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American Resources Corporation Reports Third Quarter Results

Coal News - Published on Mon, 02 Dec 2019

Image Source: American Resources
American Resources Corporation has reported a net loss from operations of USD 7.08 million compared with a net loss from operations of USD 4.13 million in the prior-year period as revenues totaled USD 1.85 million for the three months ended September 30, 2019 versus USD 9.04 million in the prior-year quarter. The company produced and sold 25,969 short tons of coal in the third quarter of 2019. Chairman and CEO Mr Mark Jensen said “We are extremely excited about how our platform is set up to perform in 2020 and beyond. The third quarter of 2019 proved to be a challenging quarter for our industry, highlighted by a number of market participants liquidating assets through the bankruptcy process in the face of the seasonal steel slowdown and general macro uncertainties in the global economy. During this period, we were able to execute on both organic opportunities as well as opportunities to further consolidate quality metallurgical carbon assets.”

He added "Organically, we took the opportunity to further develop some of our existing mines around our McCoy Elkhorn complex including commencing the final development stage to bring our Carnegie 2 mine into production. The capital investments and development of our mines meant that we needed to take some production offline. We feel that this was done at an opportune time and has put us in a better position in terms of volume and quality metrics. We were also very active in the bankruptcy processes of assets within our operating region. As a result, we were able to acquire our previously announces, fifth operating complex, Perry County Resources this past September. The addition of Perry County to our portfolio of assets is already proving to be a valuable asset as we are executing on our restructuring plan while serving the existing customer base. Overall, the market for our products remains very promising as the world's need for carbon, steel and infrastructure continues to be healthy and our platform remains in a unique position of bringing a robust pipeline of growth to the market and to our investors."

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Posted By : Yogender Pancholi on Mon, 02 Dec 2019
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