CONSOL Energy Temporarily Idles Buchanan Mine; Amonate Mining Complex Under Review
PITTSBURGH, Sept. 4, 2012 /PRNewswire/ -- CONSOL Energy Inc. (NYSE: CNX) announced that, effective today, it will temporarily idle its Buchanan Mine in southwestern Virginia. The longwall mine produces metallurgical grade coal used in steelmaking.
CONSOL Energy will also idle at least a portion of the Amonate Mining Complex in southern West Virginia. A determination of whether to partially or fully idle is expected soon, along with an effective idling date. Amonate also produces metallurgical grade coal used in steelmaking.
Global steel demand is under pressure and as a consequence, raw materials used to make steel are in less demand. Through these idlings, CONSOL Energy is responding to weak market conditions throughout its export markets in Asia, Europe, and South America. The idlings are expected to last for 30 to 60 days. Buchanan Mine typically produces approximately 400,000 tons per month, while Amonate produces about 35,000 tons per month. Buchanan Mine has about 620 production and maintenance employees, most of whom will be furloughed. Amonate's workforce is contracted.
The company will continue to monitor market demand and respond accordingly.
We are including the following cautionary statement in this document to make applicable and take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 for any forward-looking statements made by, or on behalf of us. With the exception of historical matters, the matters discussed in this document are forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934) that involve risks and uncertainties that could cause actual results to differ materially from projected results. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. The forward-looking statements may include projections and estimates concerning the timing and success of specific projects and our future production, revenues, income and capital spending. When we use the words "believe," "intend," "expect," "may," "should," "anticipate," "could," "estimate," "plan," "predict," "project," or their negatives, or other similar expressions, the statements which include those words are usually forward-looking statements. When we describe strategy that involves risks or uncertainties, we are making forward-looking statements. The forward-looking statements in this document speak only as of the date of this document; we disclaim any obligation to update these statements, and we caution you not to rely on them unduly. We have based these forward-looking statements on our current expectations and assumptions about future events. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. These risks, contingencies and uncertainties relate to, among other matters, the factors discussed in the 2011 Form 10-K under "Risk Factors," as updated by any subsequent Form 10-Qs, which are on file at the Securities and Exchange Commission.
SOURCE CONSOL Energy Inc.
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