The London AIM-listed miner said it produced 53,131 tons of clean coal at its Stockton anthracite colliery in Schuylkill County near Hazleton, 67% higher than 31,729t in Q1 2012.
Its sales for the quarter ending March 31 rose a notable 91% to 53,324t from 27,913t in the previous corresponding period, at an average price of $US139.84 per ton, down from Q1 2012’s $166.30 and the 2012 average of $149.20.
Atlantic cited the reduction in price was due to a softening over the winter months in some US industrial markets.
Atlantic Coal managing director Steve Best said the company was looking ahead with confidence to the performance of Stockton.
“As demonstrated by these positive figures for Q1 2013, the production of high quality anthracite at Stockton has consistently increased quarter on quarter, since the completion of the Norfolk Southern Railroad diversion nearly a year ago and the implementation of operational improvements,” he said.
“We are therefore delivering on our strategy of increasing production at Stockton, improving operational performance and utilising our revised mine plan and personnel to maximise efficiencies.
“I believe that it is worth noting that we have achieved a number of key milestones over the last 12 months, including sustained production and sales at Stockton and the acquisition of the Pott & Bannon property, which more than trebled our existing reserves.”
Atlantic exercised its lease option over the 410-acre Pott & Bannon anthracite property in eastern Pennsylvania for $6 million in cash, coal and shares last January.
The company received the rights to the fully permitted property from Reading Anthracite.
“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,” Best said.
Stockton has recently been on a production run. In January the company said it had doubled its run of mine rate compared to 2011.
Stockton produced 161,500t clean in 2012, 61% higher than the 100,139t for whole-year 2011 and notably exceeding its 2012 target of 155,000t.
At the time Best said Stockton had been established as one of the top five anthracite producers in the state.
