ATH Resources news brief
October 5, 2012, Friday, 10:01 GMT | 05:01 EST | 14:31 IST | 17:01 SGT
ATH Resources announced that sales volumes for the financial year ended 30 September 2012 were approximately 1.6Mt (2011: 1.6Mt). Volumes in the second half of the year were broadly in line with expectations following the reserve downgrade announced at Muir Dean earlier this year. Average sales prices for the year increased by around 14% to approximately £57 per tonne (2011: £50 per tonne). Production costs increased during the year due to higher mining ratios and gas oil, which has risen in the last few weeks to return to price levels similar to the end of last year. However, the Group has maintained its focus on reducing cost elsewhere in the business which has resulted in savings of around £3. Overall, the Group expects performance before exceptional items to be close to management expectations. Despite weak coal prices and increased production costs the Group has remained cash generative, delivering a reduction in net debt of £9.5M to £22.0M (2011: £31.5M).