Knoxville-based coal company Xinergy announced Tuesday it this week shipped the first train-load of coal from its recently completed load out facility at its South Fork mine in Greenbrier County, W. Va.
The $20 million coal prep and load out facility is key element in the Central Appalachian coal producer’s strategy for increasing production.
“We are extremely satisfied and proud today as we watched our vision to become a significant player in the metallurgical coal market come full circle from the concept stage to design, construction and now to the ultimate fulfillment of our first order. After approximately six months, we completed this project at our flagship mine on-time and on budget. Our first shipment this week was a monumental event for this Company. The efficiency of execution was exactly what we had planned for,” Xinergy President Bernie Mason said in a news release.
Xinergy operates mines in West Virginia and Virginia and sells coal to electric utilities, steelmakers, energy trading firms and industrial companies.
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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.
It’s always nice when you can find talent close to home.
Knoxville coal company Xinergy Ltd. announced that a former Knoxville oil company executive will join Xinergy’s leadership team.
Robert Gaylor has been named Xinergy’s new senior vice president of investor relations, the coal producer said in a news release.
Gaylor previously was senior vice president of investor relations and senior vice president of acquisitions and development with Miller Energy Resources, an oil and natural gas exploration and production company.
Knoxville-based coal producer Xinergy Ltd. has added the head of a South Carolina coal brokerage to its board of directors. Justin Converse, chairman and CEO of Converse and Company Inc., replaces former Xinergy director David Smith, who resigned “to pursue personal interests,” Xinergy said in a statement released earlier this week. Converse, based in Spartanburg, S.C., serves utility and industrial customers throughout the Southeast, according to its website
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.