The purchase of the equipment is to be funded through a lease purchase agreement at a total cost of $8.5 million over six years. “We anticipate that the acquisition of the new equipment will assist with our operational efficiency and enable us to meet our production goals for the immediate future,” managing director Steve Best said. “This should allow us to increase our production of ROM coal to the wash plant and maximise the circa 1.8 million tons defined anthracite reserves at Stockton [announced June 11, 2013].”
“We look forward to providing further updates on our progress at Stockton and our Pott and Bannon project, together with our wider strategy to increase our presence in the U.S. anthracite industry, at the appropriate time.”
Atlantic said that the 1.8-million-ton revised estimate is subject to completion of drilling to confirm the extent of prior by-passed coal on the south wall of the mine and development of an updated mine plan for recovery of remaining coal.