http://www.proactiveinvestors.co.uk Proactiveinvestors RSS feed en Wed, 18 Oct 2017 02:56:52 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Atlantic Coal implements new quality controls at Stockton ]]> http://www.proactiveinvestors.co.uk/companies/news/121575/atlantic-coal-implements-new-quality-controls-at-stockton-121575.html Atlantic Coal (LON:ATC), in a statement after Wednesday’s close, told investors that it has implemented new quality management systems at its Stockton anthracite coal mine, in Pennsylvania.

Additionally, the company said it is in the process of apply for ISO 9001 certification - an internationally recognised standard for quality management - for its entire mining and production process.

The company added that it will subject its anthracite product to continuous testing.

Atlantic Coal is due to de-list from AIM today, January 21, and it will subsequently change its name to Atlantic Carbon Group plc.

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Thu, 21 Jan 2016 07:37:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/121575/atlantic-coal-implements-new-quality-controls-at-stockton-121575.html
<![CDATA[News - Atlantic Coal set to depart AIM ]]> http://www.proactiveinvestors.co.uk/companies/news/121209/atlantic-coal-set-to-depart-aim-121209.html US-focused coal miner Atlantic Coal (LON:ATC) is set to depart from AIM after shareholders approved the resolution at a meeting yesterday.

Also approved was a change of name to Atlantic Carbon expected to become effective on or around January 24 - the shares having been cancelled on January 21.

As revealed last month, the firm is considering a takeover of a nearby rival for eight times Atlantic’s current market value, which would under AIM rules be considered a reverse takeover and not a cost effective way to pursue the deal.

Atlantic’s main asset in Pennsylvania is the Stockton mine, which is booming at present, but its mine life is finite and more anthracite resources are needed to maintain the current high production levels.

Atlantic said today that following the shares cancellation from AIM, it plans to make available to shareholders an off-market trading facility, run by Capita Asset Services, based on matching bargains, where buyers' and sellers' price expectations match.

The firm will review the service regularly to consider whether it remains cost-effective and in the best interests of shareholders, it added.

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Tue, 12 Jan 2016 08:44:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/121209/atlantic-coal-set-to-depart-aim-121209.html
<![CDATA[News - Atlantic Coal wants AIM-delisting to fulfil Pennsylvania ambitions ]]> http://www.proactiveinvestors.co.uk/companies/news/120695/atlantic-coal-wants-aim-delisting-to-fulfil-pennsylvania-ambitions-120695.html Atlantic Coal (LON:ATC) shares were suspended today as directors backed a call for it to leave AIM.

The Pennsylvania-based anthracite miner is mulling the takeover of a nearby rival for eight times Atlantic’s current market value, a reverse takeover under AIM rules.

While the directors said the acquisition was a good fit for the comany, the expense and timeline of the reverse takeover process was not a cost effective way to pursue it.

Stuart Thomas, a shareholder with a 7.7% stake, has already called for a general meeting with de-listing from AIM one of the resolutions.

Thomas is a consultant who advises Atlantic on acquisitions.

In a statement on Monday the board said they support his motion, and also a change of name to Atlantic Carbon, and would vote their 13.16% stake in favour.

AIM cancellation will require 75% of the votes cast. If approved, the company would set up a matched bargain facility for shareholders to replace the listing.

Atlantic’s main asset is the Stockton mine, which is booming at present, but the board said its mine life is finite and more anthracite resources need to be acquired to maintain the current high production levels.

In a production update, Atlantic reported Stockton produced 185,298 tons of clean anthracite in the eleven months to November, a 28% increase on the same period in 2014.

Monthly raw run of mine production in November was a record 168,247 tons.

Sales over the period were 169,854 tons clean and raw (run of mine) sales 74,598 tons, representing a combined total of 244,452 tons, but the recent warm weather across north-eastern US may hit sales going forward it cautioned.

The assets Atlantic is looking to buy could match or exceed Stockton’s production, said the directors. They generated sales in 2014 of US$10.1mln with net income of approximately US$0.3mln (loss US$1.1mln) and net assets US$5.7mln.

Until the outcome of the general meeting, which is scheduled for 11 January, or unless the purchase is scrapped, the shares will remain suspended.

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Mon, 21 Dec 2015 10:51:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/120695/atlantic-coal-wants-aim-delisting-to-fulfil-pennsylvania-ambitions-120695.html
<![CDATA[News - Atlantic Coal requisitioned to call meeting ]]> http://www.proactiveinvestors.co.uk/companies/news/119933/atlantic-coal-requisitioned-to-call-meeting-119933.html Pennsylvania focused coal miner Atlantic Coal (LON:ATC) has received a letter from a shareholder requisitioning a general meeting.

Its purpose is to vote on two resolutions - a delisting from London's AIM market and that the name be changed to Atlantic Carbon PLC with immediate effect.

The shareholder in question is Stuart James Thomas who holds around 378mln shares, or 7.70% of the Atlantic capital.

Atlantic said it was currently seeking advice in relation to the validity of the letter.

The letter asks that the meeting be held within 28 days of December 1.

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Wed, 02 Dec 2015 07:50:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/119933/atlantic-coal-requisitioned-to-call-meeting-119933.html
<![CDATA[News - Atlantic Coal – Mount Charles buys shares ]]> http://www.proactiveinvestors.co.uk/companies/news/119580/atlantic-coal-mount-charles-buys-shares-119580.html Pennsylvania-focused Atlantic Coal (LON:ATC) said Mount Charles bought over 142mln shares in the miner from Yorkville on Friday at 0.13p a share for around £185,000.

Mount Charles is owned equally by Atlantic's executive chairman Adam Wilson and Mary Best, the wife of the firm's managing director Steve Best.

Following this Wilson owns around 2.83% of the shares and Best has about 0.44%.

Atlantic also noted that Spring Capital also has a call option over the purchase of around 71mln shares held by Mount Charles, also at 0.13p a share.

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Mon, 23 Nov 2015 10:46:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/119580/atlantic-coal-mount-charles-buys-shares-119580.html
<![CDATA[News - Atlantic Coal reports record production and sales ]]> http://www.proactiveinvestors.co.uk/companies/news/117218/atlantic-coal-reports-record-production-and-sales-117218.html ---ADDS DETAIL AND SHARE PRICE---

Shares in Atlantic Coal (LON:ATC) advanced almost 8% on Monday after the firm reported record production and sales in the year so far from its Pennsylvania mine, where it has now begun mining a 30ft seam of almost solid high grade anthracite.

This seam will be worked over coming months, providing feedstock to produce clean anthracite products and raw anthracite for sale to other processors, the  AIM firm said.

Anthracite is purer and has a higher carbon than other types of coal and attracts premium prices - going for around US$130 a tonne compared to, say, thermal coal, the kind of fuel burned in power stations, at about US$40 a tonne.

It is used in a number of ways, notably in steel making but also other metals production, water purification and in the sugar industry.

The development of the Mammoth seam has given the firm a big boost and provides confidence for the rest of the life of Stockton, which has a life of around a decade.

Atlantic produced 164,328 tons of anthracite in the ten months to end October -  26% more than the same period of 2014 - and representing 99.6% of the total production of 165,052 tons achieved in all of 2014.

Sales of clean anthracite products over the same ten months were 151,384 tons (18.5% more than last year) and run of mine sales were 69,205 tons.

October 2015 was a record month for sales of anthracite products at 24,066 tons, while run-of-mine sales were 2,825 tons.

Steve Best,  Atlantic's managing director, was upbeat on the US mine's performance.

"As we still have two months of production and sales left in 2015 we are confident of beating our previous record production and sales by a significant margin," he said.

"It is particularly pleasing to see a record monthly sales figure in October and this, together with our healthy inventory of both clean anthracite product and raw anthracite gives us confidence for Stockton's performance for the remainder of 2015 and the winter season running into 2016.

"Our investigation of old underground mine plans had indicated that that we were approaching areas of thick Mammoth seam which were largely unworked, but as mining is never predictable we could not be certain of this.

"We are, however, now on our second cut of 30 feet thick almost solid Mammoth seam and this gives us a high degree of confidence that this will continue over the rest of the life of Stockton Mine."

Project development director Barney Corrigan explained to Proactive how the Mammoth seam transformed the Stockton operation."We're digging the same amount of rock as we were digging to get a third of the thickness of that mammoth seam and now we're getting 100% more or less of it."

"We are pretty confident now that that runs right through to the end of the mine...," he said, adding the firm saw record sales and production continuing through to 2016.

Atlantic shares added 7.69% to 0.14p on the day.

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Mon, 09 Nov 2015 07:30:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/117218/atlantic-coal-reports-record-production-and-sales-117218.html
<![CDATA[Media files - Atlantic Coal upbeat on anthracite prospects in Pennsylvania ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/4289/atlantic-coal-upbeat-on-anthracite-prospects-in-pennsylvania-4289.html Wed, 21 Oct 2015 16:15:00 +0100 http://www.proactiveinvestors.co.uk/companies/stocktube/4289/atlantic-coal-upbeat-on-anthracite-prospects-in-pennsylvania-4289.html <![CDATA[News - Atlantic Coal keeping the home fires burning ]]> http://www.proactiveinvestors.co.uk/companies/news/115925/atlantic-coal-keeping-the-home-fires-burning-115925.html Atlantic Coal (LON:ATC) has issued an upbeat trading update that revealed production and prices are both moving in a favourable direction.

The AIM-listed anthracite coal mining company operating in Pennsylvania, USA, said turnover in the first nine months of the year was up by around 26% year-on-year to around US$17.8mln from US$14.1mln in the same period of 2014.

The company said turnover for the second half of the current year should at least match that of the first half.

The company said it is enjoying a number of positive factors including: continuing high levels of production and sales; a healthy level of stock going into the winter period; increasing sales prices as from 12 October – up by US$10 a ton on clean coal; and increasing efficiencies in production and transport.

"I am pleased to report an excellent increase in turnover for the nine months to 30 September 2015, reflecting our impressive year-on-year increase in production and sales, as reported on 1st October 2015,” said Steve Best, managing director of Atlantic Coal.

“Compared with the same period in 2014 we have increased turnover by over $3.7 million, an increase of circa 26%. This amount is only just short of the total turnover for 2014 of US$18.4 million and we therefore look forward to exceeding our 2014 revenues in 2015. Going forward, we intend to include estimates of the company's unaudited turnover within our quarterly updates," Best revealed. 

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Thu, 08 Oct 2015 07:28:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/115925/atlantic-coal-keeping-the-home-fires-burning-115925.html
<![CDATA[News - Atlantic Coal's sales rise 65% in third quarter ]]> http://www.proactiveinvestors.co.uk/companies/news/111329/atlantic-coal-s-sales-rise-65-in-third-quarter-111329.html ---ADDS DETAIL AND SHARE PRICE---

Anthracite miner Atlantic Coal (LON:ATC) reported a 65% increase in sales for the nine months to  end September as it approaches its best time of year for sales and prices - the home and industrial heating market.

Run of mine production in Pennsylvania, USA, was also up in the nine months - over 50% to 365,985 tons, compared to 243,527 tons in 2014.

Total sales were 186,186 tons versus 112,831 last year - a 65% jump.

Meanwhile, its clean coal inventory leapt over 182% to 26,149 tons as the firm moves into a key sales season.

Steve Best, Atlantic's managing director, told investors the results were "particularly pleasing", considering the state of the commodities markets, where thermal and metallurgical coals prices have plunged.

Higher grade anthracite has held up well, however, and the firm is raising prices of all its anthracite grades by US$10 a ton from October 12, he said.

In terms of current mining, Best added: "We are also very near to reaching the bottom of the coal basin in the current cut and, according to indications from old underground mine maps, we are due to enter the almost solid 30 feet thick Mammoth seam, which will further assist in maintaining our high production levels.

"On the sales front we are entering the traditional home and industrial heating market season and, for the first time going into the winter, we have a very healthy inventory of clean coal which means that we have the confidence to supply our traditional customer base and also to go out and seek new customers."

Best added: "We therefore look forward with confidence to the final quarter of 2015 and the directors are confident that the financial performance of the company for the remainder of H2 will match the results reported in H1."

Atlantic's project development director Barney Corrigan told Proactive that anthracite, with its purer carbon component, was bucking the price trend, compared to other types of fuel, notably thermal coal, used in power stations, which had taken a big hit globally.

Prices for thermal coal, now lagging around the US$40 per ton mark, have been hit by punitive tax regimes for power stations burning coal along with the recent explosion of shale gas production in the US, he suggested.

This has meant the big changes for big US bituminous coal players , said Corrigan, citing Alpha Natural Resources, which has recently file for bankruptcy.

"Coal is being rapidly displaced by very, very cheap shale gas," he said.

Anthracite has a range of different markets, rather than just power stations, and can ride out the price storms better, noted Corrigan, though he added it was not immune to them.

It has a wide range of uses across the steel-making industry for example.

And even in Pennsylvania, where large amounts of shale gas are produced, anthracite is much in demand in the home heating space as large swathes of the population  are not connected to the gas grid, he added.

Corrigan suggested an average price for Atlantic's anthracite, which it sells in different grades, would be around US$125 a ton at the mine gate, but that's still well down on the US$160 a ton seen around four years ago.

Notably, another plus, noted Corrigan, was that anthracite has still been in demand for steel making, where they have been replacing higher sulphur  petroleum coke with anthracite, which bodes well for Atlantic's future sales.

Investors welcomed today's update and Atlantic shares added 11.11% to 0.15p.

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Thu, 01 Oct 2015 07:29:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/111329/atlantic-coal-s-sales-rise-65-in-third-quarter-111329.html
<![CDATA[News - Atlantic Coal boosts sales and profits from American mine ]]> http://www.proactiveinvestors.co.uk/companies/news/110325/atlantic-coal-boosts-sales-and-profits-from-american-mine-110325.html --UPDATES SHARE PRICE DETAILS--

Shares in Atlantic Coal (LON:ATC) more than doubled on Thursday after revealing what Adam Wilson, the company’s chairman, described as a “remarkable” turnaround.

A cursory look at the AIM quoted coal miners results quickly shows why Wilson didn’t mince words in his commentary.

In the six months to June 30, Atlantic Coal delivered sales of US$10.4mln, up 9.7% on the corresponding period a year ago, and an increase in profit from operations of just over US$4.4mln as last year’s small loss turned into a profit of US$4.24mln.

A dramatic 29.9% cut in costs was surely helpful in delivering those numbers, but the key figure was the increase in total coal sales from 75,761 tons last year to nearly 106,000 tons this time round.

Given that market conditions have been tough and that there was some severe adverse weather at the company’s Stockton mine during the period, Wilson’s enthusiasm for these numbers is understandable.

At heart, the improvement was due, he said, to the company’s decision to modernise Stockton to exploit high value anthracite reserves.

That modernisation included the acquisition of new haul trucks and excavators, and the refurbishment and expansion of the wash plant.

After the end of the period, the company also commissioned a new rail loading facility.

All of which bodes well for Atlantic's future ambitions.

“We have long stated that our ambition is to grow both our reserve base of anthracite and our production capacity and have been actively looking for further high quality and economically viable anthracite coal properties,” said Wilson.

On AIM, Atlantic Coal shares gained 0.11p or 143% to trade at 0.19p. At this price the company is valued in the market at around £9mln.

 

 

 

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Thu, 27 Aug 2015 07:42:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/110325/atlantic-coal-boosts-sales-and-profits-from-american-mine-110325.html
<![CDATA[News - Atlantic Coal's new rail loading facility open in double quick time ]]> http://www.proactiveinvestors.co.uk/companies/news/109963/atlantic-coal-s-new-rail-loading-facility-open-in-double-quick-time-109963.html Atlantic Coal (LON:ATC) has opened a new rail loading facility at its Stockton mine in Pennsylvania just two months after construction started.

Anthracite from the mine will now be shipped in 100 ton capacity railcars compared with 20 ton lorries previously.

Atlantic will also no longer have to use third party rail loading facilities, reducing loading and transport costs and providing a more efficient service.

The facility, built with the Reading, Blue Mountain and Northern Railroad, is at the eastern end of the Stockton mine.

Coal has already been dispatched to customers in Indiana and Idaho, the company said.

Steve Best, Atlantic’s managing director, said: "From signing our agreement with RBMNR in June, our new rail loading facility became operational in only two months, an excellent achievement by our Stockton workforce and RBMNR.

“This facility now provides us with a significant commercial advantage in supplying our increased production of anthracite to customers across the US and potentially to Canada and to East Coast ports for export."

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Fri, 14 Aug 2015 07:23:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/109963/atlantic-coal-s-new-rail-loading-facility-open-in-double-quick-time-109963.html
<![CDATA[News - UPDATE - Atlantic Coal upbeat as sales push ahead ]]> http://www.proactiveinvestors.co.uk/companies/news/109271/update-atlantic-coal-upbeat-as-sales-push-ahead-109271.html ---ADDS SHARE PRICE---

Atlantic Coal (LON:ATC) shares rose as it saw anthracite sales rise strongly in its latest quarter as it started to sell coal straight from its mine at Stockton, Pennsylvania.

Combined sales of run of mine coal (ROM) and clean coal rose 39% to 61,700 tons compared to the previous three months, with ROM production 12% higher at 161,000 tons.

Clean coal produced was little changed at 45,100 tons despite a 16 day outage as the washing plant was upgraded.

Steve Best, managing director, said new machinery had improved mining conditions in the Mammoth seam and was having a positive effect on production.

“We have also built on our stockpile levels ready for the winter season - both our clean coal and ROM stockpiles are double the level they were at this time last year."

He added he was confident over the second half of the year and the winter season as he expects to see an increase in both sales volumes and prices.

"With our production capability, improved mining conditions and a healthy clean coal and ROM inventory the directors look forward with confidence to the second half of the year and the winter season when we anticipate an increase in both sales volumes and prices," said Best.

Atlantic shares added 10% to 0.11p on the day.

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Thu, 23 Jul 2015 08:07:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/109271/update-atlantic-coal-upbeat-as-sales-push-ahead-109271.html
<![CDATA[News - Atlantic Coal’s output and revenues set to increase ]]> http://www.proactiveinvestors.co.uk/companies/news/109195/atlantic-coals-output-and-revenues-set-to-increase-109195.html You have to pick and choose your investments in the coal sector very carefully these days.

Thermal coal is bumping along the bottom at around US$40 per tonne and met coal now regularly fetches less than US$100 per tonne.

But there are one or two gems around, especially if you’re prepared to go right to the top end of the market to anthracite, the premium product that’s produced by Atlantic Coal (LON:ATC).

Atlantic has been mining anthracite at its Stockton mine in Pennsylvania for some years now and pricing has held up well, according to project development manager Barney Corrigan.

“Our sale price is US$125 per ton,” he says.

Not only that, but the company has just started mining through seams that are yielding significantly more coal.

“The anthracite we work has all been worked underground before,” explains Corrigan.

“Generally there’s been perhaps 35% to 40% of the in situ coal remaining, but we’ve now moved into an area where it hasn’t been worked very much before.

“In the last cut we did we were getting 90%. It’s a much more economical process. We’re doing the same amount of digging but we’re getting more coal. That’s obviously a big plus.”

And the effects are already showing through.

In the first half of 2015 the company produced approximately 91,000 tons of clean coal, up 9% against the 83,300 tons produced in the corresponding period a year earlier.

That’s likely to translate through into a revenue boost from the US$9.4mln delivered in the first half of 2014 to US$10.3mln in the first half of 2015, and there should be plenty more to come.

“This improved area should last right through to the end of the mine life,” says Corrigan.

“That’s based in part on a study of old mine plans, but as a result of finding this new area we have a new reserve assessment from Wardell Armstrong that shows 2.2mln tons of recoverable reserves.

“That could give us up to a maximum of an eleven year mine life based on a 200,000 tons per year production rate.”

Given that, and strength in the anthracite price, it’s hardly surprising to see that Atlantic Coal’s share price has held up fairly well over the past year or so, as shares in lesser coal companies have plunged, but it’s not all about the more productive coal seam - there’s plenty of interest in growth too.

First off, Atlantic has been investing in new equipment at Stockton, specifically an upgraded washing plant and a new mining fleet.

That’s now been fully deployed and work on the next cut is well underway.

Barney Corrigan is confident that the yield will be equally as impressive.

“We re-equipped the mine with new, more efficient equipment,” he says. “The idea is to increase absolute production and to produce more clean anthracite.”

But the plans for expansion don’t end there.

On a wider horizon, the company continues in its search for new anthracite projects in and around the Pennsylvania coalfields.

“We have a stated objective of becoming a larger anthracite producer,” says Corrigan.

“That would give us the critical mass to be able to go to operators in the market, for example in talking to some of the big European steel producers.

“At the moment we are less effective in our engagement with them because we can’t service a 40,000 ton shipload without prejudicing our own customer base.”

Any expansion, says Corrigan, would also add economies of scale.

“We’re looking for operating mines that aren’t being exploited to their full capacity so we can bring in modern methods. There are a few things we are looking at.”

The trick is to match the right project up to the right financing package, which isn’t always easy, but this is familiar ground for Atlantic Coal now.

“We should get one of these over the line in the not-too-distant future,” says Corrigan.

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Tue, 21 Jul 2015 10:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/109195/atlantic-coals-output-and-revenues-set-to-increase-109195.html
<![CDATA[Media files - Atlantic Coal boss sees anthracite “bonanza”, seeks opportunities to grow ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/3900/atlantic-coal-boss-sees-anthracite-bonanza-seeks-opportunities-to-grow-3900.html Tue, 30 Jun 2015 16:10:00 +0100 http://www.proactiveinvestors.co.uk/companies/stocktube/3900/atlantic-coal-boss-sees-anthracite-bonanza-seeks-opportunities-to-grow-3900.html <![CDATA[News - Atlantic Coal shares soar as it expects first half numbers to beat 2014’s ]]> http://www.proactiveinvestors.co.uk/companies/news/108525/atlantic-coal-shares-soar-as-it-expects-first-half-numbers-to-beat-2014s-108525.html Pennsylvania coal miner Atlantic Coal (LON:ATC) continues to report good progress at its Stockton mine and expects first half (H1) revenues to end June to be stronger than the same period last year.

Revenues for the six months are expected to come in at around US$10.3mln compared to turnover of US$9.447mln in the same period in 2014.

That's on the back of coal sales of around 103,000 tons - 36% more than the 75,761 tons in 2014 -  including  clean coal sales of around 72,000 tons and run of mine (ROM) coal sales of around 31,000 tons.

The wash recovery rate was around 53% compared to 41.8% in 2014.

"These production figures demonstrate the positive impact of both the new equipment fleet and the additional coal in the basin on the costs of production," noted Atlantic.

Meanwhile, the miner is now working on removing the overburden on the next cut, and the board anticipates starting to dig basin coal by the beginning of October this year.

Also, it has replaced the drum in its wash plant, which is expected to enable an increase in run of mine feed through the plant with positive clean coal production and cost benefits during H2 2015.

Coal transportation by rail has been significantly improved with the completion of a rail siding and loading platform located at the mine site.

Managing director Steve Best said: "I am delighted to report what we anticipate will be continued excellent performance in Q2 [second quarter] building on what we saw in Q1.

"On the basis that we expect to be in the basin on the new cut by the beginning of October we look forward with confidence to the remainder of the year."

Shares surged in early deals - lifting almost 22% to 0.14p.

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Tue, 30 Jun 2015 08:28:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/108525/atlantic-coal-shares-soar-as-it-expects-first-half-numbers-to-beat-2014s-108525.html
<![CDATA[News - Atlantic Coal upbeat on anthracite demand but 2014 loss widens ]]> http://www.proactiveinvestors.co.uk/companies/news/107803/atlantic-coal-upbeat-on-anthracite-demand-but-2014-loss-widens-107803.html Anthracite miner Atlantic Coal (LON:ATC) is confident about demand for its products continuing, as it posted record production of coal in 2014.

However, despite that, the loss for last year widened compared to 2014, mainly due to lower sales volumes and low prices towards the end of the year, the miner said, while the worst winter for 20 years in Pennsylvania, USA curtailed output in the first quarter last year.

A marked slowdown in demand for anthracite in 2013 was partly relieved in 2014 as the Ukraine crisis caused disruption to its production.

However, while the average sales price for Stockton anthracite increased by 2.3% to US$120.79 in 2014, sales at 153,698 tons were down 8% on the 2013 figure.
The situation is now easing, said Atlantic, and the average sale price in the first quarter increased to US$124, a 2.6% increase on 2014.

The firm remains upbeat on the anthracite market, saying the home and industrial heating area, which continues to be a large part of the group's sales, accounted for 47% in 2015, remained stable.

This is because many homes in the North East USA are still unconnected to the mains gas supply, which is expected to continue throughout 2015 and beyond.

"This of Stockton's anthracites products supports demand for our products remaining strong, if not increasing," the firm said.
"Only 1% of the world's coal reserves is made up of anthracite, and even then few of the reserves are of as high a quality as the North East Pennsylvania Coalfield, or benefit from the same level political stability, established infrastructure and an industry-friendly jurisdiction. This suggests a future supply imbalance, supporting future price increases," said the firm.

The group was further boosted this month with a new reserve estimate for the Stockton mine, which increased the amount of coal available by 37%, spelling good news for mining costs and potentially extending the life of the project by three years.

"We continue to seek new anthracite mining properties in Pennsylvania to add to our Stockton Mine with a view to giving us the productive capacity to compete more effectively in both the US and export markets," the firm added.

The loss before tax for 2014 was US$3.5mln compared to a loss of US$1,47mln in 2013 on sales of US$18,397,465 (2013: US$19,661,639).

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Mon, 08 Jun 2015 08:40:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/107803/atlantic-coal-upbeat-on-anthracite-demand-but-2014-loss-widens-107803.html
<![CDATA[News - Atlantic Coal unveils 37% increase in reserve at Stockton ]]> http://www.proactiveinvestors.co.uk/companies/news/107322/atlantic-coal-unveils-37-increase-in-reserve-at-stockton-107322.html  

A new reserve estimate for the Stockton mine in Pennsylvania has increased the amount of coal available by 37%, Atlantic Coal (LON:ATC) told investors.

The additional reserves spell good news for mining costs and will potentially extend the life of the project by three years, the firm added.

The Stockton reserve is now put at 2.220 million tons, as at end of 2014, compared to 1.626 million tons as at Dec 31, 2013.

"This is primarily attributable to the increased reserves in the Mammoth seam but also to a higher proportion of coal remaining from previous underground mining in the Primrose, Orchard and Diamond seams than previously estimated," Atlantic said.

The higher coal reserve has also resulted in a substantial decrease in the mining ratio to 13.99 cubic yards of overburden (the amount of material to be removed) to 1 ton of clean coal compared to 19.40 cubic yards to 1 ton in 2013.

Atlantic reckons this 28% decrease in the ratio bodes well for mining costs in the future.

Managing director Steve Best told investors: "We are pleased to announce this increase in Stockton's reserve base and subsequent expected mine life extension of three years.  

"An added bonus is the 28% decrease in the mining ratio since this is the primary determinant of mining cost and, as such, enables us to look ahead with confidence."

Last month, the firm reported an "excellent performance" in its first quarter with better sales and production stats.

Clean coal production for the three months to end March was 45,669 tons compared to 34,451 tons a year ago. Run of mine production stood at 136,981 tons (Q1 2014: 86,614 tons). Total sales were 44,356 tons compared to 36,449 tons in the same three months in 2014.


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Tue, 26 May 2015 07:17:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/107322/atlantic-coal-unveils-37-increase-in-reserve-at-stockton-107322.html
<![CDATA[News - Atlantic Coal announces resignation of company secretary ]]> http://www.proactiveinvestors.co.uk/companies/news/106783/atlantic-coal-announces-resignation-of-company-secretary-106783.html Atlantic Coal (LON:ATC), the operator of the stockton mine in Pennsylvania, said its company secretary had resigned with immediate effect.

Allen Pawlyn was convicted yesterday (May 13) of theft at Harrow Crown Court. This offence was committed at a company unconnected to Atlantic and before his appointment as Atlantic's company secretary.

"The board is confident that the company's financial systems and procedures have remained robust.  Mr Pawlyn has never been in a position to solely authorise bank payments on behalf of the company and a review of bank payments has identified no inappropriate payments," it said in a brief statement.

ATC shares closed Thursday's session unchanged at 0.14p.

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Thu, 14 May 2015 18:02:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/106783/atlantic-coal-announces-resignation-of-company-secretary-106783.html
<![CDATA[News - UPDATE - Atlantic Coal making good headway at Stockton mine ]]> http://www.proactiveinvestors.co.uk/companies/news/67791/update-atlantic-coal-making-good-headway-at-stockton-mine-79017.html ---ADDS SHARE PRICE---

Improved mining at the Stockton site in Pennsylvania meant Atlantic Coal (LON:ATC) reported an "excellent performance" in its first quarter with better sales and production stats.

Despite another desperately cold winter, the miner surpassed its first quarter (Q1) 2014 performance by some considerable margin, it said.

Clean coal production for the three months to end March was 45,669 tons compared to 34,451 tons a year ago. Run of mine production stood at 136,981 tons (Q1 2014: 86,614 tons). Total sales were 44,356 tons compared to 36,449 tons in the same three months in 2014.

Atlantic highlighted it is now excavating almost solid coal in the 29 feet thick Mammoth seam, which is expected to have a positive effect on operational costs and increase the remaining reserves. Indeed, the firm is commissioning a re-evaluation of the reserve base at Stockton, it said.

Wash plant recovery levels are now around 54% as compared with 39.7% for 2014 which the firm expects will increase the yield of clean coal from the washing plant with a consequent reduction in washing costs and an increase in clean coal production.

Steve Best, managing director at Atlantic, said: "We are pleased to be able to report the positive developments in relation to the 29 feet thick Mammoth seam.

"Our overall sales volumes are good and I am pleased to report that the average price for Q1 was up slightly on Q4 2014 in what is a competitive market.

"The new Komatsu PC3000 hydraulic excavator is now operational and most of the new fleet of Komatsu plant we announced on 13 March is now on site and operational with the remainder expected before the end of April.

"The new mining equipment and improved mining conditions at Stockton means that we can look forward with confidence to the remainder of 2015."

Best added that "substantial progress" was being made by full time US based chairman Adam Wilson over the management process and cost savings at Stockton and establishing new investor interest in the potential acquisition of  anthracite reserves, mining operations and washing plant capacity to achieve its aim of being a "leading Pennsylvania anthracite producer".

Shares added 11.11% to stand at 0.15p.

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Tue, 07 Apr 2015 11:29:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/67791/update-atlantic-coal-making-good-headway-at-stockton-mine-79017.html
<![CDATA[News - Atlantic Coal restocking Stockton with Komatsu machines ]]> http://www.proactiveinvestors.co.uk/companies/news/67051/atlantic-coal-restocking-stockton-with-komatsu-machines-78224.html Pennsylvania-focused coal miner Atlantic Coal (LON:ATC) is kitting out its Stockton mine with new Komatsu equipment.

The heavy plant machinery is expected to help the firm continue to increase production and exploit a new area of virgin coal it is moving into.

A PC3000 hydraulic excavator has been delivered and the firm has ordered a further ten items from Midlantic, a subsidiary of Komatsu - the world’s second largest manufacturer of heavy plant.

The machinery is being funded through an asset backed lease purchase agreement costing US$20 million over six years.

Tim Reilly, of Midlantic, said: “We are delighted that Komatsu are now in an effective partnership with Atlantic at Stockton and also look forward to putting together equipment and finance packages for new Atlantic mines and developments.”

Atlantic's managing director Steve Best, added: "The new plant will be utilised across the full range of our mine operations at Stockton and comes at an opportune time as we move into an area of high quality reserve of virgin coal.

"We are also pleased to continue our relationship with Midlantic and Komatsu as we move towards Komatsu as our exclusive equipment supplier for Stockton and potential future developments.

"We look forward to updating you on both Atlantic and Stockton Mine progress.”

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Fri, 13 Mar 2015 07:15:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/67051/atlantic-coal-restocking-stockton-with-komatsu-machines-78224.html
<![CDATA[News - Atlantic Coal upbeat on 2015 after record production at Stockton last year ]]> http://www.proactiveinvestors.co.uk/companies/news/65081/atlantic-coal-upbeat-on-2015-after-record-production-at-stockton-last-year--76001.html

Atlantic Coal (LON:ATC) is upbeat about the future as it reported record production from its Stockton mine in Pennsylvania, USA in 2014.

Anthracite production rose more than 8% to 165,052 tons in the year compared to 151,265 tons in 2013, it said.

The firm saw strong sales volumes and increased prices for its high quality coal product.

The result was particularly pleasing given depressed production in the first quarter, which was caused by the worst winter in Pennsylvania for two decades, the company noted.

Steve Best, the firm's managing director, told investors: "The record production, strong sales volumes and increasing prices gave the Atlantic board the confidence to order a new high capacity Komatsu PC 3000 excavator which will be perfect for loading our new fleet of Komatsu 100 ton dump trucks acquired in 2014.

"This, together with the rapidly falling cost of fuel, our biggest single item of expenditure at Stockton, gives me great confidence to look forward to a good year for both Stockton and ATC in 2015.

Shares were unchanged at 0.165p each.

 

 

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Wed, 07 Jan 2015 14:08:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/65081/atlantic-coal-upbeat-on-2015-after-record-production-at-stockton-last-year--76001.html
<![CDATA[News - Atlantic Coal executives buy out Yorkville interest ]]> http://www.proactiveinvestors.co.uk/companies/news/63801/atlantic-coal-executives-buy-out-yorkville-interest-74555.html Atlantic Coal’s (LON:ATC) senior executives are to buy out the remainder of financier Yorkville’s interest in the US –based coal producer.

Mount Charles, a company owned jointly by chairman Adam Wilson and Mary Best, the wife of managing director Steve Best, has agreed to acquire 334.5mln shares from Yorkville at 0.13p per share.

Of these, major investor Spring Capital will buy 96.1mln and in addition has been granted an option to buy a further 71mln.

Just over half of the shares have already been acquired from Yorkville with the remainder to be bought in a year’s time.

When completed in November 2015, Mount Charles will own 3.59% of Atlantic, Adam Wilson 2.98%, Steve Best 0.47% and Spring Capital 9.31%.

Shares were trading today at 0.135p.

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Thu, 20 Nov 2014 10:37:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/63801/atlantic-coal-executives-buy-out-yorkville-interest-74555.html
<![CDATA[News - Atlantic Coal sees prices improve in third quarter ]]> http://www.proactiveinvestors.co.uk/companies/news/62445/atlantic-coal-sees-prices-improve-in-third-quarter-72974.html Coal market prices continue to improve, said US-focused anthracite producer Atlantic Coal (LON:ATC) as it released an upbeat sales update for its third quarter.

Demand from all market sectors is strong, it told investors, as it revealed its Stockton mine in Pennsylvania produced 33,712 tons of clean coal in the three months to September 30 compared to 38,629 tons in the same period last year.

The run of mine production stood at 57,624 tons (Q3, 2013: 50,905 tons), while clean coal sales for the three months stood at 37,093 tons compared to 40,462 tons last year.

The group's managing director Steve Best said: “Our Q3 volumes were strong and I am pleased to report that at the end of September we had achieved a Stockton Mine record production level and are on course to break the mine’s annual production record.

"This is particularly pleasing given the poor start to the year caused by the severe winter weather which affected not only Pennsylvania but large parts of the USA.

"I am also pleased to report that market price levels continue to improve and demand from all market sectors is strong."

To that end, the firm added it had started two full shifts working on Saturdays at the wash plant as well as the mine working two shifts.

There is also 24 hour working at the wash plant throughout the week Monday to Friday to meet demand, it said.

Last month, in its first half results, Atlantic said it had bought six Komatsu 100 ton dump trucks and other capital equipment with a total value of around US$9.87mln.

"Our investment in capital equipment has come at a good time for Atlantic Coal as we are seeing not only a significant improvement in market demand but also in pricing for anthracite with US steel production increasing and the conflict in Ukraine increasingly turning that country from an exporter to an importer of anthracite," it had said.

The company added that as of September 1 this year, the company increased the price of most grades of anthracite by US$10 per ton.

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Tue, 07 Oct 2014 07:06:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/62445/atlantic-coal-sees-prices-improve-in-third-quarter-72974.html
<![CDATA[News - Atlantic Coal remains on course for production record at Stockton despite harsh weather ]]> http://www.proactiveinvestors.co.uk/companies/news/62046/atlantic-coal-remains-on-course-for-production-record-at-stockton-despite-harsh-weather-72557.html Atlantic Coal (LON:ATC) remains on course to beat the production record of 161,529 tons for 2014 at its flagship Stockton mine as it sees improving market conditions for anthracite, it said.

The firm, which operates in the USA, reported what it called a "solid" performance in the first half, with production up to 84,567 tons compared to 81,965 tons last year, despite losses caused by severe weather as Pennsylvania endured its coldest winter for two decades.

Sales held up well despite the weather and the traditionally low volumes seen in the second quarter, with 75,738 tons sold in the first half compared to 77,075 in the six months to June 30, 2013.

However, the weather did have an impact and the firm posted a loss of US$271,921 from operations (2013: profit of US$2.48mln).

Managing director Steve Best noted that towards the end of the period local anthracite production in Pennsylvania was not keeping pace with demand - a situation the firm anticipated would continue.

"This gave the directors the confidence to make a significant investment in capital equipment, the impact of which we are already seeing, and which will ensure our ability to meet this increasing demand.

The company has bought six Komatsu 100 ton dump trucks and other capital equipment with a total value of US$9,878,956.

"Our investment in capital equipment has come at a good time for Atlantic Coal as we are seeing not only a significant improvement in market demand but also in pricing for anthracite with US steel production increasing and the conflict in Ukraine increasingly turning that country from an exporter to an importer of anthracite."

Best added that as of September 1 this year, the company increased the price of most grades of anthracite by US$10 per ton.

Shares rose 8.11% in early deals to 0.20p.

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Wed, 24 Sep 2014 08:24:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/62046/atlantic-coal-remains-on-course-for-production-record-at-stockton-despite-harsh-weather-72557.html
<![CDATA[News - Ukraine conflict could have positive affect on anthracite price, says Atlantic ]]> http://www.proactiveinvestors.co.uk/companies/news/61938/ukraine-conflict-could-have-positive-affect-on-anthracite-price-says-atlantic--72442.html Problems in Ukraine could have a knock on positive effect on anthracite coal prices, according to Atlantic Coal's (LON:ATC) project development director Barney Corrigan.

For over a year, cheap exports of the premium product, the preferred choice for the steel industry, from Ukraine have led to a fall in prices.

It has more than likely been exported from Ukraine at less than production cost.

But now the country is seeing a shift from being an exporter to an importer, because of the disruption caused by the conflict in Ukraine.

Corrigan explained a lot of the coal mines in eastern Ukraine and the infrastructure such as overland conveyors and railway bridges have been severely damaged or, in some cases, completely destroyed.

".. Ukraine is now seeking to import anthracite through the western Ukraine port of Yuzhnyy (near Odessa) well away from the area of conflict in eastern Ukraine," he said.

The port of Mariupol in the east was the usual export route but that is in the conflict zone.

Atlantic Coal is a US- focused anthracite  producer, whose flagship mine is Stockton in Pennsylvania.

Currently Atlantic's product is sold exclusively into the domestic US market but it has been in  talks with various export markets, as it bids to become a far bigger player in the coal sector.

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Fri, 19 Sep 2014 16:51:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/61938/ukraine-conflict-could-have-positive-affect-on-anthracite-price-says-atlantic--72442.html
<![CDATA[News - Atlantic Coal sees prices picking up as it plans to add capacity ]]> http://www.proactiveinvestors.co.uk/companies/news/61102/atlantic-coal-sees-prices-picking-up-as-it-plans-to-add-capacity-71553.html Atlantic Coal (LON:ATC) is pushing ahead with plans to add capacity to its anthracite mining operations in Pennsylvania.

It is looking to acquire another coal project in the region to increase overall production to meet the sales demand it is seeing.

Its flagship Stockton mine continues to perform robustly and the US anthracite coal producer says it is confident about the future.

In the year to end 2013, it sold its anthracite for an average of US$128 per ton and reported a pre-tax loss of US$1.47mln, which was a considerable narrowing of the loss for 2012, which was US$2.66mln.

Barney Corrigan, Atlantic's project development director, said the group was selling everything it could produce despite the traditionally weak summer market.

Currently Atlantic's product is sold exclusively into the domestic US market but Corrigan said even for some of the firm's US customers - it can't supply all their coal requirements. The same applies for potential overseas buyers.

"We've been talking to various export markets, particularly China and Brazil but we need to have the production capacity to supply those," he told Proactive.

To that end, the firm would also like to acquire another producing asset to meet these sales needs, and Corrigan said discussions with other parties have taken place, but "take time" not least to make sure the package to finance any deal is the "right one" and done on the right terms.

To that end, and in a bid to attract the best financing deal it can, the company recently announced early repayment of amounts owed under the financing deal with Yorkville.

This was paid for by sales of recent production from Stockton, which has seen good results recently.

The second quarter to end June saw clean coal output from Stockton rise to 48,800 tons, a 37% rise quarter-on-quarter, while sales were up 8% to 39,300 tons, as improvements to the wash plant were brought in. It represented a bounce back after the firm had been impacted by terrible weather in the US earlier in the year.

The firm, at the half year point, was on target to produce around 180,000 tons for 2014.

However, pricing remains a dominant issue for the company going forward and it (the company) would inevitably like to see an upturn. Corrigan reckons the low prices bottomed out last year and is generally optimistic.

"It has picked up and we are confident that it will pick up further once we get beyond September when we see an immediate $10 a ton price increase," he told Proactive.

He also notes Atlantic's anthracite product does not compete directly with bituminous coal, but the whole market has been affected by perception, ie: it's all coal.

Indeed, it is a volatile time  for the whole sector and it has also been affected, although undoubtedly for what can only for a short time, says Corrigan, by the dumping of cheap anthracite coal from Russia and Ukraine, along with pressures arising from the current geopolitical pressures in that area.

In March this year, heavyweight Goldman Sachs cut its metallurgical coal price estimate for this coming year to US$141 per ton from US$150 and lowered projections for next year and 2016, citing oversupply and sluggish Chinese demand growth.

However, on the other hand, analysts have suggested that the steel industry is expected to make a recovery this year, led by a rebound of production in Europe and the rest of the world, offsetting the Chinese slowdown. 

In particular, the US Government’s decision in July to apply tarrifs to imports of steel pipe from South Korea and eight other countries has seen an upturn in confidence in the US steel industry which Atlantic expects to see translated into increased demand for its anthracite.

So Atlantic is at a critical and dynamic point in its development as it bids to become a major player in the market.

It is of course worth noting, the company also has a 20 year lease option over the Pott and Bannon anthracite mine 25 miles away from Stockton, where reserves of around 13.6 mln tons run-of-mine (ROM) coal are currently in the process of being proved up.

Corrigan said it is still the firm's goal to develop the site, but immediate acquisition plans have become centre stage.

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Mon, 25 Aug 2014 08:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/61102/atlantic-coal-sees-prices-picking-up-as-it-plans-to-add-capacity-71553.html
<![CDATA[News - Atlantic Coal announces early repayment under Yorkville financing ]]> http://www.proactiveinvestors.co.uk/companies/news/60700/atlantic-coal-announces-early-repayment-under-yorkville-financing-71125.html Atlantic Coal (LON:ATC) has repaid early amounts owed under its loan financing deal with Yorkville.

The firm has repaid all the US$750,000 first tranche under the SEDA (standby equity distribution agreement) and also an early repayment of the $500,000 second tranche meaning the firm no longer has any outsanding payments to Yorkville.

The parties have also agreed an early termination of the equity swap arrangement, announced last December.

The agreement still stands regarding the undrawn portion of the financing - up to US$5mln as announced in July last year - which ends on July 24, 2016, the US focused coal producer said.

The group's managing director, Steve Best, told investors: "I am delighted that the recent record production at Stockton has enabled us to repay this facility in advance of the repayment deadline. 

"We appreciate Yorkville's flexibility and support in providing strong capital risk management as part of our management of working capital."

Atlantic shares added 0.01p to 0.135p.

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Fri, 08 Aug 2014 15:35:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/60700/atlantic-coal-announces-early-repayment-under-yorkville-financing-71125.html
<![CDATA[News - Atlantic Coal sees sales and production bounce back ]]> http://www.proactiveinvestors.co.uk/companies/news/59757/atlantic-coal-sees-sales-and-production-bounce-back-70135.html Atlantic Coal (LON:ATC) has seen a strong rebound in production after the exceptionally bad US weather at the start of 2014.

Steve Best, managing director, added there were also signs of the market strengthening again with sales in the traditionally quiet second quarter rising by 65% over the same period a year ago.

Production of clean coal from its Stockton anthracite mine in Pennsylvania rose to to 48,800 tons in the three months to June, a 37% rise quarter-on-quarter.

Sales were up by 8% to 39,300 tons and stocks rose more than four-fold to 12,200 tons.

Best added: "Our Q2 volumes were not only up on the previous quarter but more importantly were significantly up on Q2 2013."

He said that spring to summer sales generally fall off but in this time sales rose by by 65% compared with a year ago with production 59% higher.

"This reflects a distinct strengthening in the market and our ability to meet this with increased production," he said.

A second shift commenced at Stockton on 23 June while improvements to the washing plant and washing operations meant the clean coal recovery rate rose to 46% from 39.3%.

“This all puts Atlantic Coal well on course to meet production targets for 2014," said Best.

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Mon, 07 Jul 2014 08:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/59757/atlantic-coal-sees-sales-and-production-bounce-back-70135.html
<![CDATA[News - Atlantic Coal confident on demand as narrows losses ]]> http://www.proactiveinvestors.co.uk/companies/news/58881/atlantic-coal-confident-on-demand-as-narrows-losses-69212.html Atlantic Coal (LON:ATC) narrowed its loss in 2013 - a year it decribed as one of mixed fortunes - as it drove down costs and improved efficiency at its Stockton colliery in Pennsylvania.

The group said it maintained revenues in spite of dowward price pressure on its product with coal selling for an average of US$128 per ton.

Despite falling prices, sales were maintained at 2012 levels - at US$19,661,639 compared to US$19,657,105, it noted in its full year results.

In the year to end 2013, the loss before tax was US$1,478,707 (2012 : U$2,661,557).

Total global demand for steel continues to increase, resulting in increased demand for metallurgical quality coal, including anthracite, the firm said.

"However, the metallurgical coal market is also facing a low point with oversupply resulting in lower prices. Between June and August 2013, for example, the Australian hard coking coal price fell to below US$140 per ton, the lowest since 2010. 

"Strong new supply coming online from Australia and Indonesia has been a key driver of the current low point in the market with high cost producers and those producing a less appealing semi-soft product face considerable challenges, particularly in the near-term."

However, Atlantic suggested that prices have reached, or are close to reaching, the bottom of the market.

"While China and other Asian markets continue to increase steel production, demand for metallurgical quality coal is expected to remain strong. The brighter global economic outlook, with developed countries emerging more strongly than expected from the current downturn, can be expected to support consistent demand and, possibly, to drive demand more strongly than currently expected."

The firm added it was confident that demand for its products will continue across key domestic markets and it expects a rebound in sales prices over the near-term.

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Fri, 06 Jun 2014 07:37:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/58881/atlantic-coal-confident-on-demand-as-narrows-losses-69212.html
<![CDATA[News - Atlantic Coal expects to bounce back after US freeze ]]> http://www.proactiveinvestors.co.uk/companies/news/57756/atlantic-coal-expects-to-bounce-back-after-us-freeze-68010.html The exceptionally cold US winter took a toll on Atlantic Coal's (LON:ATC) production, though the Pennsylvania-based miner expects to bounce back over the remainder of the year.

Steve Best, Atlantic’s managing director, said it was the coldest and longest winter in Pennsylvania for 20 years.

“Washing coal at temperatures consistently well below freezing proved to be particularly problematic and health and safety concerns, as well as practical considerations, also resulted in mining operations often having to be suspended or scaled back.”

Atlantic’s Stockton anthracite mine produced a shade over 35,700 tons of clean coal in the three months to March compared to the previous quarter’s 41,555 tons.

Run of mine production was 18% lower at 85,270 tons while clean coal sales amounted to 36,449 tons (42,280 tons).

Best said the reduction in volumes was the result of operational problems caused by weather.

"On a more positive note, trials on improving both mined coal and wash plant recoveries are progressing well," he added.

“This, together with other operational improvements including an over 40% reduction in blasting costs, give us confidence in the company's ability to achieve overall improvements in production, efficiency and profitability for the rest of 2014."

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Tue, 29 Apr 2014 07:37:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/57756/atlantic-coal-expects-to-bounce-back-after-us-freeze-68010.html
<![CDATA[News - Atlantic Coal shares rise on production-boosting equipment order ]]> http://www.proactiveinvestors.co.uk/companies/news/56105/atlantic-coal-shares-rise-on-production-boosting-equipment-order-66253.html Atlantic Coal (LON:ATC) shares advanced almost 8% after revealing that new production enhancing equipment had been ordered for the Stockton colliery, in Pennsylvania, USA.

The company said it had bought six 100 ton haul trucks and two dozers. This is being paid for by lease purchase, at a total cost of US$8.5mln over six years.

With this new equipment the company is expecting to continue increasing Stockton’s run-of-mine production profile.

"We anticipate that the acquisition of the new equipment will assist with our operational efficiency and enable us to meet our production goals for the immediate future,” managing director Steve Best said.

This should allow us to increase our production of ROM coal to the wash plant and maximise the circa 1.8 million tons defined anthracite reserves at Stockton."

"We look forward to providing further updates on our progress at Stockton and our Pott and Bannon project, together with our wider strategy to increase our presence in the US anthracite industry, at the appropriate time."

On AIM, Atlantic Coal shares were up 0.02p, 7.89%, trading at 0.21p each.

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Fri, 28 Feb 2014 10:44:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/56105/atlantic-coal-shares-rise-on-production-boosting-equipment-order-66253.html
<![CDATA[News - Atlantic Coal upbeat as sales rise and prices stabilise ]]> http://www.proactiveinvestors.co.uk/companies/news/54949/atlantic-coal-upbeat-as-sales-rise-and-prices-stabilise--65003.html Pennsylvania-based Atlantic Coal (LON:ATC) notched up record sales in 2103 with coal prices also improving slightly in the last two quarters of the year. 

Steve Best, Atlantic’s managing director, said coal production increased by 45% in the final three months with sales 4.5% higher than the previous quarter.

Average sale prices rose by 1.2% to follow a similar rise in the previous three months, something he said confirmed “that market price  levels are now strengthening”.

For the full year, Atlantic sold almost 169,000 tons, up 19%, at an average price of US$128.23/t (US$149.20/t). 

Production over the year was 9.4% lower at 151,265 tons as operations were scaled back during the earlier part of the year to reduce the stockpile and reduce costs  over the summer.

In the fourth quarter, clean coal sales were 42,280 tons (third quarter: 40,462 tons), with the clean coal stockpile stood at 2,922 tons and run-of-mine stockpile at 59,791 tons.

Atlantic’s anthracite mine is at Stockton near Hazleton, Pennsylvania.

Shares in group shot up in November after it revealed a deal to export coal to energy-hungry China. Its joint venture and coal sale agreement with CIC Brancepeth Coal, based in the People’s Republic, will see Atlantic sell at least 100,000 tonnes a year via this route. 

At the Stockton colliery, the firm is earmarking 200,000 tonnes of production for 2014, while its Pott & Bannon coal mine is expected to be in production in 2015, with full production of between 200,000 and 300,000 tonnes expected in 2016.

 

Shares were unchanged at 0.255p. 


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Mon, 20 Jan 2014 08:51:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/54949/atlantic-coal-upbeat-as-sales-rise-and-prices-stabilise--65003.html
<![CDATA[News - Directors Deals: Atlantic Coal share purchases pique investor interest ]]> http://www.proactiveinvestors.co.uk/companies/news/54720/directors-deals-atlantic-coal-share-purchases-pique-investor-interest-64766.html Normally it wouldn’t merit mentioning the share buying activity of the wife of the MD and a non-executive director.

However in the case of Atlantic Coal (LON:ATC), they are two in a series of stock purchases dating back to October that have piqued the interest of investors.

In that time the share price has advanced around 45%, though it’s a quirk of the market making system that boss Steve Best (and his wife Mary), chairman Adam Wilson, non-exec Peter Chinneck don’t seem to have profited from the uplift.

They bought at 0.24p, 0.26p and 0.27p with the share price currently bobbing around the 0.27p mark. It leaves the Best clan with 4.41% of the coal business, which has its operations in Stockton Pennsylvania and Chinneck with 4.48%. Wilson, meanwhile, has 2.98%.

One would suggest the Atlantic board is fairly confident about the future of the mine – although cash sums involved aren’t exactly huge.

Shares in group shot up in November after it revealed a deal which will see its Pennsylvania-mined anthracite coal exported to energy-hungry China.

Its joint venture and coal sale agreement with CIC Brancepeth Coal, based in the People’s Republic, will see Atlantic sell at least 100,000 tonnes a year via this route.

In return for clearing this path to this major new market, the AIM-listed miner will provide coal mining and processing expertise to CIC, which is run by London-listed CIC Capital. 

It followed this by tapping its equity drawdown facility for £1.45mln in order to increase its coal stocks ahead of export.  

So the scene seems to be set for a very exciting. 


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Sat, 11 Jan 2014 09:03:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/54720/directors-deals-atlantic-coal-share-purchases-pique-investor-interest-64766.html
<![CDATA[News - Atlantic Coal boss Best stocks up again ]]> http://www.proactiveinvestors.co.uk/companies/news/54654/atlantic-coal-boss-best-stocks-up-again-64697.html Atlantic Coal (LON:ATC) shares were on the rise after managing director Steve Best topped up his shareholding by acquiring just under £10,000 of stock.

The boss of the Pennsylvanian anthracite miner bought 3.73mln shares at 0.2638p each – a move which nudged the share price up to 0.28p.

He now has a 6.5% beneficial interest in the company, with most of the shares held through his wife Mary.

The shares rose on Tuesday when it was revealed Mary Best bought 4.1mln shares at 0.2392p a pop, while non-exec director Peter Chinneck snapped up 5mln shares at 0.24p each.

Atlantic Coal shares have been on a tear over the past four months.

September’s interim results, in which it said profits almost doubled, triggered a 100% spike from the shares. Hopes of rising coal prices are also behind the increased buying activity.

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Thu, 09 Jan 2014 11:53:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/54654/atlantic-coal-boss-best-stocks-up-again-64697.html
<![CDATA[News - Atlantic Coal rises as directors buy shares ]]> http://www.proactiveinvestors.co.uk/companies/news/54579/atlantic-coal-rises-as-directors-buy-shares-64621.html Atlantic Coal (LON:ATC) shares added nearly 14% on Tuesday as the company reported director share buying.

Non-exec director Peter Chinneck bought 5 million shares at 0.24p per share, while Mary Best, managing director Steven Best's wife, bought around 4.11 million shares at 0.2392 pence each.

Chinneck is now interested in 4.68% of the company's capital, while managing director Best is indirectly interested in 4.41% of the firm's shares.

In December last year, the USA operating firm raised funds, mainly to increase stocks of anthracite at its Stockton mine ahead of bulk orders from China.

The anthracite coal mining firm made a further draw down on its existing standby equity distribution agreement (SEDA) and has entered into an equity swap arrangement.

In a coal sale agreement announced in November, the company is committed to selling a minimum of 100,000 tonnes of anthracite coal per year to China-based CIC Brancepeth Coal.

On Tuesday, shares rose 13.95% to stand at 0.245p each.


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Tue, 07 Jan 2014 16:28:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/54579/atlantic-coal-rises-as-directors-buy-shares-64621.html
<![CDATA[News - Atlantic Coal raises funds ahead of big Chinese orders ]]> http://www.proactiveinvestors.co.uk/companies/news/53788/atlantic-coal-raises-funds-ahead-of-big-chinese-orders-63797.html Atlantic Coal (LON:ATC) has raised funds, primarily to increase stocks of anthracite at its Stockton mine ahead of bulk orders from China.

The anthracite coal mining company operating in Pennsylvania, USA, has made a further draw down on its existing standby equity distribution agreement (SEDA) and has entered into an equity swap arrangement.

The combined effect of these two actions provides the company with additional funds of £800,000 before charges immediately and a further £650,000 in the period to 31 December 2014.

In all, Atlantic Coal has issued a further 689.5mln shares at 0.07p each to Yorkville, the provider of the SEDA.

In addition the company has entered into an equity swap agreement with Yorkville in respect of 618.2mln of the shares issued to Yorkville.

Under the swap arrangement Atlantic Coal will pay Yorkville £650,000, repaid in monthly instalments over ten months commencing on 1 February 2014.

The monthly payments are £65,000.00 but this amount will vary on a monthly basis, depending on whether Atlantic Coal have been trading higher or lower than a reference benchmark price of 0.23p; if the shares have been trading higher than the reference price, then the repayment goes up, and if the shares have been trading lower, then the repayment goes down.

Following the issue of the new shares to Yorkville, Atlantic Coal will have 4,663mln shares in issue.

As per a coal sale agreement announced last month, Atlantic Coal is committed to selling a minimum of 100,000 tonnes of anthracite coal per year to China-based CIC Brancepeth Coal.

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Mon, 02 Dec 2013 14:25:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/53788/atlantic-coal-raises-funds-ahead-of-big-chinese-orders-63797.html
<![CDATA[News - UPDATE - Atlantic Coal taking American anthracite to China ]]> http://www.proactiveinvestors.co.uk/companies/news/53258/update-atlantic-coal-taking-american-anthracite-to-china-63222.html ---ADDS SHARE PRICE MOVE AND COMPANY COMMENTS---

Shares in Atlantic Coal (LON:ATC) shot up on Thursday after it revealed a deal which will see its Pennsylvania-mined anthracite coal exported to energy-hungry China.

Its joint venture and coal sale agreement with CIC Brancepeth Coal, based in the People’s Republic, will see Atlantic sell at least 100,000 tonnes a year via this route.

In return for clearing this path to this major new market, the AIM-listed miner will provide coal mining and processing expertise to CIC, which is run by London-listed CIC Capital. 

Investors welcomed the update and Atlantic shares surged over 27% to stand at 0.30p. CIC Capital shares were also in favour - rising 6.67% to stand at 6p each.

The deal runs for an initial three years starting next March and the coal will be bought for a price that will fluctuate with market conditions. Atlantic Coal will be responsible for shipment costs up to the point of delivery in Tianjin, China.

Barney Corrigan, project development director at Atlantic, told Proactive how the Chinese market was one the firm really wanted to enter in order to expand Atlantic's Pennsylvania production.

"China's the biggest market for anthracite in the world. They are the largest importers," he said.

He explained that the problem some Pennsylvania coal exporters and brokers have is a lack of local or "on the ground" knowledge about access into China.

"What we get through our relationship with CIC Capital is all of that experience," he said.

Corrigan added that the firm could see the minimum sales of 100,000 tonnes of anthracite to China per year under the deal doubling in the "short to medium term" as production is increased. 

At the Stockton colliery, the firm is earmarking 200,000 tonnes of production for 2014, while its Pott & Bannon coal mine is expected to be in production in 2015, with full production of between 200,000 and 300,000 tonnes expected in 2016.

Corrigan also reiterated the firm's statement earlier this month, in which it said anthracite market price levels were now moving upwards.

Earlier, Atlantic's managing director Steve Best told investors: “While we currently have no immediate plans to enter the Chinese coal mining industry, the joint venture with CIC-Coal, with its interests in Chinese coal operations, also brings new opportunities to utilise our coal mining and processing expertise to develop new coal mining projects in China in the future."

He said he was “delighted” to have agreed this new relationship with CIC, which has more than two decades experience working in the Middle Kingdom. 

“Our expansion plans in Pennsylvania are, in part, dependent on developing export markets and we see China as being one of the main targets with anthracite imports already having risen over 11% in the first five months of this year,” he said.

The news follows a confident and upbeat trading statement earlier this month, which stated sales to the end of October had already outstripped the whole of 2012.

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Thu, 14 Nov 2013 12:01:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/53258/update-atlantic-coal-taking-american-anthracite-to-china-63222.html
<![CDATA[News - Atlantic Coal reports strong Q3 production ]]> http://www.proactiveinvestors.co.uk/companies/news/52934/atlantic-coal-reports-strong-q3-production-62849.html US-focused Atlantic Coal (LON:ATC) reported strong coal production in its third quarter as it looks to boost output further in the final quarter of the year.

Clean coal production for the three months to end September stood at 28,629 tonnes compared to 30,641 tonnes in the June quarter.

Sales from the Stockton mine in Pennsylvania were increased considerably to 40,462 tonnes in the period, compared to 23,761 tonnes in the previous quarter as the company focused on selling its stockpile.

Steve Best, the managing director, told investors: "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 tons.

"This is particularly encouraging given that we scaled 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."

Overburden removal operations were increased in the upper mine levels where the material is softer and no blasting is required so costs are less.

"This "advance" overburden removal will stand us in good stead as we look to increase our coal production in Q4,2" said Best

The MD added that market price levels are now improving and the firm has begun two full shifts working at both the mine and the washing plant in anticipation of higher demand as winter draws near.

The average sales price realised in the quarter was US$121.82, compared to US$126.40 in the second quarter.

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Mon, 04 Nov 2013 08:10:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/52934/atlantic-coal-reports-strong-q3-production-62849.html
<![CDATA[News - Proactive pitches up in London and Dublin next week ]]> http://www.proactiveinvestors.co.uk/companies/news/52675/proactive-pitches-up-in-london-and-dublin-next-week-62561.html The Proactive big top pitches up next week in Dublin and London with a very exciting clutch of companies - all with growth potential.

First off, we are in Dublin on Tuesday, October 29, showcasing Advanced Oncotherapy (LON:AVO), Zamano (LON: ZMNO), Alliance Pharma (LON:APH) and Tissue Regenix (LON:TRX).

Register your place at this event HERE.

Advanced Oncotherapy specialises in internationally endorsed technology for advanced radiotherapy to treat common and rare cancers.

A deal recently to acquire ADAM, a company spin-off from CERN, the European Organization for Nuclear Research that is striving to uncover the secrets of the universe, is part of the plan. 

ADAM brought with it some proprietary technology called Linac Image Guided Hadron Technology - or LIGHT – that represents the next generation of proton beam therapy. 

This disruptive technology has an order pipeline in excess of £200mln and an anticipated net profit margin of 10%.

Karen Bullivant, the head of marketing, is joining us to explain the science and growth path for the company.

Meanwhile, Zamano (LON:ZMNO) is profitable, cash generative and virtually debt-free.

The company is at the centre of a large and growing market, and even its core franchises in Ireland and the UK have potential for expansion, while the international scope of the business could be huge.

Zamano’s entertainment portfolio encompasses music and video streaming, quizzes, sport, games and alerts that are charged via micro-payments.

The company has a new product – the splendidly named Messagehero – that is a web text-messaging platform for small businesses. It is high-margin, but is also expected to be a volume business, given that premium message volumes grew to around 240bn last year and are tipped to burst through the one trillion barrier by 2017.

It is fair to say that the company has a chequered past, but since 2011 new management has turned the business around, paying down debt while still investing in the business. It seems the market has yet to notice; the company is trading on less than three times 2012’s earnings per share.

Alliance Pharma has been around a long time, starting life as a speciality pharmaceutical company in 1998. 

Its stock in trade is focusing on the acquisition of established niche medicines, typically in areas where there is limited competition.

This is no high risk/high reward pharmaceutical company navigating a flagship product through the labyrinth of the medical regulatory process; it is a profitable, cash generative company that pays a dividend.

The company recently agreed a new enlarged debt package on better terms that give it access to £55mln and for a company with a strong track record of making canny acquisitions, the increased firepower should come in handy.

Speaking to Proactive Investors earlier this year, chief executive John Dawson said acquisition opportunities are always on the table.

Tissue Regenix (LON:TRX) is an international regenerative medical devices company that uses animal or human tissue to replace damaged or worn out parts of the human body.

Its proprietary platform, known as dCELL, can be used to make 20-30 different products. The group's largest area of focus is wound care, while the company is also developing applications in cardiac and orthopaedics markets.

The market for human therapeutic products employing tissue engineering ranks as one of the most rapidly growing sectors within the medical products market.

Once regulatory approvals have been obtained, Tissue Regenix will look to license dCELL Technology to third parties and enter co-marketing and/or distribution agreements.

The company has achieved a number of critical milestones in the past six months and the firm is making notable progress in the US. This includes the establishment of a processing agreement with Community Tissue Services, one of the USA's largest tissue banks, to produce DermaPure, the firm's human decellularised dermis product for chronic wounds and is on track for launch next year.

On Wednesday, October 30, we are in London, at the Chesterfield Mayfair hotel, with Atlantic Coal (LON:ATC),Canada Fluorspar (CVE:CFI) and North River Resources (LON:NRRP).

To register for this event, please click HERE.

Atlantic Coal has just exercised its lease option over the Pott & Bannon coal mine – a deal described by Best as “potentially transformational”.

And there could be more acquisitions in the pipeline, with the company on the lookout for new high quality mining sites in Pennsylvania to help it reach its goal of becoming a major producer in the US state.

Barney Corrigan, project development officer, is joining us to update on current progress and how it will achieve its ambitions.

Toronto-listed Canadian Fluorspar is positioning itself as a significant producer of fluorspar – a somewhat niche mineral described by some as the most important mineral you’ve never heard of.

It is an essential ‘feedstock’ for the chemical and metal alloy industry – it is an ingredient in products as diverse as anesthetics, non-stick coatings, fire retardant clothing, electrical components, aluminium and steel.

Internationally it is estimated that 5.6mln tonnes of fluorspar is consumed each year, a market that’s valued at around US$1.6bn.

Working out of St Lawrence, in Newfoundland, Canada, the junior mine developer is reactivating existing underground mines as well as expanding processing and infrastructure in order to produce between 120,000 and 180,000 tonnes of fluorspar concentrate per year.

Lindsay Gorrill, CEO & president, will be present to tell investors more about this exciting opportunity.

North River Resources (LON:NRRP) has worked over the historical data and found the Namib mine produced around 700,000 tons of ore between 1969 and 1991, plus more than 100,000 tons of lead and zinc concentrate, and more than 1mln ounces of silver.

A recent down-hole survey also indicated mineralisation at over 350m below the surface. 

Work now will focus upgrading the project’s existing JORC resource as part of the work on the feasibility study.

Martin French, managing director, will be joining us. 

Both events start at 6pm. Please join us at 5.45pm to allow for a prompt 6:00pm start. 

Each company has approximately 30 minutes to give a short presentation and for Q&A. Followed by the 'Champagne Raffle' where 6 lucky guests will win a bottle each.

The evening will end with a  complimentary bar and an assortment of the finest hot & cold canapes, giving you the opportunity to speak with the directors and other investors.

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Fri, 25 Oct 2013 17:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/52675/proactive-pitches-up-in-london-and-dublin-next-week-62561.html
<![CDATA[News - Atlantic Coal aglow after MD ups his stake ]]> http://www.proactiveinvestors.co.uk/companies/news/52545/atlantic-coal-aglow-after-md-ups-his-stake-62405.html Shares in Atlantic Coal (LON:ATC) rose by more than a third in afternoon trading on Tuesday after a strong show of faith by the company’s managing director, Steve Best.

Best put his hand in his pocket and purchased 7.3mln shares, taking his stake to 300.8mln shares, representing 23.1% of the issued share capital of the coal miner.

Shares have doubled over the last month after the company bounced back firmly into the black at the half-year.

Best paid 0.27p a share for his latest purchase, costing a total of £19,710. He's already sitting on a paper profit; shares rose 45% to 0.304p in late afternoon trading.

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Tue, 22 Oct 2013 15:05:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/52545/atlantic-coal-aglow-after-md-ups-his-stake-62405.html
<![CDATA[News - UPDATE - Atlantic Coal rockets after swinging to ‘substantial’ profit ]]> http://www.proactiveinvestors.co.uk/companies/news/51731/update-atlantic-coal-rockets-after-swinging-to-substantial-profit-61496.html --ADDS SHARE PRICE--

Shares in Atlantic Coal (LON:ATC) more than doubled after it swung to a healthy profit in the first half of 2013 despite a tough operating environment for coal miners.

The AIM-listed company made a pre-tax profit of US$2.5mln in the first six months of 2013, compared with a loss of US$1.4mln in the same period last year, on revenues of US$10.5mln.

Production grew by 37.4% from 59,000 tonnes to 82,000 tonnes.

This was against a challenging backdrop for the industry, which has seen coal prices and demand fall.

Atlantic Coal got the most out of its Stockton Colliery in Pennsylvania by reducing output and increasing sales from stockpiles to counter these issues.

The highlight of the period was exercising its lease option over the Pott & Bannon coal mine – a deal described at the time by managing director Steve Best as “potentially transformational”.

Atlantic’s shares jumped 116% to 0.27 pence each on the news.

Best said on Thursday: “This has been an exciting period with the Pott and Bannon site being brought into our Pennsylvania anthracite portfolio and having achieved substantially increased production compared with H1 [first half] 2012.

“This has been against a background of falling prices and demand compared with last year but our flexible approach to operations at the Stockton Mine and continuing rigorous review of operations has enabled us to produce a healthy net profit. This has been particularly pleasing given the difficult market conditions.”

Best added that the company is still on the lookout for new high quality, low ratio mining sites in the Pennsylvania anthracite belt that are either already in or can be brought quickly into production as part of its strategy to become a major producer in the US state.

Atlantic Coal ended the period with US$306,000 in cash, having finished June 2012 with US$2.2mln.

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Thu, 26 Sep 2013 10:28:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/51731/update-atlantic-coal-rockets-after-swinging-to-substantial-profit-61496.html
<![CDATA[News - Atlantic Coal builds stocks ahead of expected price rebound ]]> http://www.proactiveinvestors.co.uk/companies/news/49900/atlantic-coal-builds-stocks-ahead-of-expected-price-rebound-59415.html US-focused Atlantic Coal (LON:ATC) lifted run-of-mine (ROM) anthracite production from its Stockton mine by 24% in the second quarter.

The firm produced 122,616 tons in the three months to June 30 from the Pennsylvania mine compared to 98,529 tons in the first quarter.

The miner highlighted it had successfully weathered a period of lower anthracite prices and suppliers seeking to reduce inventory.

Atlantic has decided to reduce its costs by significantly reducing the overburden it removes before mining, but highlighted that the continued strong ROM production demonstrated the continued effectiveness of operations at Stockton.

Steve Best, managing director, said in a statement: "We have also taken the decision to stockpile ROM production rather than process it at current price levels, in order to take advantage of an anticipated improved pricing environment in H2 2013 as demand typically increases during the winter months."

Clean coal production for the period stood at 30,641 tons, against 53,131 tons in the previous quarter, while coal sales were 23,761 tons (Q1: 53,324 tons).

The average sales price of Atlantic's anthracite was US$126.40 (Q1: US$139.84).

Yesterday, the firm took plans for the Pott & Bannon coal mine in Pennsylvania a step further as it announced US$5mln of loan financing.

YA Global Master SPV, managed by Yorkville, will provide the firm with up to US$5mln in the form of a loan backed by a SEDA and subject to the issue of warrants.

The cash will be used to develop the 410 acre site, which has formerly been worked, 25 miles from Atlantic's producing Stockton anthracite mine and for working capital.

It plans to prove up the reserves, which it believes currently stand at around 13.6 mln tons run-of-mine (ROM) coal, equating to around 4.1 mln tons of washed, saleable anthracite.

Speaking to Proactive Investors, Barney Corrigan, Atlantic's project development director, said the US$5mln allowed the firm to begin mine planning at the Pott and Bannon site, including permitting and a re-appraisal of the current reserves.

He said the plan was to break ground on the site probably in late spring, early summer 2014.

Meanwhile, at Stockton, he said the firm expected coal prices to pick up around September with an accompanying pick-up in demand in the fourth quarter.

The company, he said, had done a lot of work, looking at every aspect of its Stockton operation so it "was leaner and fitter to face the situation".

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Fri, 26 Jul 2013 07:18:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/49900/atlantic-coal-builds-stocks-ahead-of-expected-price-rebound-59415.html
<![CDATA[News - Atlantic Coal unveils up to US$5mln in loan financing to develop Pott & Bannon site ]]> http://www.proactiveinvestors.co.uk/companies/news/49865/atlantic-coal-unveils-up-to-us5mln-in-loan-financing-to-develop-pott-bannon-site-59374.html Atlantic Coal (LON:ATC) took its plans for the Pott & Bannon coal mine in Pennsylvania a step further as it announced US$5mln of loan financing.

YA Global Master SPV, managed by Yorkville, will provide the firm with up to US$5mln in the form of a loan backed by a standby equity distribution agreement (SEDA) and subject to the issue of warrants.

The cash will be used to develop the 410 site, 25 miles from Atlantic's producing Stockton anthracite mine and for working capital.

It plans to prove up the reserves, which it believes currently stand at around 13.6 million tons run-of-mine (ROM) coal, equating to around 4.1 million tons of washed, saleable anthracite.

The firm's managing director, Steve Best, said: "This loan facility with Yorkville provides Atlantic Coal with ready access to funds at a time of significant growth and development.

"We are focused on driving the recently acquired Pott & Bannon site towards production. We believe the Pott & Bannon site contains approximately 4.1 million tons of washed and saleable anthracite and we are looking to increase our revenues from our coal mining assets in Pennsylvania.  We look forward to announcing the results of our forthcoming studies.

"Anthracite prices have been depressed over the last year and suppliers have sought to reduce inventory.

"Atlantic Coal has weathered this period successfully and the loan facility will provide us with additional financial security should prices remain depressed."

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Thu, 25 Jul 2013 08:35:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/49865/atlantic-coal-unveils-up-to-us5mln-in-loan-financing-to-develop-pott-bannon-site-59374.html
<![CDATA[News - Atlantic Coal confident as it advances Pennsylvania portfolio ]]> http://www.proactiveinvestors.co.uk/companies/news/49381/atlantic-coal-confident-as-it-advances-pennsylvania-portfolio-58812.html Volatile commodities markets have meant Atlantic Coal’s (LON:ATC) significant progress over the past 12 months has received little stock market recognition.

The US-focused group specialises in high grade coal, with its main asset a 900 hectare colliery at Stockton in Pennsylvania - an opencast anthracite mining and processing operation.

The area is known for its anthracite, which lies near surface, making it economical to extract.

Anthracite is also a high quality coal that burns very hot and Pennsylvania coal particularly lends itself for use in the iron and steel industry and domestic heating.

Following an upgrade earlier in June this year, reserves now stand at 1.777mln tonnes, from 1.375mln tonnes previously, which has extended the mine life by around four years to 2024.

The firm's strategy is a simple one - build up the resource and production at Stockton but also acquire carefully to build to a mid-tier producer.

It has already reached its target of producing 200,000 tonnes of clean coal a year, something it achieved in the latter part of 2012.

Overall, the firm produced 161,529 tons of clean coal last year - a 61% increase on the previous year - making it Pennsylvania's fifth largest anthracite producer.

The record production was helped enormously by the diversion of a railway through the property.

2012 results showed gross profits soared to US$4mln (from US$0.2mln), while pre-tax losses were reduced to US$2.7mln from US$3.1mln in 2011.

The miner said it would have been closer to breaking-even had it not been for costs of US$1.87mln for an option on a property it eventually decided not to take up.

Production has continued to rise in the current year, with a 67% increase in production the first three months, to end March, and a 91% increase in coal sales.

The only spanner in the works has been anthracite prices, which weakened in the first quarter of the year to an average of US$139.84.

Atlantic says it reckons this pricing trend will continue in the short term but for there to be a recovery by the third quarter.

Indeed, all coal prices have had a rough ride in recent months. They have dropped around 35% since the peak of spring 2011 on global growth fears.

Worries over Chinese growth and a lessening of demand for the commodity do not help matters.

Indeed, some analysts have stated that some producers will simply have to shut mines to preserve their (companies) own viability.

However, operating at the very top end of the coal market, Atlantic is optimistic about its own outlook.

One of the major drivers will be what the firm calls the "rapid" development of the 410 acre Pott & Bannon coal mine, just 25 km from Stockton and on the same coal seam.

Atlantic exercised its lease option over the open cast mine in January this year, a deal managing director Steve Best said could be "potentially transformational" and treble Atlantic's existing reserves.

It will pay US$6mln in cash to the Reading Anthracite Company (RAC) to acquire the mine, as well as granting US$3mln-worth of warrants

The property is said to contain up to 13.6 mln tons run-of-mine coal, or around 4.1 mln tonnes of washed, saleable anthracite.

After confirming these reserves in a further report, Atlantic says the priority will be to move the site to early production with the aim of minimum production of 400,000 tons of run-of-mine coal in the second year of the lease if market conditions allow.

Combined with its earmarked 200,000 tonnes a year from Stockton these sort of numbers would put the group well ahead (in terms of volumes) of a company such as UK-based Riverside Energy, which is set for a new London listing next year.

Riverside aims to develop a potential resource of 1bn - 2bn tonnes of coal at Whitehaven, Cumbria, to build a resource of 400,000 tonnes to feed a 30 year mine life.

Another, yet bigger producing firm, planning a float is Russia-focused Sib anthracite, which is already one of the world's largest producers of UHG (ultra-high grade) anthracite. In 2012 it produced 4.2 million tonnes of run-of-mine anthracite.

These two listings should give more of a clue of the potential future valuation of the £5.2mln market cap Atlantic Coal.

Jonathan Williams, of broker RFC Ambrian, recently said that there was a "world shortage of good coking coal projects so there is a demand-supply imbalance" and noted the current high demand from European steel mills.

This augurs well for a company like Atlantic Coal, which sees most of its Stockton product sold to the US and Canadian regional market but last year made its first shipment of 11,000 tons of anthracite outside the US, to Germany.

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Tue, 09 Jul 2013 10:19:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/49381/atlantic-coal-confident-as-it-advances-pennsylvania-portfolio-58812.html
<![CDATA[News - Coal mining floats set to fire up investor interest ]]> http://www.proactiveinvestors.co.uk/companies/news/48812/coal-mining-floats-set-to-fire-up-investor-interest--58169.html Mining for coal appears to be back in UK investor focus, with two companies set for stock market debuts in London.

One is Riverside Energy, which aims to revive the industry in the north west of England, by developing a huge potential resource of coking coal at Whitehaven, Cumbria. The firm plans a float in 2014.

Another is Russia-focused Sibanthracite, which has just revealed plans to list in London.

Sibanthractite is already one of the world's largest producers of a type of coal called Ultra-High Grade (UHG) anthracite, which, like Riverside's hard coking coal, is predominately used in steel making.

These coal types have less impurities, fetch premium prices, and are burnt in steel mills, of which there are three in the UK - in South Wales, Redcar and Scunthorpe. And for them a nearby source of this type of coal is important.

Jonathan Williams, of broker RFC Ambrian, which is marketing Riverside prior to the listing, explains that the UK's last coking coal mine closed last year.

"There is a world shortage of good coking coal projects so there is a demand-supply imbalance," he says.

"Europe imports all its coking coal," says Williams, explaining that this represents a ready domestic market for Riverside's coal.

"It’s easy to dismiss the EU as a market, but there is massive demand from Europe’s steel mills, and supply, most of which comes from the US, is a problem," he adds.

Riverside's Whitehaven project has a number of advantages, reckons Williams.

One is it has a vast potential resource, estimated at 1.2 billion tonnes across a 200sq km project. The aim is to prove up a resource of up to 400 mln tonnes to feed a 30 year mine.

Williams says projects in emerging areas like Australia with around 100,000 tonnes are now viewed as uneconomic, so the scale of Whitehaven makes it attractive.

Whitehaven is no stranger to coal mining. The earliest reference to it being in the 13th century and by the 1730s it had developed some of the deepest mines in the world.

Williams believes the renewed interest in coking coal projects hints at the renewed political will to start redeveloping the UK's mining industry and the natural resources sector, after the strike years and closures of the 1980s.

"We used to be totally self sufficient in coking coal in the UK. We used to have the biggest coal and steel industries in the world."

"We are able to start to re-look at these (type of projects) in a purely economic way rather than a political way."

There are a handful of other companies looking to exploit coking coal in the UK, including Tata Steel, which is looking at a new coking coal mine in Wales.

Meanwhile, UK-headquartered Atlantic Coal (LON:ATC), whose main asset is the Stockton Colliery in the US, is listed on AIM and focused on open cast mining and processing of high grade, anthracite coal in Pennsylvania.

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Wed, 19 Jun 2013 15:09:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/48812/coal-mining-floats-set-to-fire-up-investor-interest--58169.html
<![CDATA[News - Atlantic Coal fired up by reserves increase ]]> http://www.proactiveinvestors.co.uk/companies/news/48545/atlantic-coal-fired-up-by-reserves-increase-57848.html An independent assessment has pointed to a 29% increase in clean coal reserves at Atlantic Coal’s (LON:ATC) Stockton anthracite mine in Pennsylvania.

Reserves now stand at 1.777mln tonnes (from 1.375mln tonnes) following the annual audit of the mine.

The board reckons the increase will extend the life of the mine by around four years to 2024 based on 2012’s record production figure of 161,659 tonnes.

Atlantic Coal’s Managing Director Steve Best said: “We are pleased to announce this significant increase in Stockton's reserve base and subsequent expected mine life extension. 

“This follows the record production figures reported from our Pennsylvanian mine for the quarter ended 31 March 2013.  Stockton remains an important element of our strategy to become a major mid-tier anthracite producer. 

“With an additional 400,000 tonnes (after deduction of the 2012 production of 161,659 tonnes) of high anthracite identified on site, and our recent acquisition of the Pott & Bannon site, I believe that we can look ahead with confidence over the coming months as we advance our production portfolio.”

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Tue, 11 Jun 2013 07:39:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/48545/atlantic-coal-fired-up-by-reserves-increase-57848.html
<![CDATA[News - Atlantic Coal's revenues climb in 2012 ]]> http://www.proactiveinvestors.co.uk/companies/news/48030/atlantic-coals-revenues-climb-in-2012-57245.html Atlantic Coal’s (LON:ATC) annual revenues rose sharply as production from its Stockton colliery in Pennsylvania hit record levels, though anthracite prices are softer this year, it said.

The US-based coal miner’s income rose by 41% in 2012 to US$19.7mln (US$14mln) as Stockton’s clean coal production rose 61% to 161,500 tons and average sale prices edged up to US$150.91 per ton (US$142.33).

Gross profits soared to US$4mln (from US$0.2mln), while pre-tax losses were reduced to US$2.7mln from US$3.1mln.

The miner would have been closer to break-even had it not been for costs of US$1.87mln for an option on a property Atlantic eventually decided not to take up.

It did take up its option over the nearby Pott and Bannon (P&B) site, which it believes will be transformational for the company. P&B, which cost £6mln, will add 4.1 million tonnes (Mt) of clean coal to Stockton’s saleable reserves of 1.7Mt.

Going forward, Atlantic has already announced a 67% increase in production in the first three months of 2013 and a 91% increase in coal sales but on Thursday it said anthracite prices had continued to weaken from the US$139.84 average of the first quarter.

One producer is being especially aggressive, Atlantic said, though it expects prices to recover by the autumn of this year.

“In tandem with maintaining our production levels at Stockton, the rapid development of the Pott & Bannon site will be a high priority for us.

"We also seek to identify and evaluate opportunities, including joint ventures, for the acquisition of additional anthracite mining assets,” chairman Adam Wilson said.

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Thu, 23 May 2013 10:47:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/48030/atlantic-coals-revenues-climb-in-2012-57245.html
<![CDATA[News - Atlantic Coal ends talks over mining assets ]]> http://www.proactiveinvestors.co.uk/companies/news/47664/atlantic-coal-ends-talks-over-mining-assets-56811.html AIM-listed coal miner Atlantic Coal (LON:ATC) has turned down the chance to pick up more anthracite assets in Pennsylvania after ending talks with a potential seller.

The company revealed at the start of April it was in negotiations to extend the deadline on its option agreement, but now reckons the assets are not worth the US$35mln exercise price.

A statement from Atlantic read: “Following these discussions, it was determined by the Atlantic Coal board of directors that an agreement on principal terms could not be achieved that would be acceptable to the company and in the best interests of the company's shareholders.”

Atlantic also revealed it is speeding up its US$9mln deal to take control of the Pott & Bannon coal mine in Pennsylvania.

Managing director Steve Best has described the deal as “potentially transformational” in the past. He believes the addition of the property, which is just 25 miles from the firm’s Stockton colliery, could treble the company’s existing reserves.

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Mon, 13 May 2013 07:45:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/47664/atlantic-coal-ends-talks-over-mining-assets-56811.html
<![CDATA[News - Atlantic Coal further extends loan deals ]]> http://www.proactiveinvestors.co.uk/companies/news/47342/atlantic-coal-further-extends-loan-deals-56442.html Coal miner Atlantic Coal (LON:ATC) has agreed two further extensions to its existing loan deals.

Atlantic’s subsidiary Coal Contractors has had loans from chief executive officer (CEO) Steve Best’s wife and Willoughby, a company controlled by Mrs Best, in place since October 2007.

As announced in January this year, the loans were extended until yesterday (April 30), but Coal Contractors, Mrs MC Best and Willoughby have now agreed extensions, the firm said.

"Under these agreements the repayment terms of the loans have been varied so that these are to be repaid in 48 monthly instalments commencing on 15 May 2013," the company said.

The parties also agreed that no principal is to be repaid for the first five months, although interest will still be paid, with the sums otherwise due being repaid in months six, seven and eight.

As at April 30, the total outstanding on the loan from Mrs MC Best was US$1,838,320.31 and the total outstanding on the loan from Willoughby was US$776,532.50.

Interest on the loans has been accruing at 15% per annum since January 1, 2013.

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Wed, 01 May 2013 12:20:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/47342/atlantic-coal-further-extends-loan-deals-56442.html
<![CDATA[News - Atlantic Coal enjoys another good quarter at Stockton ]]> http://www.proactiveinvestors.co.uk/companies/news/46579/atlantic-coal-enjoys-another-good-quarter-at-stockton-55562.html  

Coal miner Atlantic Coal (LON:ATC) has again increased production from its Stockton colliery in Pennsylvania.

Year-on-year output of clean coal jumped by two-thirds to 53,100 tons (2011: 31,700 tons) in the three months to March.

Prices were weaker than a year ago at US$139.84 (US$166.30), which reflected price weakness in some industrial markets over winter, though coal sales rose 91% 53,300 tons.

Steve Best, Atlantic’s managing director, said the figures continued the quarter-on-quarter improvement in production at Stockton since the completion of the Norfolk Southern Railroad diversion a year ago.

Earlier this year, Atlantic trebled its resources when it exercised its option over the Pott & Bannon property close to the Stockton site.

The property is estimated to contain up to 13.6mln tonnes of coal, equal to about 4.1mln tonnes of washed, saleable anthracite.

Best added: “We therefore have a producing asset, significant anthracite resources and a number of highly exciting acquisition targets which we believe will enable us to continue to deliver on our strategy to become a major mid-tier anthracite producer in Pennsylvania."

Shares rose 19% to 0.196p.

 

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Mon, 08 Apr 2013 12:01:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/46579/atlantic-coal-enjoys-another-good-quarter-at-stockton-55562.html