CanAm Coal Corp. (TSX: V.COE, Stock Forum) reported consolidated fourth quarter 2012 coal sales of 154,000 tons, a 95% increase over the fourth quarter in the prior year.
CanAm's main activities and assets include its operating coal mines in Alabama and the Buick Coal Project which holds significant coal resources, 188 million indicated and 103 million inferred resources, in Colorado, USA.
According to the CanAm Coal press release, for the year ended Dec. 31, 2012, consolidated coal sales were 455,000 tons, a 73% increase over the prior year.
Fourth quarter coal production was a record 174,000 tons, including 24,100 tons of metallurgical coal.
The significant increase in both sales and production is attributable to an increase in the company's ownership in Biringham Coal and Coke Inc. and Cohaba Contracting and Reclamation LLC, which was effective July 1, 2012, improved production performance at existing mines and production from the new Old Union 2 mine, which commenced operations at its first pit in late October.
CanAm is a coal producer and development company focused on growth through the acquisition, exploration and development of coal resources and resource-related technologies.
On Monday, CanAm was up 19.23% and was trading at $0.155 a share. The company has a market cap of $20.5 million, based on 131.9 million shares outstanding. The 52-week high and low was $0.19 and $0.095 respectively.