Massey Energy to buy Cumberland Resources
- March 17, 2010
Massey Energy Co. has signed a definite agreement to purchase one of the largest privately held coal producers in the U.S.
Cumberland Resources Corp., based in Abingdon, had coal revenue of about $550 million in 2009.
The company operates mostly underground coal mines in Southwestern Virginia and Eastern Kentucky. The company’s current operations produce 4.8 million tons of coal each year, with about 800,000 tons sold on the metallurgical coal market. The company also has an estimated 416 million tons of coal reserves.