DrStockPick Is Working In The Coal Mines With PCX, TGMP and ACI!
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American Power Corp. (OTC.BB:TGMP) will proceed to kick start the development of its advanced Pace Coal Project in Judith Basin County, Montana.
In April 2010, American Power Corp. acquired roughly 29,000 acres, which make up the Pace Coal Project. In 1979 Mobil Oil Co. (now ExxonMobil) drilled 30 holes over 14,000 of the project’s acreage, and delivered 45 samples which were later sent to an independent laboratory for analysis. It was subsequently determined that both the quality and the quantity of coal on the Pace acreage was high and significant, respectively. Several independent reports were commissioned based on the development work undertaken by Mobil Oil, determining there could be in excess of 410 million tons of high volatility bituminous coal potential on the Pace acreage.
Al Valencia, CEO of American Power Corp. commented: “A tremendous amount of work has already been undertaken on the Pace Coal Project and we continue to work towards our stated goal of proving up a mineable reserve and preparing a mine plan to re-establish coal production on the property as soon as possible.”
Montana’s demonstrated reserve base of 119.1 billion short tons of coal represents over 24% of America’s total demonstrated coal reserve base of 487.7 billion short tons. Of particular importance, the coal at the Pace Coal Project is bituminous B coal, which, due to its higher BTU rating, secures a higher market price than most of Montana’s coal (typically sub-bituminous or lignite).
American Power Corp. has access to a large and experienced workforce in Great Falls, Montana, and the coal project may provide hundreds, if not thousands, of new, high-paying jobs for the local economy (according to the U.S. Bureau of Labor Statistics, the average annual wage in the mining industry in Montana was $70,779 in 2008, or 122 percent higher than the average wage in the state).
Substantial infrastructure is already in place adjacent to and within the acreage, including a federal highway, a BNSF railway line, pipeline, and power lines, all of which would facilitate the economic extraction and transportation of coal to market.
Patriot Coal Corporation (NYSE:PCX) reports that Paul H. Vining is stepping down as President & Chief Operating Officer, effective immediately. In order to ensure a smooth transition of his responsibilities, Mr. Vining has agreed to continue in a senior advisory role at Patriot for a period which could extend through the end of this year.
The Company also announced that Charles A. Ebetino, Jr. will assume the position of Senior Vice President & Chief Operating Officer, with responsibility for all of Patriot’s mining operations. Mr. Ebetino has served as Patriot’s Senior Vice President – Corporate Development since its 2007 spin-off. Ebetino has more than 30 years of operating and commercial experience in the coal and utility industries, including prior senior management roles at Peabody Energy and American Electric Power, where he served as President & Chief Operating Officer of AEP’s coal mining and coal-related subsidiaries from 1993 until 2002. “Chuck’s prior management experience, combined with his operating background and specific knowledge of Patriot’s operations, make him an excellent fit for this position,” stated Patriot Chief Executive Officer Richard M. Whiting. “His deep understanding of all aspects of coal mining and marketing will serve the Company well as he assumes this critical role,” continued Whiting.
As a result of this organizational change, Mr. Whiting will assume the role of President, while also continuing in his current capacity as Chief Executive Officer.
Patriot Coal Corporation is a leading producer and marketer of coal in the eastern United States, with 14 current mining complexes in Appalachia and the Illinois Basin. The Company ships to domestic and international electric utilities, industrial users and metallurgical coal customers, and controls approximately 1.8 billion tons of proven and probable coal reserves.
Arch Coal, Inc. (NYSE:ACI) is the nation’s second largest coal producer. Through its national network of mines, Arch supplies the fuel for approximately 8 percent of the electricity generated in the United States. The company also ships coal to domestic and international steel manufacturers as well as international power producers.
The Arch Coal Foundation reports that it is continuing to underwrite its education-support programs in four states, according to Deck Slone, Arch Coal, Inc. vice president and Arch Coal Foundation president.
The Foundation underwrites the Arch Coal Teacher Achievement Awards program statewide in West Virginia and Wyoming and regionally in Utah. It also sponsors an innovative teaching grants program in Delta County, Colo.
“Excellent teachers can transform the lives of their students,” said Slone. “The Arch Coal Foundation believes superior teaching is a key to transforming today’s students into tomorrow’s leaders. Our programs honor, celebrate and challenge some of our nation’s best K-12 educators.”
The Teacher Achievement Awards program is West Virginia’s longest running, privately sponsored teacher recognition program. It is now in its 11th year in Wyoming and its fifth year in Utah. The Foundation’s Innovative Teaching Grants program in Colorado is in its fourth year.
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Tags: American Power Corp., Arch Coal Inc, bituminous coal, BNSF Railway, BTU, Charles Ebetino, coal mining, coal producer, coal reserves, electric utilities, judith basin county, lignite, metallurgical coal, Montana, NYSE:ACI, NYSE:PCX, Pace Coal, Paul Vining, power producers, Ratriot Coal Corp, Richard Whiting, Teacher Achievement Awards, teacher recognition, TGMP.OB
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