US-based coal producers Arch Resources and CONSOL Energy have jointly announced that they have agreed to merge their operations to establish Core Natural Resources, a natural resource company, with the aim of focusing on the global market.
Following the merger, Core Natural Resources will be responsible for the production and export of high-quality and low-cost resources such as metallurgical coal. Moreover, the company will reach the global market via terminal facilities across six states, two of which are export terminals on the eastern US, and will have an access to ports on the West Coast and Gulf of Mexico. As a result, Core Natural Resources will create a metallurgical coal production capacity of 12 million mt per year for global steel, industrial and power generation sectors.
“We are excited to bring our companies together to create a new industry leader that is ideally positioned to meet the rising demand for critical resources and energy around the world. We look forward to working closely together to continue meeting the world’s steel, infrastructure, and energy needs that are so critical to our everyday lives,” Jimmy Brock, chairman and CEO of CONSOL, stated.