🕐26.04.10 - 10:00 Uhr
Atlantic Coal - $3.5m Excavator arrives - Photos attached
Atlantic Coal plc / Index: AIM / Epic: ATC / Sector: Mining
26 April 2010
Atlantic Coal plc (Atlantic or the Company)
New excavator to increase production capacity
Atlantic Coal plc, the AIM listed open cast coal production and
processing company with activities in Pennsylvania, USA, announces that
the Liebherr R9250 21-yard bucket hydraulic excavator it recently
purchased for $3.5 million has arrived at its Stockton Colliery
(Stockton).
The new excavator will increase production capacity at
the Stockton coal mine, which encompasses an area of approximately 900
hectares located in Hazel Creek in north-east Pennsylvania, a region
renowned for anthracite.
Increasing production at the Stockton Colliery is a key focus for the
Company.
The site, mined at various times from the 1900s, has an
abundance of high quality anthracite in close proximity to the surface,
making it ideal for the Liebherr R9250 to increase production.
The
equipment was ordered following the implementation of a new mine plan to
develop the current reserves of 4.2 million tons run-of-mine (ROM)
coal, with the intention of raising production levels to 400,000 ROM
tons per annum.
Atlantic Coal Managing Director Steve Best said, "In line with our
strategy of increasing production at the Stockton Colliery, we purchased
the Liebherr excavator and anticipate that it will have a positive
impact on our production capacity and help reduce our cost base going
forward.
This is a significant step for the Company especially when
viewed in conjunction with our recently announced agreement with US coal
marketing company Xcoal, which provides a potential buyer for up to half
of our annual output, opening up international markets for our
anthracite."
Photographs of the new excavator can be viewed on the Companys website
at www.atlanticcoal.com .
**ENDS**
For further information on the Company, visit: www.atlanticcoal.com
or contact:
Steve Best
Atlantic Coal plc
Tel: 020 3328 5670
Greg Kuenzel
Atlantic Coal plc
Tel: 020 3328 5670
Nick Naylor
Allenby Capital Limited
Tel: 020 3328 5656
Alex Price
Allenby Capital Limited
Tel: 020 3328 5656
Daniel Fox Davies
Fox Davies Capital Ltd
Tel: 020 7936 5230
Hugo de Salis
St Brides Media & Finance Ltd
Tel: 020 7236 1177
Paul Youens
St Brides Media & Finance Ltd
Tel: 020 7236 1177
Notes
Atlantic Coal Plc is an AIM listed coal production and processing
company focussed predominantly on open cast mining and the processing of
anthracite coal in Pennsylvania, USA.
The Companys primary asset is
the Stockton Colliery, a producing surface coal mine and adjacent
anthracite preparation plant encompassing an area of approximately 900
hectares located in Hazel Creek in North-East Pennsylvania, which has
current Proven Reserves of 4.2 million tons run-of-mine (ROM) coal.
Atlantic Coals strategy is to create a significant mid-tier coal
company; both through the expansion of activities at the Stockton
anthracite mine and identifying additional sites in Pennsylvania to
build its production and resource profile, primarily by acquiring
defined assets in stable, recognised, high quality coal regions.
The
Board has identified opportunities to expand within the region and is
involved in ongoing negotiations regarding adjacent sites, with the
intention of acting as a regional consolidator in the Pennsylvanian Coal
Field.
Expansion within the local area has the potential to minimise
upfront deal costs as a result of existing and proven infrastructure,
equipment, facilities and market demand.
Paul Youens
St Brides Media & Finance Ltd
Chaucer House
38 Bow Lane
London EC4M 9AY
T: +44 (0) 207 236 1177 | M: +44 (0) 7989 384 551 | F: +44 (0) 207 236
1188 | www.sbmf.co.uk
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