Cline Mining Corp. has begun underground production from two coal seams at its New Elk mine in Colorado after receiving regulatory approval for the start up. A run rate of 3.0 million tonnes of coal annually is expected to be reached by the end of 2011, ahead of earlier guidance, noted Jennings Capital Inc. analyst Russell Stanley.

Upside: Mr. Stanley hiked his 12-month target by $1.50 to $5.50 and maintained a “speculative buy” recommendation.