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Thursday, March 31, 2011

Massey (MEE) Awarded WV Mining Permit from CofE

Massey Energy (NYSE:MEE) was awarded a permit from the United States Army Corps of Engineers to start mining for coal in West Virginia.

Estimates are the Reylas Surface Mine in Logan County should produce about 1 million tons of coal annually over a six-year period.

With demand for coal rising, Massey continues to increase production, which rose in 2010 and is expected to reach about 30 million tons annually, although there is the definite possibility those numbers could rise, along with demand.

Only Arch Coal (NYSE:ACI), Peabody Energy (NYSE:BTU) and CONSOL Energy (NYSE:CNX) are larger coal companies in the United States than Massey, which closed Wednesday at $68.51, gaining $0.44, or 0.65 percent.

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