Proactiveinvestors recommends
Additional Information
Market: AIM
Sector: General Mining - Coal
EPIC: ATC
Latest Price: 0.32p  (0,00%)
52-week High: 0.66p
52-week Low: 0.29p
Market Cap: 12.38M
1 year chart
digital-look imported chart image
1 day chart
digital-look imported chart image
Watchlist/Portfolio

Add to watchlist:

Only registered members can add into watchlist !

Register here !
Atlantic Coal Plc
www.atlanticcoal.com

Atlantic Coal plc, headquartered in the UK, is a coal production and processing company, focussed predominantly on open cast mining and the processing of high-grade, low emission coal.  Its primary asset is the Stockton Colliery, a union free opencast anthracite mining and processing operation in the Pennsylvania Coal Field, US.

Full Atlantic Coal Plc profile here
Is ATC a Buy, Sell or Hold?Get your FREE analysis of ATC
Pdf

Atlantic Coal to start due diligence on Pennsylvania anthracite property

9th Jan 2012, 7:35 am by Philip Whiterow Pott & Bannon is estimated to contain reserves of 12 million tons Run of Mine at 3.9 ratio with 4.1 million tons of clean coal.

Atlantic Coal (LON:ATC) is to start due diligence on the 410 acre Pott & Bannon anthracite mining property in Pennsylvania after owner Reading Anthracite (RAC) approved a lease option.

Atlantic will now pay US$250,000 to RAC with a further US250,000 to be held in escrow while it carries out due diligence on the property. 

If it takes up its option, Atlantic will pay US$6 million in cash and shares for the property along with the grant of US$3 million in warrants to RAC.

The Pott & Bannon property is situated in New Castle Township, Schuylkill County and about 25 miles from Atlantic’s existing open cast operation at Stockton.

It is estimated to contain reserves of 12 million tons Run of Mine at 3.9 ratio with 4.1 million tons of clean coal.

Atlantic has appointed John T. Boyd & Company to carry out due diligence and confirm the resource information provided, adding it intends to submit the permit transfer application shortly.

Last week, when the deal was announced, Atlantic’s managing director Steve Best said that taking the lease option was part of its strategy to expand in Pennsylvania and to build Atlantic Coal into a major anthracite producer in the US. 

Under the terms of the lease, RAC can buy all of the raw coal produced at the prospect until Atlantic makes a decision on whether to build a processing plant and up to 50% thereafter.

 

No investment advice

The Company is a publisher and is not registered with or authorised by the Financial Services Authority (FSA). You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.