UPDATE: Royal Coal Jumps 14% As Secures Coal Sales Contacts for 2012
Royal Coal Corp. (RDA.V) jumped 14% to 4 cents at midday from the $0.035 December 23 close, moving further away from year low 3 cents, after announcing 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."
More than 125.7 thousand RDA shares have already changed hands.
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