Massey: Stringent actions by MSHA result in low output levels in Q3

Wednesday, 27 October 2010 14:14:11 (GMT+3)   |  
       

US-based coal producer Massey Energy Company has reported a net loss of $41.4 million for the quarter ended September 30, 2010. The company generated $703.7 million of produced coal revenue in the quarter from the sale of 9.9 million mt of coal. By comparison, Massey reported a net income of $16.5 million on produced coal revenue of $535.5 million in the third quarter of 2009 from the sale of 8.7 million mt of coal.
 
The results for the third quarter and first nine months of 2010 include pretax charges of $14.5 million and $143.4 million, respectively, in incurred costs, asset impairments and accrued reserves associated with the tragic accident at the Upper Big Branch mine (UBB) that occurred in April 2010. 

Commenting on the company's third quarter results, Massey's chairman and chief executive officer Don Blankenship said, "Our operations struggled during the quarter and we are clearly disappointed with the results. Several factors combined to reduce production and increase costs. Notably, our Revolution mine was idled in June for a planned longwall move but remained down throughout the quarter pending Mine Safety and Health Administration's (MSHA) approval of its ventilation plan.  Further, as we have noted earlier, increasingly stringent enforcement actions by MSHA resulted in lost shifts and significant loss of productivity."


Similar articles

CISA: Coking coal purchase cost in China down 9.86% in Jan-Feb

28 Mar | Steel News

India’s coking coal imports from Russia hit peak in April-February of FY 2024-24

26 Mar | Steel News

China’s coking coal imports up 36.52 percent in January-February

26 Mar | Steel News

Fitch Ratings raises iron ore price assumptions for 2024-2026 amid limited supply

22 Mar | Steel News

Ex-Australia coking coal prices heading below $250/mt FOB

21 Mar | Scrap & Raw Materials

Turkey’s coking coal imports up 102.2 percent in January

19 Mar | Steel News

Local Chinese coking coal prices - week 11, 2024

15 Mar | Scrap & Raw Materials

Local coke prices in China decline, further cuts expected

15 Mar | Scrap & Raw Materials

Buyers seek $250/mt FOB for ex-Australia coking coal after latest deal

15 Mar | Scrap & Raw Materials

Ex-Australia coking coal drops closer to $280/mt FOB as suppliers try to push sales

14 Mar | Scrap & Raw Materials