AGM Statement (4102J)
June 30 2011 - 1:05AM
UK Regulatory
TIDMATC
RNS Number : 4102J
Atlantic Coal PLC
30 June 2011
Atlantic Coal plc / Index: AIM / Epic: ATC / Sector: Mining
30 June 2011
Atlantic Coal plc ("Atlantic" or the "Company")
AGM Statement
Atlantic Coal plc, the AIM listed open cast coal production and
processing company with activities in Pennsylvania, USA, will hold
its AGM today at 2.30pm. At the meeting, Atlantic Managing
Director, Steve Best, will make the following statement: "The past
year has been one of success for Atlantic, having bolstered both
our production capacity at our Pennsylvanian opencast anthracite
mining and processing operation, the Stockton Colliery, and our
cash position through placings which raised GBP13.7 million during
the year and post period end. With this in mind, we now have the
foundations in place to implement our strategy to increase our
resource base, both organically and via acquisition and we look
forward to the coming year with confidence.
"In light of our strengthened cash position, we have focussed on
restructuring our balance sheet to a size more appropriate to that
of the Company. This morning's announcement, which outlined our
agreement with Mayford to discharge the entire General Electric
Capital Corporation loan note, now held by Mayford, in
consideration of an immediate cash payment of $2.1 million by the
Company to Mayford, represents the final stage of this process, and
we look forward to benefitting from this going forward.
"The production outlook at the Stockton Colliery for 2011
remains positive. Our production profile for Q1 2011 was strong,
nearing that of our best three months in 2010 in spite of severe
weather conditions experienced during the period. We are now
focussed on boosting production further and to this end, in April
2011 we ordered a second Liebherr R9250 19-yard bucket hydraulic
excavator, which we anticipate will begin operating by the end of
2011.
"The market conditions within the high quality coal industry are
very conducive for growth, with strong local and international
demand for our product, particularly from the steel industries in
China and India. This adds further incentive for increasing our
resource base and to this end we continue to evaluate additional
synergistic opportunities in Pennsylvania to consolidate our mining
operations. It should be noted that we have a stringent due
diligence process in place to ensure that potential sites will
provide significant uplift.
"In summary, Atlantic has a supportive shareholder base, an
established mine with efficient mining equipment and processing
infrastructure and a strong cash position with which to implement
our focussed strategy to increase our resource base, all of which
undoubtedly positions the Company for further growth during
2011."
**ENDS**
For further information on the Company, visit:
www.atlanticcoal.com or contact:
Steve Best Atlantic Coal plc Tel: 020 3328 5670
Nick Naylor Allenby Capital Limited Tel: 020 3328 5656
Alex Price Allenby Capital Limited Tel: 020 3328 5656
Peter Rose FoxDavies Tel: 020 3463 5030
Simon Leathers FoxDavies Tel: 020 3463 5010
Hugo de Salis St Brides Media & Finance Tel: 020 7236 1177
Ltd
Elisabeth Cowell St Brides Media & Finance Tel: 020 7236 1177
Ltd
Notes
Atlantic Coal plc is an AIM listed coal production and
processing company focussed predominantly on open cast mining and
the processing of anthracite coal in Pennsylvania, USA. The
Company's primary asset is the Stockton Colliery, a producing
surface coal mine and adjacent anthracite preparation plant
encompassing an area of approximately 900 hectares located in Hazel
Creek in North-East Pennsylvania, which has current Proven Reserves
of 4.2 million tons run-of-mine coal.
Atlantic's strategy is to create a significant mid-tier coal
company; both through the expansion of activities at Stockton and
identifying additional sites in Pennsylvania to build its
production and resource profile, primarily by acquiring defined
assets in stable, recognised, high quality coal regions. The Board
has identified opportunities to expand within the region and is
involved in ongoing negotiations regarding adjacent sites, with the
intention of acting as a regional consolidator in the Pennsylvanian
Coal Field. Expansion within the local area has the potential to
minimise upfront deal costs as a result of existing and proven
infrastructure, equipment, facilities and market demand.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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