Atlantic Coal announces Q3 results

Anthracite mining company Atlantic Coal, operating in Pennsylvania, US, has announced positive production and sales for Q3 ending 30 September 2013 from its Stockton mine.

The company produced 28,629 t of clean coal, a slight reduction from Q2 levels of 30,641 t. Sales of clean coal, however, increased from 23,761 t to 40,462 t. The average sale price realised for the coal was US$ 121.82, a decrease from US$ 126.40 in the previous quarter.

Managing director of Atlantic Coal, Steve Best, said: “Our Q3 volumes were strong and I am pleased to report that at the end of October our total sales for 2013 had already exceeded the 2012 total of 140,213 t. This is particularly encouraging given that we scales back mining operations during the quarter to focus on sales to reduce our stockpile. This also had the benefit of reducing costs over the summer months.”

While overburden removal levels in Q2 were 291,732 bank cubic yards (BCY), Q3 levels increased substantially to 572,334 BCY.

“Our overburden removal operations were increased in the upper mine levels where the overburden is softer and no blasting is required,” Best said. “This ‘advance’ overburden removal will stand us in good stead as we look to increase our coal production in Q4.”

The company is currently looking to increase its presence in the US anthracite industry, with progress being made at Atlantic Coal’s Pott and Bannon project. In July, the company announced it was set to receive US$ 5 million in funding to develop the 410 acre site.

Adapted from press release by Sam Dodson

Read the article online at: https://www.worldcoal.com/mining/04112013/atlantic_coal_announces_q3_results_218/