Alpha, which filed for bankruptcy in August last year, is scheduled to ask a federal judge Thursday to approve its exit plan despite objections to it.
Arch Coal Inc Mining News
The company's executives seem oblivious to the downward trend in the coal markets.
Miner seeks to cut $4.5 billion in debt.
Both saw their stock collapse not just on these news, but also amid concerns that they will have to pay more for insurance that covers environmental damage.
Arch shares popped 5%.
USA’s second-largest coal producer, Arch Coal, has drawn protests from activists and locals after announcing it had applied for a permit in Montana to begin tapping its massive Otter Creek coal strips.
It's been a bleak spring for U.S. coal miners—and the question for Arch Coal Inc. ACI -1.66% and Alpha Natural Resources Inc. ANR -3.88% is whether they can even meet lowered expectations.
Arch Coal Inc. (ACI), the fourth-largest U.S. producer of the fuel, is seeking buyers for several of its thermal-coal mines in the U.S., which together may fetch $600 million or more, said people with knowledge of the matter.
A Montana state judge has rejected an environmental challenge to an $86 million Arch Coal Inc. coal lease, ruling on Feb. 3 that the state did not violate its duty to study and mitigate environmental impacts because it still had the power to stop mining or to demand adjustments before mining begins.
It is reported that Arch Coal Inc has been updating the Perry County Board on its progress to open Lost Prairie Mine, which will mine 440 acres of an 848 acre site northwest of Pinckneyville, near Winkle.
Shares of Arch Coal Inc. dropped Friday evening after the company cut its yearly earnings forecast, while Eastman Kodak Co. shares edged higher, but remained under a $1 each, following a plunge during the regular trading session.
Arch Coal has completed its acquisition of International Coal Group through a merger, with ICG becoming a wholly owned subsidiary of Arch. The aggregate value of the transaction totalled $3.4 billion. The acquisition adds nearly 13 Mt of low-cost Appalachian thermal coal production to Arch’s vast domestic thermal coal portfolio, solidifying the company’s number two position among US-based coal miners. With expected metallurgical coal sales of 11 Mt in 2011, Arch also becomes the second largest US metallurgical coal producer and a top ten global supplier to steelmakers. By capitalising on expansion opportunities, Arch expects to boost its metallurgical coal output to nearly 15 Mt by 2015.
Things were already looking tight in the coking coal world before Arch Coal (ACI) decided to pay $3.4 billion for International Coal Group (ICO). The deal pays International Coal shareholders a 32% premium over Friday's close and will create the second-biggest U.S. supplier of metallurgical coal. As the buyer, Arch is taking a bit of a short-term beating in the market this morning, but take a look at the long-term prospects here.
Arch Coal (ACI.N) will buy smaller peer International Coal Group Inc (ICO.N) for $3.4 billion to create the second-largest U.S. producer of steel-making coal, the companies said on Monday. The deal is the latest in the coal industry, following Alpha Natural Resources' (ANR.N) $6.6 billion plan to buy Massey Energy (MEE.N) and Walter Energy's (WLT.N) $3.3 billion agreement to buy Canada's Western Coal.
NYSE-listed Arch Coal has signed a five-year agreement with Canada's Ridley Terminals, which will allow Arch to export coal through the bulk-commodity marine terminal near Prince Rupert, in British Columbia. Mining Weekly reports:
A subsidiary of mining giant Arch Coal Inc. sued the Environmental Protection Agency on Friday over the planned veto of a water quality permit for West Virginia's largest surface mine.