Severstal Resources Announces results of Take Over bid

Through its mining division Severstal Resources, OAO Severstal announced that the offer by 7027940 Canada Limited, an affiliate of Severstal, to purchase the outstanding common shares of PBS Coals Limited (formerly, Penfold Capital Acquisition Corporation)(TSX: PBS) expired at 11:59 p.m. on October 24, 2008. In order to resolve outstanding matters between PBS Coals Limited and the Offeror, the principal... 

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North American Gem Acquires Appalachia Coal Corp.

North American Gem Inc. announce that the TSX Venture Exchange has accepted for filing an option agreement dated September 5, 2008 between North American Gem Inc. and Appalachia Coal Corp., whereby the Company will acquire a 100% interest in Appalachia Coal Corp., a British Columbia incorporated company with 20,000 acres of coal leases located in Preston County, West Virginia. North American Gem now... 

Clarification Of North American Gem’s Signs MOU to Acquire Appalachia Coal Corp.

North American Gem Inc. wishes to clarify the following details on its previous announced MOU to acquire Appalachia Coal Corp (ACC). NAG wishes to clarify that the 20,000 acres being acquired from ACC hosts an exploration target which is anticipated to host in excess of 100 million tons of coal. While there has been substantial work completed to verify the potential, the potential quantity and grade... 

North American Gem Signs MOU to Acquire Appalachia Coal Corp.

North American Gem Inc. announce that it has signed a Memorandum Of Understanding with Appalachia Coal Corporation, a private company with advanced stage coal interests in West Virginia. ACC currently controls approximately 20,000 acres of coal leases in West Virginia that are in various stages of permitting. Several different coal seams run on ACC’s properties including the well known Kittanning... 

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Natural gas producer CNX Gas Corp. profit soars 55 percent in 2nd quarter, but miss Wall Street estimates

Natural gas producer CNX Gas Corp. has just published a report saying that profit soared 55 percent in the second quarter on record production, but results came in below Wall Street estimates. CNX, which extracts methane gas from coal beds in the Appalachian Basin, said it made $64.3 million, or 42 cents per share, for the three months ended June 30, compared with $41.5 million, or 27 cents per share,... 

Peabody Energy Poised to Lead a Recovery Among Recently Depressed Coal Stocks, Analyst Says

Although coal companies have faced strong headwinds in recent months, an analyst at Citigroup said ingredients for a recovery loom, making it a good time to buy one of the industry’s best names. In a client note Friday, John Hill initiated coverage on Peabody Energy Corp. at “Buy” with a target price of $48, saying he sees a positive story unfolding for the stock. For starters, coal... 

National Coal Cancels Surface Mine Acquisition

National Coal Corp. said Monday that it has canceled plans to acquire an unidentified West Virginia surface mine because it and the seller could not agree on the assets’ value. National Coal, based in Knoxville, Tenn., had announced the deal in November. At the time, the company said it planned to buy the mine for about $60 million plus debt. “However, one condition, the inability of National... 

National Coal Cancels Surface Mine Acquisition

National Coal Corp. said Monday that it has canceled plans to acquire an unidentified West Virginia surface mine because it and the seller could not agree on the assets’ value. National Coal, based in Knoxville, Tenn., had announced the deal in November. At the time, the company said it planned to buy the mine for about $60 million plus debt. “However, one condition, the inability of National... 

Strickland says he won’t cozy up to coal interests

Ohio’s troubles with coal mines could become a big headache for the state’s next governor, Ted Strickland. When Strickland takes office next month, he might have to deal with a threatened federal takeover of Ohio’s coal programs. But the governor-elect says that if Ohio needs to raise more money to clean up bankrupt mines, he will present coal companies with the bill. “I think... 

Coal mining shares fall as Foundation cuts outlook

Shares of major U.S. coal mining companies fell on Tuesday after Foundation Coal Holdings said its full-year profit will miss analyst forecasts amid higher costs and lower production. Foundation shares fell as much as 4.9 percent. Shares of larger rivals Peabody Energy Corp. and Massey Energy Co. also declined. William Burns, an analyst at Johnson Rice & Co., said the market was disappointed...