Great news for my friends at Cumberland Resources!
Mine operator Massey Energy says this week's $960 million acquisition of Cumberland Resources will advance its goal of doubling sales of higher-priced coal used to make steel by 2012.
Massey, like other coal producers, has moved aggressively to capitalize on surging demand in Asia for metallurgical coal, with the U.S. and Europe still recovering from the recession.
Massey told analysts Wednesday the company is pushing for 20 million tons of metallurgical sales.
Virginia-based Massey plans to ship 10 million tons this year and says Cumberland should contribute 5 million more within two years.Link
Jobs and security for our miners and our country.
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