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Atlantic Coal releases 2013 production update

World Coal,


Atlantic Coal, the AIM listed anthracite coal mining company, has announced a positive production and sales update for both Q4 2013 and the full year ended 31st December, from its Stockton Anthracite Mine in Pennsylvania.

Q4 2013 key production and sales fundamentals:

  • 45% increase in clean coal production to 41 555 t (Q3 2013 - 28 629 t);
  • Clean coal sales of 42 280 t (Q3 2013 – 40 462 t);
  • Clean coal stockpile stood at 2922 t (Q3 2013 - 3646 t);
  • Increased average sales price realised of US$ 123.30, excluding by-product #5 (Q3 2013 - US$ 121.82);
  • 104% increase in Run of Mine (ROM) production of 104 344 t (Q3 2013 – 50 905 t);
  • ROM stockpile stood at 59 791 t (Q3 2013 – 59 395 t);
  • Increased bank cubic yards (BCY) of overburden removed 911 568 (Q3 2013 – 572 334 BCY).

Production summary Q4 2013:

Overburden Removed (BCY) Clean Coal Production (t) Coal Sales (t) Average Price (US$/t)
911 568 41 555 42 280 123.30

Full year 2013 key production and sales fundamentals:

  • Clean coal production of 151 265 t (2012 – 161 183 t);
  • Clean coal sales of 166 781 t (2012 – 140 213 t);
  • Clean coal stockpile at 31st December stood at 3175 t (2012 – 23 024 t);
  • Average sales price realised was US$ 128.23, excluding by-product #5 (2012 - US$ 149.20);
  • ROM production of 369 215 t (2012 – 415 700 t);
  • ROM stockpile at 31st December stood at 59 791 t (2012 – 41 923 t);
  • BCY of overburden removed 2 621 892 (2012 – 3 728 597 BCY);
  • Significant improvement to mine strip ratio of overburden to clean coal to 17.3 (2012 - 23.1).

Production summary full year 2013:

Overburden Removed (BCY) Clean Coal Production (t) Coal Sales (t) Average Price (US$/t)
2 621 892 151 265 166 781 128.23

Atlantic Coal’s managing director, Steve Best, commented: “Our Q4 2013 volumes and general performance were strong with coal production increasing by 45% and sales increasing by 4.5% compared with Q3 2013. There was an increase of 1.2% in the average sales price, which was very welcome following the 1.2% increase between Q3 and Q2 2013 and confirming that market price levels are now strengthening.

“I am also pleased to report that the strong Q4 2013 performance propelled us to a very positive performance in 2013. Record sales of 166 183 t (18.9% increase on 2012) were slightly tempered by a decrease in production to 151 265 t (9.4% decrease on 2012) but this reflects the fact that we scaled back mining operations during the earlier part of the year to focus on sales to reduce our stockpile and to reduce costs over the summer months.

“Our investment in mine planning and continuing benefits from the diversion of the railroad in April 2012 has significantly improved mining operations with a reduction in mining strip ratio of overburden to clean coal from 23.1 to 1 in 2012 to 17.3 to 1 in 2013 with a consequent positive effect on mine performance.

“In October 2013 we commenced two full shifts working at both the mine and the washing plant in anticipation of higher demand and strengthening coal prices which has proved to be a beneficial decision with record sales for 2013 and coal prices on an upward curve and we look forward with confidence to a successful 2014 for Atlantic Coal.”

Adapted from press release by Katie Woodward

Read the article online at: https://www.worldcoal.com/coal/20012014/atlantic_coal_2013_production_figures_423/


 

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