The two companies said they sold a combined 12.6 million tons of metallurgical coal in 2017, vaulting the merged company ahead of Coronado Resources Ltd of Vancouver.
Trucks haul coal in January 2013 at the Eagle Butte mine north of Gillette. For the first time in years, up to 90 percent of global coal miners are profitable. Alpha Natural Resources is a large American producer of metallurgical coal ("met coal") for the industrial production of steel and iron and low-sulfur thermal coal ("steam coal") to fuel steam boilers for the production of electrical power. 1.4 billion tons of reserves, 80% thermal coal. All Rights Reserved. The joint proxy statement/prospectus, as well as other filings containing information about Contura and Alpha will be available without charge at the SEC's Internet site (This communication includes forward-looking statements. Uncertainties and risk factors that could affect Contura's and/or Alpha's future performance and cause results to differ from the forward-looking statements in this release include, but are not limited to: (a) any substantial or extended decline in coal pricing, demand and other factors beyond the parties' control; (b) hazards and operating risks associated with coal mining and the dependence of coal mining upon many factors and conditions beyond the parties' control; (c) significant competition, as well as changes in foreign markets or economics; (d) the impact of current or future environmental, health and safety, transportation, labor and other laws and regulations on the parties; (e) the parties' ability to consummate the transaction or satisfy the conditions to the completion of the transaction, including the receipt of stockholder approvals; (f) the parties' ability to meet expectations regarding the timing, completion and accounting and tax treatments of the transaction; (g) the possibility that any of the anticipated benefits of the proposed transaction will not be realized or will not be realized within the expected time period; (h) the risk that integration of Alpha's operations with those of Contura will be materially delayed or will be more costly or difficult than expected; (i) the failure of the proposed transaction to close for any other reason; (j) the effect of the announcement of the transaction on customer relationships and operating results (including, without limitation, difficulties in maintaining relationships with employees or customers); (k) dilution caused by Contura's issuance of additional shares of its common stock in connection with the transaction; (l) the possibility that the merger may be more expensive to complete than anticipated, including as a result of unexpected factors or events; and (m) the diversion of management time on transaction related issues.Copyright © 2020 PR Newswire Association LLC. In connection with the proposed transaction, Contura has filed with the Securities and Exchange Commission ("SEC") a registration statement on Form S-4 that includes a joint proxy statement of Holdings and ANR and a prospectus of Contura. Contura is an invaluable tool and resource to Alpha’s success.”On January 31, 2011 Alpha Natural Resources acquired coal producer Massey Energy had become a takeover target after suffering large income losses and negative publicity following an Contura Energy began operations on July 26, 2016, through the purchase of Alpha assets by a consortium lenders. Contura shares currently trade on the OTC Market.The resulting combination is expected to enhance competitive positioning and generate meaningful cost synergies in the range of The combined entity will retain the Contura Energy name and be led by Contura's existing management team, with "While this transaction would probably not have been possible even a year ago, resurgent global coal markets, a tightened production profile by way of recent asset divestments made independently by both Alpha and Contura, and resulting potential cost synergies together provide an exciting opportunity for value creation through combining our respective operational portfolios," said Mr. Crutchfield.