Massey Energy Co. (MEE) said it will look at further acquisition opportunities following its purchase of Cumberland Resources Corp.

Massey announced Tuesday evening it would buy privately held Cumberland for $960 million in cash and stock. The deal adds an estimated 416 million tons of contiguous coal reserves, with just over half having metallurgical coal qualities used in steel production.

Massey executives said during a conference call Wednesday that they will continue to look for opportunities in the coal sector, including possible agreements to work with smaller producers. The company also continues to look at possible natural gas deals, but hasn't found any attractive opportunities to date.

Shares of Massey recently traded 5.1% higher to $52.80.

-By Mark Peters, Dow Jones Newswires; 212-416-22457; mark.peters@dowjones.com
Massey (NYSE:MEE)
Historical Stock Chart
From Dec 2024 to Jan 2025 Click Here for more Massey Charts.
Massey (NYSE:MEE)
Historical Stock Chart
From Jan 2024 to Jan 2025 Click Here for more Massey Charts.