The Atrum Coal Ltd (ASX: ATU) share price is having a terrible day's trade after the company ended a trading halt with bad news this morning.

The coal mining company announced that the Alberta Government has reinstated a coal policy that affects the ASX-listed company's flagship Elan Hard Coking Coal Project. Atrum also announced a number of changes to its board.

At the time of writing, the Atrum Coal share price is down a whopping 85%, trading at 6.1 cents.

Let's dig deeper into the company's announcement.

Reinstated coal policy

The Alberta Government has reinstated a coal policy that it removed in 2020. As result, Atrum has paused all significant site-based activities at its Elan Project, including any planned future drilling.

Atrum Coal said the government had restricted surface mining in Category 2 lands. This means coal exploration at the Elan Project is banned until a new coal policy is created.

The company noted that any environmental studies needed to continue prior work and activities already approved under its 2020 Coal Exploration Permit would not stop.

It is beginning cost reduction measures, as it now predicts much lower levels of site activities in 2021.

Atrum Coal said that there had been exemptions in the past that allowed open-pit mining on Category 2 lands. The company is seeking advice on what conditions open-pit mining might be possible.

Commentary from management

Atrum CEO Andrew Caruso commented on the government decision, saying:

We fully accept the Alberta Government's reinstatement decision. We also welcome a consultation process that is rigorous, inclusive and transparent.

(Atrum Coal believes) such a process is precisely how all key stakeholders including First Nations, ranchers, local communities, industry and other land users can work towards a balanced, modern policy that makes Alberta a world leader in sustainable resource development.

Mr Caruso went on to emphasise that Elan mined hard coking coal (also known as metallurgical coal).

Unlike thermal coal, for which there are many alternative energy sources, there is no viable substitute for hard coking coal in the production of high strength and hardness carbon steel via the blast furnace route.

Steel is essential to modern life and socio-economic development, including in the construction of many of the renewable energy technologies and infrastructure that form the basis of the world's transition towards a carbon-neutral setting.

Changes to Atrum Coal's board

This morning's announcement also included mention of upcoming resignations from the company's board.

Both non-executive chair Chuck Blixt has resigned and will be replaced by non-executive director Glen Koropchuk.

Non-executive director George Edwards has also resigned, and Jeff Gerard and Anita Perry have been appointed as independent non-executive directors.  

More disruption to the board is set to come, as another non-executive director, Charles Fear, has announced that he will not stand for re-election in 2021. 

Atrum Coal share price snapshot

The company's share price opened this morning trading at a healthy 25 cents and took a turn for the worse after Atrum Coal ended its trading halt mid-morning.

Today's losses have plunged Atrum Coal's down again after a poor year so far on the ASX. Currently, its share price is down 77% year to date. It's also 65% over the last 12 months.

Atrum Coal has a market capitalisation of around $145 million, with approximately 581 million shares outstanding.

The post The Atrum Coal (ASX:ATU) share price has plunged 85%. What went wrong? appeared first on The Motley Fool Australia.

The ALL ORDINARIES (INDEXASX: XAO) (ASX: XAO) has managed to close in the green today, despite falling 0.4% at the open. A recovery in BHP Billiton Limited's (ASX: BHP) shares was the main reason for the market heading upwards. Atr the close, the All Ords was up 0.4% at 5,579.20.

Across the ASX, several stocks managed to disappoint investors…

Atrum Coal NL (ASX: ATU) crashed 40.8% to 70.5 cents, after trading in the company's shares was reinstated following a trading halt. The main reason the shares fell so far was a capital raising. Atrum wants to raise $5 million and is offering shareholders one new share for every 17 they hold at a price of 50 cents per share, plus one free option for every 2 shares subscribed for in the rights issue. Atrum has the world's largest high-grade anthracite mine under development in Canada. Anthracite is very high-quality coal.

CuDeco Limited (ASX: CDU) also saw its share price smashed, losing 41.5% to 99.5 cents, after chairman, CEO and founder Wayne McRae resigned from the company. It was either jump or be pushed, with a group of major Chinese investors agreeing to support the company on the condition that Mr McRae resign. CuDeco is attempting to bring the Rocklands Group Copper Project near Cloncurry in Queensland into production, which was initially estimated at late 2012.

Liquefied Natural Gas Ltd (ASX: LNG) ("LNGL") flopped 8.8% to $3.21 and has now lost around 37% since early May as my colleague Ryan Newman mentioned earlier today. The company's shares can be quite volatile even when there is no company-specific news out, as today's fall shows. LNGL is developing an LNG processing and export plant in the US and has the backing of some high-profile investors including Seth Klarman's Baupost Group.

Capitol Health Ltd (ASX: CAJ) fell 6.5% to 72 cents, despite the company announcing that it expected to report a 23% increase in revenues and a 58% increase in underlying net profit before tax. The diagnostic imaging provider made a number of acquisitions in the 2015 financial year that impacted reported earnings – which appears to have scared off investors. As a shareholder, I'm not in the slightest bit concerned and looking forward to seeing the 2016 financial year's results next year.

Education provider Navitas Limited (ASX: NVT) saw its share price drop 6.4% to $4.27, despite it too reporting a strong rise in revenue and net profit for the 2015 financial year. It seems investors were more concerned with the company's flat earnings forecast for the 2016 financial year. Navitas warned that there were 'unprecedented' changes being experienced by the education sector globally.

The post 5 stocks sliding on the ASX today appeared first on The Motley Fool Australia.