by Michael on May 14, 2012

Atlantic Coal plc, the AIM listed open cast coal production and processing company with activities in Pennsylvania, USA, has just released its unaudited preliminary results for the year ended 31 December 2011. 

2011 Highlights:

  • Increased production and sales experienced at Stockton during 2011 – 207,005 tons of run-of mine (“ROM”) coal mined and sales of 106,403 tons reached (2010: 207,873 and 97,342 respectively)
  • Strengthened revenues of US$13,991,971 generated for the period (2010: US$10,720,103) and a net gross profit of US$226,946 (2010: loss of US$3,774,021)
  • Reduced Group loss of US$3,149,606 (2010: loss of US$5,091,659)
  • Purchase of a Komatsu PC2000 Hydraulic Excavator and a Reichdrill blasthole drill rigStrengthened board in part to facilitate the roll out of consolidation strategy
  • Admitted shares to trading on the OTCQX Market International platform of the Pink Sheets LLC (“OTCQX”) in New York to broaden investor base

Current Year Highlights:

  • Progress made to consolidate Atlantic’s land position in Pennsylvania to capitalise on growing regional demand for coal
  •        Option to lease the Pott & Bannon anthracite coal mining property in Schuykill County believed to contain 4.1 million tons (“Mt”) of clean coal 
  •        Option to acquire anthracite mining assets for a purchase price of US$35 million·       
  •  12% increase in production at Stockton and 24% increase in average sales price experienced in Q1 2012 to 31,729 tons at $166.30 (Q1 2011: 28,376 tons at $134.25)·       
  • Completion of the Norfolk & Southern Railroad diversion providing access to approximately 1.0 million tons of previously unworkable coal

Previous post:

Next post: