Source Pravda.Ru

Massey Energy Co discloses its price estimates for next 3 years


The fourth largest producer of coal in the United States, Massey Energy Co, revealed its intentions to up price estimates for the next three years.

The company expects to sell coal for $61 to $63 a ton this year, thus increasing the price by $8 from its prior forecast. The sales in 2009 are expected to be $65 to $74 a ton and in 2010 - up to 24%.

The company has also approved an additional $90 million in capital spending for 2008. This spending will spur the expansion projects and put the year's total at about $550 million.