statement.

Anticipated coal sales for the rest of the year are all committed at an average price of US$46.85. Looking forward to 2015, the company said it had 8.7 million short to priced and committed at an average price of US$48.18.

Amrstrong Energy currently operates seven coal mines in the Illinois Basin in western Kentucky with about 570 million t of proven and probable coal reserves.

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