Atrum Coal buys stake in Pennsylvania anthracite mine

Company News

by David Chau

Atrum Coal NL (ASX:ATU) has entered a deal to acquire a 26.68% stake in Atlantic Carbon Group, an anthracite mining company which operates in Pennsylvania, USA.

The coal exploration company says that Atlantic Carbon controls an anthracite mine called the Stockton mine, which has an estimated mine life of 10 years.

Atrum says this transaction will provide it with exposure to undersupplied markets in Europe and Asia.

Atrrum is intending to complete the acquisition by late September 2016. However, this is subject to approval by Atrum’s shareholders at an upcoming Extraordinary General Meeting.

Atrum Coal reported a net loss of $5.6 million at 31 December 2015.

David Chau

Finance News Network
David joined FNN in April 2016. In addition to presenting the Market Outlook and latest business news stories, David interviews senior economists and CEOs of ASX-listed companies. Prior to working for FNN, David was a litigation lawyer.