NORTH AMERICA HEADLINESNorth America
Massey Energy ‘Not for Sale’
May 28, 2010 Massey Energy Co. has issued a statement saying that various media reports indicating that Massey is preparing the company for sale are not true. The company notes that it continues to have discussions with several entities regarding various asset sales and/or joint venture opportunities that it feels will benefit shareholders.
Massey announced in January 2010 that it had signed a memorandum of understanding (MOU) with Jindal Steel & Power Ltd. (JSPL). Under the MOU, the parties have agreed to work together and bid for the development and operation of underground coal mining projects. Massey says the major focus of the collaboration will be on, but not limited to, potential projects in India, Mongolia, Australia, and the U.S.
Under the terms of the agreement, JSPL will identify various underground coal mining projects in India and other countries and obtain necessary licenses, permits, and approvals from the respective government authorities. Massey will provide technical mining expertise and will be responsible for the development of detailed underground mine project plans. Massey will also provide the technical manpower and project management to ensure continuity and successful project implementation.
Massey Energy Co., headquartered in Richmond, Va., 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.