Murray Energy Corporation is pleased to confirm that it has entered into an agreement for the purchase of the stock of Consolidation Coal Company from CONSOL Energy, Inc.
This includes the McElroy, Shoemaker, Blacksville, Loveridge, and Robinson Run mining complexes in West Virginia, certain coal reserves, related river transportation and dock facilities, and other assets.
"No Company has developed a better legacy with its employees, with its customers, with the financial markets, with the regulatory agencies, or with the public in general, over many decades, than has CONSOL and Consolidation Coal," stated Robert E. Murray, Chairman, President, and Chief Executive Officer of Murray Energy. "Murray Energy intends to preserve this well-earned legacy," he added.
This purchase of CONSOL Energy by Murray Energy does not include the Emery mine.
Murray Energy currently operates six underground longwall mining systems and 23 continuous mining units. Consolidation Coal operates an equal number of each. Further, Murray Energy builds virtually all of its own mining machinery, including the longwall systems. "With our expertise, we will be able to efficiently operate the acquired Consolidation Coal mines and provide their employees with an opportunity for long term employment," stated Mr. Robert D. Moore, Executive Vice President, Chief Operating Officer, and Chief Financial Officer of Murray Energy.
"Most especially, Murray Energy operates safe coal mines, with a particular emphasis on fire protection. This will help assure the protection of the health and safety of our new employees," said Murray.
"The combined companies will allow Murray Energy to better serve our electric utility customers with reliable and low cost coal supplies, at accurate qualities," said Murray.
"This is truly a momentous time for the combined employees of Murray Energy Corporation, and for our Company," he concluded.
After the acquisition of Consolidation Coal Company from CONSOL Energy, Inc.
the employees will number of employees will increase from 3,300 to 7,100.The Annual Coal Production will increase from 30.1 million tons to 58.6 million tons.
The Total Coal Reserves will increase from 859 million tons to 2,396 million tons.