Atlantic Coal plc, which controls the Stockton anthracite coal mining operation in Luzerne County, Pa., said June 29 that at its Annual General Meeting held that day, all of the resolutions proposed were duly passed.
Atlantic Managing Director Steve Best said about developments in Pennsylvania: “We continue to make excellent progress at Stockton, where we successfully completed the diversion of the railroad to allow the working of over approximately 1.0 million tons of coal of previously unworkable reserves. With this complete, and the introduction of new machinery (including a Komatsu PC2000 Hydraulic Excavator and a Reichdrill blasthole drill rig) our production profile, efficiencies and strip ratio have been affected positively and I am delighted to report that we are on track to produce approximately 17,000 tons of coal during June. We anticipate that this improved production level will continue going forward and expect that this will in turn make a positive revenue contribution. Additionally, we have experienced record daily production highs in June with up to 1,000 tons produced in a day.”
Atlantic Coal’s presence in the Pennsylvanian anthracite field ideally positions it for growth and regional expansion is at the forefront of its strategy, Best added. The company has acquired options over two new sites which it believes have the potential to transform its production profile. Due diligence at both sites continues and the company has recently extended its lease option over the 410-acre Pott & Bannon site for a further three months.
“I am confident that the current year will be a positive one for the Company during which we hope to see the benefit from our position in the US market, including through our OTC QX listing, to build Atlantic’s value and prospects,” Best said.
The Stockton strip mine is listed with the U.S. Mine Safety and Health Administration under Atlantic Coal’s Coal Contractors (1991) Inc. subsidiary, with MSHA showing production of 24,985 tons in the first quarter of this year and 100,943 tons in all of 2011.