JULIAN, W.Va., March 8, 2011 /PRNewswire/ -- Massey Energy
Company (NYSE: MEE) announced today that its Highland Mining
Company subsidiary has received a permit from the United States
Army Corps of Engineers to begin operation of Highland's new Reylas
Surface Mine in Logan County, West
Virginia.
(Logo:
http://photos.prnewswire.com/prnh/20071031/MASSEYENERGYLOGO )
The mine will directly employ 103 local residents for
approximately 6 years and will produce approximately 1 million
clean tons of coal per year. At this production level,
approximately $5 million in taxes are
expected to be generated for use in Logan
County over the life of the operation.
When mining is finished, Highland will use the reclaimed area to
create a 235-acre housing site that will be available for local
residents affected by emergencies, such as flooding. The site
will have paved roads, public water and electric and sewage systems
and will be ready for temporary housing in the event of an
emergency. This planned post mining land use is part of the Logan
County Land Use Master Plan.
"We are pleased to have the opportunity to both provide good
paying jobs in Logan County and to
create a one-of-a-kind site that will help local residents affected
by flooding and other emergencies," said Mike Snelling, Massey's Vice President of
Surface Mining. "We appreciate the help and leadership
supplied by Governor Tomblin, former Governor Manchin and many
Logan County officials in helping
to move the project forward."
Highland first applied for the Corps permit in August 2007. Highland received a surface
mining permit from the West Virginia Department of Environmental
Protection in 2008.
Massey Energy Company, headquartered in Richmond, Virginia, with operations in
West Virginia, Kentucky and Virginia, is the largest coal producer in
Central Appalachia and is included
in the S&P 500 Index.
FORWARD-LOOKING STATEMENTS: Certain statements in this
press release constitute "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended,
and are intended to come within the safe harbor protection provided
by those sections. Any forward-looking statements are also subject
to a number of assumptions regarding, among other things, future
economic, competitive and market conditions. These assumptions are
based on facts and conditions as they exist at the time such
statements are made as well as predictions as to future facts and
conditions, the accurate prediction of which may be difficult and
involve the assessment of circumstances or events beyond the
Company's control. The Company disclaims any intent or obligation
to update these forward-looking statements unless required by
securities law, and the Company cautions the reader to not rely on
them unduly. Caution must be exercised in relying on
forward-looking statements including disclosures that use words
such as "believe," "anticipate," "expect," "estimate," "intend,"
"may," "plan," "project," "will," and similar words or statements
that are subject to risks, trends and uncertainties that could
cause the Company's actual results to differ materially from the
expectations expressed or implied in such forward-looking
statements. Factors potentially contributing to such differences
include, among others: the Company's cash flows, results of
operation or financial condition; the successful completion of
acquisition, disposition or financing transactions; the
impact of the Upper Big Branch mine explosion and the effect
thereof on our business; our ability to successfully integrate the
operations we acquire, including as a result of the acquisition of
Cumberland; governmental policies,
laws, regulatory actions and court decisions affecting the coal
industry or our customers' coal usage; legal and administrative
proceedings, settlements, investigations and claims and the
availability of insurance coverage related thereto; inherent risks
of coal mining beyond our control, including weather and geologic
conditions or catastrophic weather-related damage; inherent
complexities make it more difficult and costly to mine in
Central Appalachia than in other
parts of the United States; our
production capabilities to meet market expectations and customer
requirements; our ability to obtain coal from brokerage sources or
contract miners in accordance with their contracts; our ability to
obtain and renew permits necessary for our existing and planned
operations in a timely manner; the cost and availability of
transportation for our produced coal; our ability to expand our
mining capacity; our ability to manage production costs, including
labor costs; adjustments made in price, volume or terms to existing
coal supply agreements; the worldwide market demand for coal,
electricity and steel; environmental concerns related to coal
mining and combustion and the cost and perceived benefits of
alternative sources of energy such as natural gas and nuclear
energy; competition among coal and other energy producers, in
the United States and
internationally; our ability to timely obtain necessary supplies
and equipment; our reliance upon and relationships with our
customers and suppliers; the creditworthiness of our customers and
suppliers; our ability to attract, train and retain a skilled
workforce to meet replacement or expansion needs; our assumptions
and projections concerning economically recoverable coal reserve
estimates; our failure to enter into anticipated new contracts;
future economic or capital market conditions; foreign currency
fluctuations; the availability and costs of credit, surety bonds
and letters of credit that we require; the lack of insurance
against all potential operating risks; our assumptions and
projections regarding pension and other post-retirement benefit
liabilities; our interpretation and application of accounting
literature related to mining specific issues; our assumptions
concerning economically recoverable coal reserve estimates, and the
successful implementation of our strategic plans and objectives for
future operations and expansion or consolidation.
Additional information concerning these and other factors can be
found in press releases and Massey's public filings with the
Securities and Exchange Commission, including Massey's Annual
Report on Form 10-K for the year ended December 31, 2010, which was filed on
March 1, 2011 and subsequently filed
interim reports. Massey's filings are available either
publicly, on the Investor Relations page of Massey's website,
www.masseyenergyco.com , or upon request from Massey's Investor
Relations Department: (866) 814-6512 (toll free). For further
information, please visit Massey's website at
www.masseyenergyco.com.
SOURCE Massey Energy Company