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Atlantic Coal
- BY: Andrew Hore |
- POSTED: 22/02/2009 |
- COMMENTS: Add yours
Atlantic Coal says continuous production has commenced at the Mammoth seam at the Stockton Colliery.
Atlantic is an open cast coal producer and processor in Pennsylvania, US. The new seam has helped to improve coal yields. Production is running at in excess of 450 tonnes per day of coal. The average selling price was $137/tonne in January.
The coal preparation plant is running at 80% of single shift capacity. The coal is sold in the north east of the US. The diversion should be completed in April 2009.
The diversion of the Norfolk Southern Railway away from the mining area is progressing and is not affecting coal production.
Allianz sold the 76.1m shares it owned in Atlantic on 3 February 2009.
At 0.85p a share, Atlantic is valued at £10.5m. Fox-Davies Capital estimates that Atlantic is worth $43.5m (£30.4m) - nearly three times the current market value.
A post-tax profit of $3.1m (£2.2m) is forecast for 2009. The shares are trading on around four times 2009 prospective earnings.
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