Blankenship: Massey sitting pretty atop a mountain of CAPP reserves

摘要

Massey Energy, despite the gloom and doom surrounding Central Appalachia over depleting reserves and permitting problems, is sitting atop an ever-growing mountain of the best reserves that critical producing region has left. That was much of the gist of a Sept. 8 speech by Massey Chairman Don Blankenship at a Lehman Brothers energy conference. He pointed out that from 1987 to 2003, while it was producing a total of about 700 million tons of coal, Massey's reserve position grew from 767 million tons to 2.2 billion tons.Right now, Massey has more CAPP reserves than Arch Coal, Peabody Energy and CONSOL Energy combined, and could soon have more reserves than all of its CAPP competitors combined, Blankenship said. "We're going to be in an excellent position" on reserves, he said. Unlike other big producers, who like to hedge their bets with mines in several regions, Massey has bet its whole future on CAPP.