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ATH Resources Plc (AIM: ATH), one of the UK’s largest coal producers, reports its unaudited Interim Results for the six months ended 1st April 2012.
Commenting on the interim results, Alistair Black, Chief Executive of ATH said:
“Against the background of a difficult market with a fall in the international price of coal of 28% since the beginning of the financial year, the Group’s average selling price increased by 16% over the same period last year. This was achieved through the successful renegotiation of its legacy contracts and alterations to the mining plan to focus on the extraction of higher quality coal.
“However, increased gas oil costs, delays to certain extensions and higher mining ratios increased the overall cost of mining and reduced profit margins. Following the rapid fall in international coal prices, and with commodity markets forecasting that future prices will not stage any meaningful recovery in the medium term, the Group has reviewed all of its existing and future operations with a view to concentrating investment on those sites which will continue to generate cash even in this depressed market. Consequently annual levels of production will be reduced for as long as low coal prices persist. The Group’s revised plan affords for the continued investment in the development pipeline in order to be able to take advantage of any future market recovery as and when it occurs.”
|For further information:
|ATH Resources plc|
|David Port, Non-Executive Chairman||Tel: +44 (0) 7836 693798|
|Alistair Black, Chief Executive||Tel: +44 (0) 1302 760 462|
Seymour Pierce Ltd
|Stewart Dickson (Nominated Adviser)|
|Richard Redmayne / Katie Ratner (Broker)||Tel: +44 (0) 207 107 8000|
|Andrew Leach / Charlie Jack / Katie Matthews||Tel: +44 (0) 207 796 4133|
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