Massey Energy Chairman and Chief Executive Officer Don Blankenship addressed the Company’s annual meeting on May 13 and said that he believes Massey’s reserves “will prove to be more valuable than those of any other North American coal company.” Citing 20 years of successful execution of a “Position to Win” strategy, Blankenship spoke of Massey’s increasing share of the coal reserves in Central Appalachia. “We have nearly tripled our reserve base” and “our reserve share has increased from less than 7%, when this management team began to lead the Company, to nearly 38% today.” Blankenship added that had the company predicted this growth 20 years ago, “no one would have believed it.”
Looking ahead, Massey’s Chairman expects the company’s position to improve even further. “If the current trends continue, Massey is on track to be in control of more than two thirds of the remaining Central Appalachian coal
reserves in just 10 years,” he stated. The company currently owns or controls more than 2,000 Mt of high quality coal reserves in Central Appalachia. It produces some of the highest quality coal in the world with diverse
characteristics that enable it to meet the demands of nearly any coal market in the world, the company reports. Some 800 Mt of Massey’s reserves are considered to be of metallurgical quality.
“We are very excited about this year as we believe we are just beginning to realise the benefits of our strategy. As we roll out our expansion and increase production, the opportunities will only be getting better,” Blankenship concluded.