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Thursday, December 29, 2011

Royal Coal gets new sales contracts for 2012 for its US mines

Thursday, 29 Dec 2011

The Canadian Press reported that Royal Coal Corp, a Toronto-based junior miner with operations in the United States, says it has got a major new sales contract and has struck a deal to expand its coal output in Kentucky.

The company said that it has received contracts to deliver 234,000 tons of coal from its Appalachian mines at an average sales price of USD 85 a ton.

Moreover, in a separate development, Royal Coal said it had negotiated agreements to mine and sell coal from the Flatwoods mine in Kentucky on a contract basis.

Royal Coal said the sales contracts with coal fired power plant operators are key to the company's growth strategy.

Mr Tom Griffis chairman of Royal Coal said “These contracts are very attractive and give the company a solid foundation of sales for the upcoming year. The company is pursuing increased production from its own operations and permits as well as the potential of additional production through the acquisition of new assets. Royal Coal also anticipates new term contacts to be signed over the coming weeks for additional sales in 2012.”

Royal Coal has open pit coal mines in the central Appalachian coal producing region of the United States, which includes parts of West Virginia, Virginia, Kentucky, Ohio, and Tennessee.

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