Coal Sector Receives Moody Upgrade - Today's Leaders to Watch are New Colombia Resources, Walter Energy, Alpha Natural, James River Coal, Arch Coal
CORAL SPRINGS, Florida, August 22, 2013 /PRNewswire/ --
FinancialNewsMedia.com issues news updates for today's Mining Leaders after Moody's Coal Sector Upgrade: New Colombia Resources, Inc. (OTCQB: NEWC), Walter Energy, Inc. (NYSE: WLT), Alpha Natural Resources, Inc. (NYSE: ANR), James River Coal Company (NASDAQ: JRCC) and Arch Coal, Inc. (NYSE: ACI).
New Colombia Resources, Inc. (OTCQB: NEWC) Headline: New Colombia Resources Inc. Announces Completion of a Drilling Program by Leading Global Exploration Services Company. New Colombia Resources s pleased to announce the completion of a detailed drill program by SGS Colombia S.A. In addition to the drill program, SGS provided a Conceptual Geological Model as well as Surface Geology. The geology shows that the entire area has coal outcrops where the origin has a high calorific content and is mostly metallurgical. The details of the seams and a geological map of the zone will be posted on the company website next week. Geologists from SGS realized several visits to the Vereda Salsipuedes in Guaduas and found four outcrops on the North end of the concession contract owned by New Colombia Resources, Inc. and two in the South end in the sector of the Quebrada La Bermeja. SGS projected the coal seams, with dips between 25°W and 45°W, span almost the entire NEWC concession. They also found indications of a coal seam that borders the whole area of the concession from North to South as well as a central seam.
To read the entire press release, please go to http://www.fnmprofiles.com/profiles-newc.php
The drill program establishes four drilling points of 300 meters each. The first perforation will be inclined on the North end of the concession to establish the density of the most promising seams and their dips. The second perforation on the South end of the concession, bordering the Querbrada La Bermeja, will also be inclined. The third and fourth holes will be in the center of the concession to find the central seam. On August 13, 2013, New Colombia Resources, Inc. announced the lab assays of the coal taken from these seams that were analyzed by SGS Mineral Services; they showed high quality metallurgical coal. The results are available on the Coal Specifications page of the company's new website, http://www.newcolombiaresources.com.
FNM Market Commentary: Coal investors finally heaved a sigh of relief following an improved outlook by Moody's for the sector. This comes as the space has been grappling with stringent environmental legislation aiming to lower carbon pollution in America, increased competition from alternative energy sources, sluggish demand from key markets, and a strong dollar. Moody's Upgraded Coal Industry Outlook to Stable. Read the full article at http://etfdailynews.com/2013/08/21/trend-reversal-for-coal-etfs-as-moody-upgrades-the-sector/ - EFT's Notes: Market Vectors Coal ETF (NYSEArca: KOL), SPDR S&P Metals & Mining (NYSEArca: XME), EGShares Emerging Markets Metals/Mining (NYSEArca: EMT)
Walter Energy, Inc. (NYSE: WLT) produces and exports metallurgical coal for the steel industry. It also produces thermal and industrial coal, anthracite, metallurgical coke, coal bed methane gas, and other related products. The company offers its thermal coal for electric utilities and industrial customers. Walter Energy, Inc. exports its metallurgical coal to Europe, Asia, and South America; and markets its thermal coal primarily in the United States.
Alpha Natural Resources, Inc. (NYSE: ANR), a leading U.S. coal producer, recently announced that subsidiary Cumberland Coal Resources LP has mitigated adverse geological conditions in the headgate area of its Cumberland underground longwall mine in Greene County, Pa. As a result, the company has resumed operations and lifted the force majeure related to the geological conditions that halted mining operations and coal shipments July 15.
James River Coal Company (NASDAQ: JRCC) recently announced that it has commenced exchange offers for its outstanding 4.50% and 3.125% convertible senior notes. The Company is offering to exchange (i) up to $31.739 million aggregate principal amount of its 10.00% Convertible Senior Notes due 2018 ("New Notes") for any and all of its outstanding 4.50% Convertible Senior Notes due 2015 ("Existing 2015 Notes") and (ii) up to $22.705 million aggregate principal amount of its New Notes for any and all of its outstanding 3.125% Convertible Senior Notes due 2018 ("Existing 2018 Notes"). Holders may tender all, some or none of their Existing 2015 Notes or Existing 2018 Notes.
Arch Coal, Inc. (NYSE: ACI) ("Arch") recently announced that it has completed the sale of its subsidiary, Canyon Fuel Company, LLC ("Canyon Fuel") to Bowie Resources, LLC for $423 million in cash, which is inclusive of working capital adjustments. The sale includes the Sufco and Skyline longwall mines, the Dugout Canyon continuous miner operation and approximately 105 million tons of bituminous coal reserves, all located in Utah..
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