Atlantic Coal, a UK-headquartered coal production and processing company with its primary asset located in the Pennsylvania Coal Field, US, has announced it remains on target to produce an estimated 450,000-500,000 mt of run-of-mine coal in 2011.
Atlantic Coal said that the coal pricing environment remains strong and that it continues to benefit from the high alternative demand for coking coal.
The company believes that prices will at least equal the average price in the current quarter as a minimum dealer summer discount price will be offset by higher industrial prices.
"This has been a positive period for the company during which we have focused on driving growth in the business through increasing production at Stockton and identifying consolidation opportunities in the Pennsylvanian anthracite fields," Atlantic Coal managing director Steve Best said.
In Q1 2011, Atlantic Coal mined 120,850 mt of run-of-mine coal, while its sales for the quarter were 31,238 mt at an average price of $134.25 per mt, which led to a revenue of $4.2 million.