RICHMOND, Va., May 14 /PRNewswire-FirstCall/ -- Massey Energy Company
(NYSE: MEE) Chairman and Chief Executive Officer Don Blankenship addressed
stockholders at the Company's annual meeting on Tuesday, May 13, 2008 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."
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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 billion tons 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. Approximately 800 million tons 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 realize the benefits of our strategy. As we roll out our expansion and
increase production, the opportunities will only be getting better,"
Blankenship concluded.
Business items at the annual meeting included four stockholder ballot
issues. Preliminary results of shareholder voting were announced. The
following three class III directors were elected to serve a three year term:
Don L. Blankenship, General Robert H. Foglesong and Admiral Bobby R. Inman.
The appointment of Ernst & Young LLP as Massey's independent public accounting
firm was ratified. Two shareholder proposals regarding political contribution
reports and climate change reports did not pass.
Company Description
Massey Energy Company, headquartered in Richmond, Virginia, with
operations in West Virginia, Kentucky and Virginia, is the fourth largest coal
company in the United States based on produced coal revenue.
FORWARD-LOOKING STATEMENTS: Certain statements in this press release are
forward-looking as defined by the Private Securities Litigation Reform Act of
1995. Such forward-looking statements are based on facts and conditions as
they exist at the time such statements are made as well as predictions as to
future facts and conditions the accurate prediction of which may be difficult
and involve the assessment of events beyond the Company's control. Caution
must be exercised in relying on forward-looking statements including
disclosures that use words such as "believe," "anticipate" and "expects". Due
to known and unknown risks, the Company's actual results may differ materially
from its expectations or projections including disclosures that use words such
as "believe," "anticipate," "expect," "estimate," "intend," "plan," "will,"
"project" and similar statements that are subject to risks. Factors
potentially contributing to such differences include, among others: market
demand for coal, electricity and steel which could adversely affect the
Company's operating results and cash flows; future economic or capital market
conditions; deregulation of the electric utility industry; competition in coal
markets; inherent risks of coal mining beyond the Company's control, including
weather and geologic conditions; the Company's ability to expand mining
capacity; the Company's production capabilities; the Company's plan and
objectives for future operations and expansion or consolidation; failure to
receive anticipated new contracts; customer cancellations of, or breaches to,
existing contracts; customer delays or defaults in making payments; the
Company's ability to manage production costs; the Company's ability to timely
obtain necessary supplies and equipment; the Company's ability to attract,
train and retain a skilled workforce; fluctuations in the demand for, price
and availability of, coal due to labor and transportation costs and
disruptions, governmental policies and regulatory actions, legal and
administrative proceedings, settlements, investigations and claims, foreign
currency changes and other factors; and greater than expected environmental
and safety regulation, costs and liabilities. The forward-looking statements
are also based on various operating assumptions regarding, among other things,
overhead costs and employment levels that may not be realized. While most
risks affect only future costs or revenues anticipated by the Company, some
risks might relate to accruals that have already been reflected in earnings.
The Company's failure to receive payments of accrued amounts could result in a
charge against future earnings.
Additional information concerning these and other factors can be found in
press releases as well as Massey's public filings with the Securities and
Exchange Commission, including the Company's Form 10-K for the year ended
December 31, 2007, which was filed on February 29, 2008 and subsequently filed
interim reports. Massey's filings are available either publicly, on the
Investor Relations page of Massey's website, http://www.masseyenergyco.com, or
upon request from Massey's Investor Relations Department: (866) 814-6512 (toll
free). Massey disclaims any intent or obligation to update its
forward-looking statements. For further information, please contact the
Company via its website at http://www.masseyenergyco.com.
SOURCE Massey Energy Company
