Knoxville-based coal producer Xinergy Ltd has reached a milestone with the completion of a coal preparation and rail loading facility at its South Fork mine in Greenbrier County, West Virginia.
The new facility is expected to help boost production substantially in the coming months.
The South Fork operation is expected to produce at “an average rate of 50,000 tons per month during the second half of 2013, representing approximately half of the complex’s anticipated productive capacity,” according to a news release.
The company previously said it expected to invest $20 million in the coal preparation and rail loading facility.
“Notwithstanding the challenging market conditions, we are extremely excited to report that we have completed construction of our South Fork infrastructure project on time, and within budget. We will continue to focus on driving shareholder value by executing upon our strategic vision of building out our premium quality mid-vol coking coal footprint in West Virginia,” Xinergy President Bernie Mason said in a news release.
In its most recent financial report, Xinergy said it had a net loss of $1.9 million, or 3 cents per diluted share, for the quarter ended March 31, 2013, compared to net income of $1.7 million in the same period the year prior.
Xinergy operates coal mines in West Virginia and Virginia. It sells thermal and metallurgical coal to electric utilities, steelmakers, energy trading firms and industrial companies.
Xinergy shareholders on Wednesday endorsed management’s
nominees for the company’s board of directors, but defeated resolutions that
would have awarded CEO Matt Goldfarb options to buy more than a half-million
shares of company stock.
Goldfarb easily held onto his board seat, but the 32.1 percent of
shareholder votes withheld from the CEO were easily the largest such “no” votes
for director candidates, according to a news release.
Directors Stephen Loukas and Jay Thornton were relected with
votes at 21.7 percent and 18 percent of withheld votes, respectively.
Two separate resolutions that would have given Goldfarb
stock options were rejected by shareholders.
A mild winter hasn’t been good for Knoxville-based coal company Xinergy, says Standard and Poor’s.
The ratings agency said it is placing its Xinergy ratings on CreditWatch with negative implications.
“The CreditWatch listing reflects our concern that weak demand for thermal coal due to an unseasonably warm winter in the company’s regional end market result in lower-than-expected 2012 earnings, leading to additional deterioration of the company’s fragile liquidity position,” according to a report on the Reuter’s website.
Xinergy’s key has mining operations are in West Virginia and Kentucky. The company provides coal to electric utilities and industrial users.
Our neighbors to the north have tossed down a challenge that University of Tennessee basketball fans cannot ignore.
I’m talking about the coal industry paying $7 million for a new residence for the University of Kentucky’s men’s basketball team. UT cannot afford to fall behind the basketball lodge race. UT athletics are too important to the Tennessee economy to let the Wildcats have the upper hand.
Perhaps the country music industry will come to the rescue and fund a new residence hall for the basketball Vols. Or maybe the travel center industry, which is pretty much dominated by Knoxville’s own Pilot Flying J, could come up with a few million dollars.
It’s official — National Coal Corp. shareholders on Thursday approved the sale of the Knoxville-based company to West Virgina businessman and coal baron Jim Justice.
Justice, who attended the University of Tennessee and graduated from Marshall University, will pay $1 per share, a 54 percent premium over National Coal’s closing price on Sept. 27, the day the sale was announced.