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Atlantic Coal
- BY: Andrew Hore |
- POSTED: 17/07/2008 |
- COMMENTS: Add yours
Atlantic Coal will need to raise additional finance later this year.
The shares were suspended on 27 June because the annual results hadn’t been published. They returned from suspension and fell 0.18p to 0.65p, valuing the company at £4.95m. .
Atlantic is an open cast coal producer and processor in Pennsylvania, US. It was formed when Stockton Coal Group reversed into Summit Resources on 19 November 2007. The all share deal was worth £10m at 2.5p a share.
The Stockton colliery has probable reserves of more than 2m tonnes of recoverable clean coal. The ability to produce coal is hampered by the fact that the Norfolk Southern railroad track runs over the southern part of the mine. This track is being relocated and this will help move the company towards positive cash generation. Atlantic has obtained a loan facility from Stephen Best to help finance this. It will be replaced with additional debt or a share issue in the second half of 2008.
Turnover between September and December 2007 was $2.52m as 21,303 tonnes of coal were sold. The loss was $3.62m.
Management is looking to increase the size of the company through acquisitions. The market is in its favour because demand for coal is strong and that is pushing up coal prices.
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