Trading Update (3755H)
May 26 2011 - 9:15AM
UK Regulatory
TIDMATH
RNS Number : 3755H
ATH Resources plc
26 May 2011
Press release 26 May 2011
ATH Resources plc
("ATH Resources" or "the Group")
Trading Update
ATH Resources plc (AIM:ATH), one of the UK's largest coal
producers, today announces that progress in opening up the Group's
Netherton site to full production continues, with development of
Duncanziemere site due to commence during this summer as planned.
However, unanticipated quantities of heat affected coal in the
initial excavation area at Netherton combined with the excavation
of an area at the Group's Muir Dean site which has a high
concentration of old workings have reduced sales volumes in recent
weeks. Initial assessments would indicate that this situation is
likely to continue until excavations progress away from the
affected areas. The Group is undertaking a full review and expects
to provide a further update in its interim results statement on 14
June 2011.
Given these recent developments and their impact on trading
performance together with the continuing high cost of gas oil and
the need to make the planned investment in Duncanziemere, the Board
has taken the decision not to declare an interim dividend for
2011.
- Ends -
For further information:
ATH Resources plc
David Port, Executive Chairman Tel: +44 (0) 7836 693798
Alistair Black, Chief Executive Tel: +44 (0) 1302 760 462
www.ath.co.uk
Seymour Pierce Ltd
Sarah Jacobs / John Cowie (Nominated Tel: +44 (0) 207 107 8000
Adviser)
Richard Redmayne / Katie Ratner
(Broker)
www.seymourpierce.com
Media enquiries:
Abchurch
Sarah Hollins / Mark Dixon Tel: +44 (0) 207 398 7729
mark.dixon@abchurch-group.com www.abchurch-group.com
Notes to Editors
ATH Resources was listed on the AIM market of the London Stock
Exchange in June 2004 and operates three surface coal mines in
Scotland; Skares Road, in East Ayrshire, Glenmuckloch in Dumfries
and Galloway and Muir Dean in Fife. The Group is currently one of
the largest producers of coal in the UK producing approximately 2
million tonnes per annum. Coal is used to generate around a third
of the UK's electricity and the Group holds coal supply contracts
with four of the UK's main electricity generating companies.
Further information on ATH Resources can be found at
www.ath.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
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