Planning Application Decision
January 27 2009 - 4:36AM
UK Regulatory
TIDMATH
RNS Number : 3001M
ATH Resources plc
27 January 2009
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| Press Release | 27 January 2009 |
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ATH Resources plc
("ATH Resources" or "the Group")
Planning Application Decision
ATH Resources plc, one of the UK's largest coal producers, announces that its
application for planning consent to develop the proposed regeneration scheme at
Langton, Nottinghamshire, has not been approved by Derbyshire County Council.
This was despite Nottinghamshire County Council, the other local authority
required to approve the scheme, having previously given its planning approval.
The Group will appeal against the findings of Derbyshire County Council.
Commenting, Tom Allchurch, Chief Executive of ATH Resources, said: "We believe
this to be a wholly inappropriate decision, which goes against a strong
recommendation by Derbyshire County Council's Planning Officials for approval.
The Group has reviewed the Council's reasons for refusal and will be lodging an
appeal against its decision. We remain confident that the benefits of this
project to the area will ultimately be recognised. However, the appeal process
may take up to one year.
"Disappointingly, the decision will have an adverse impact on the Group's
financial performance. Coal sales from ATH Regeneration will be 75,000 tonnes
lower than expected in 2009 compared to plan. There will also be a reduction in
output in 2010 against earlier expectations, the scale of which will be
dependent on the success and timing of the appeal process. We are confident of
the eventual outcome of the process which we will be making every effort to
expedite."
- Ends -
For further information:
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| ATH Resources plc | |
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| Tom Allchurch, Chief Executive | Tel: +44 (0) 1302 760 462 |
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| tom.allchurch@ath.co.uk | www.ath.co.uk |
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+-------------------------------------------+---------------------------------+
| Evolution Securities Limited | |
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| Joanne Lake / Peter Steel | Tel: +44 (0)113 243 1619 |
+-------------------------------------------+---------------------------------+
| joanne.lake@evosecurities.com | www.evosecurities.com |
+-------------------------------------------+---------------------------------+
Media enquiries:
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| Abchurch | |
+-------------------------------------------+---------------------------------+
| Charlie Jack / George Parker | Tel: +44 (0) 20 7398 7719 |
+-------------------------------------------+---------------------------------+
| george.parker@abchurch-group.com | www.abchurch-group.com |
+-------------------------------------------+---------------------------------+
Notes to Editors
ATH Resources is an AIM-listed operator of surface coal mines in the UK with
five operational mines in Scotland; Skares Road, Grievehill and Laigh Glenmuir
in East Ayrshire, Glenmuckloch in Dumfries and Galloway and Muir Dean in Fife.
The Company is currently the third largest producer of coal in the UK producing
approximately 2 million tonnes per annum. Coal is used to generate around a
third of the UK's electricity and the Company now holds coal supply contracts
with four of the UK's main electricity generating companies.
The management team has been in place since 1998. It acquired the rights to
operate (and subsequently acquire) the Skares Road mine with support from The
Alchemy Plan. Following ATH Resources' incorporation in October 2003, and backed
by a follow on investment from The Alchemy Plan, the Company acquired the
Garleffan mine in November 2003. Garleffan is currently being restored having
finished coaling in June 2006. ATH Resources listed on the AIM market of the
London Stock Exchange in June 2004.
In June 2005, having raised GBP18 million by way of an Open Offer, the Group
acquired two new opencast sites, Grievehill and Glenmuckloch in Scotland. The
acquisition increased the Group's reserve base by 160%.
In May 2006, the Group acquired ATH Regeneration a successful coal recovery,
land remediation and regeneration business with a particular focus on colliery
spoil heap reclamation projects. The acquisition, which was earnings enhancing,
allowed ATH to build on its skills as a regenerator of land, whilst developing
strong relationships with key English planning authorities. The Company has been
successfully integrated into the Group. The operational diversification that the
acquisition brings to the Group will be a significant driver of ATH's organic
growth going forward both in the UK and overseas and the business is actively
pursuing a number of projects in Australia.
For the year ending 28 September 2008, the Group achieved turnover of GBP76.9
million, an increase of 9% on its 2007 year end, while Operating Profit
increased by 8% to GBP11.9m for the same period.
Further information on ATH Resources can be found at www.ath.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
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