Massey Energy, the largest coal company in Central Appalachia, it has completed an additional acquisition of metallurgical and steam coal reserves from the now bankrupt Appalachian Fuels, LLC. and its affiliates.
Massey Energy, the largest coal company in Central Appalachia, it has completed an additional acquisition of metallurgical and steam coal reserves from the now bankrupt Appalachian Fuels, LLC. and its affiliates.
The reserves, located in Barbour County, WV, consist of approximately 15 mt of high volatile coal. In addition to the coal reserves, Massey also acquired various permits which will assist with establishing the infrastructure required to begin production on the property.
"We continue to execute a strategy to acquire high quality coal reserves in Appalachia and add to our dominant reserve share," said Massey's president, Baxter Phillips.
"We are pleased to have a strong balance sheet which enables us to continue making opportunistic acquisitions, even during a time in which market conditions are challenging. In particular, we are excited about adding coal reserves in Northern Appalachia to our growing portfolio. We expect the value of these reserves to increase significantly as conditions in the metallurgical coal market improve."
Massey Energy Company has a long history of making acquisitions of coal mining assets and reserves. The Company has increased its total coal reserves from 767 mt in 1987 to more than 2.3 bt today.
Of the total current reserves, 1.0 bt have metallurgical qualities and characteristics making Massey the largest holder of metallurgical coal reserves in the United States.
