UPDATE: Royal Coal At Highest Level In One Month, Jumps 11% In Morning Trade
Royal Coal Corp. (RDA.V) jumped 11% to touch five cents in late midday from the 4.5 cents close yesterday. This takes it further away from year low 3 cents. Royal Coal announced on December 28 that it has secured coal sales contracts for 234,000 tons to be delivered over a 12 month period commencing January 2012.
The Appalachian producer of high BTU, low sulphur thermal coal said these contracts provide for the delivery of run-of-mine coal at an average sales price of US$85/ton with delivery at mine site.
Tom Griffis, Chairman of Royal Coal, commented: "These contracts are very attractive and give the company a solid foundation of sales for the upcoming year. The company is pursuing increased production from its own operations and permits as well as the potential of additional production through the acquisition of new assets."
Royal Coal hit a high of 36 cents on January 13.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.