Coal Age Magazine - For more than 100 years, Coal Age has been the magazine that readers can trust for guidance and insight on this important industry.
Issue link: https://coal.epubxp.com/i/1055558
November 2018 www.coalage.com 5 news continued delayed when equipment was diverted to deal with them," said Marshall. "We are working with our customers to move An- telope tons to our other mines or into 2019 where possible. Exports went very well during the quarter, though the recent drop in the Kalimantan price index will reduce fourth quarter logistics earnings." The company said both dragline pits suffered significant spoil failures when coal was removed from the base of the wet spoil piles. Coal removal has recent- ly been completed from these pits. The re-handling of spoil out of the pits, how- ever, reduced coal shipments and diverted resources from pre-stripping operations. Fourth-quarter shipments will be reduced as pre-stripping needs take place before the draglines can resume their normal op- erating cycle, Cloud Peak said. Meanwhile, cost-reduction efforts continue with the company completing the move from its corporate headquarters near Denver to the Cordero Rojo mine by year end, the company said. Cloud Peak Energy owns and operates three surface coal mines in the PRB. The Antelope and Cordero Rojo mines are lo- cated in Wyoming and the Spring Creek mine is located in Montana. The company has engaged J.P. Morgan Securities LLC as its financial advisor and Al- len & Overy LLP as legal counsel in connec- tion with the strategic alternatives review. Alpha Stockholders Approve Merger With Contura Energy Contura Energy Inc., ANR Inc. and Al- pha Natural Resources Holdings Inc. an- nounced that common stockholders of both Alpha Natural Resources Holdings and ANR voted to approve the merger with Contura Energy. The deal was expected to close on November 9. "We are gratified that our sharehold- ers have approved the proposed transac- tion and that we have taken another step toward creating the largest domestic met- allurgical coal producer," said David Stet- son, Alpha's chairman and chief executive officer. "We are excited to complete the merger and join together these two strong companies in the very near future." About 99.9% of all votes cast by ANR stockholders and Alpha Natural Resources Holdings (Holdings) stockholders were in favor of the proposed transaction, repre- senting approximately 87.6% and 77.5% of the outstanding voting power of ANR and Holdings, respectively, the companies said. "This overwhelming approval by Al- pha's voting stockholders clearly recogniz- es the significant value potential that the proposed transaction holds for all stake- holders of the combined company," said Kevin Crutchfield, chief executive officer of Contura Energy. "We are motivated by this vote of confidence to deliver on that potential and look forward to the transac- tion closing in the coming days." Under the terms of the agreement, Al- pha stockholders will receive 0.4417 Con- tura common shares for each ANR Inc. Class C-1 share and each share of common top coal-producing states and regions weekly spot prices (Thousands of Short Tons) Week Ending (11/3/18) YTD '18 YTD '17 % Change Wyoming 253,260 267,859 -5.5 West Virginia 82,151 77,707 5.7 Pennsylvania 42,035 41,550 1.2 Illinois 41,500 41,169 0.8 Kentucky 33,503 35,597 -5.9 Montana 32,900 29,168 12.8 Indiana 28,580 26,698 7.1 North Dakota 24,974 24,114 3.6 Texas 24,085 30,232 -20.3 Alabama 12,300 10,926 12.6 Appalachian Total 171,250 167,103 2.5 Interior Total 116,447 123,131 -5.4 Western Total 348,314 363,631 -4.2 U.S. Total 636,011 653,866 -2.7 ($/ton) Week Ending (11/2/18) Central Appalachia (12,500 Btu, 1.2 SO 2 ) $78.95 Northern Appalachia (13,000 Btu, < 3.0 SO 2 ) $60.85 Illinois Basin (11,800 Btu, 5.0 SO 2 ) $37.70 Powder River Basin (8,800 Btu, 0.8 SO 2 ) $12.00 Uinta Basin (11,700 Btu, 0.8 SO 2 ) $40.55 Source: Energy Information Administration monthly stats from coal country Continued on p. 8...