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Where we started...
National Coal Corp. (Nasdaq:NCOC) was founded in January 2003 by a management team with proven experience in coal mining, business and engineering. Since inception, it has focused on consistently delivering high quality bituminous steam coal to its customers in the Southeastern United States while building a foundation based on increased productivity, superior land reclamation, strategic partnerships as well as a strong focus on safety.
National Coal, poised for growth and long-term returns, has a culture of corporate and business responsibility that filters throughout all of its operations. From its innovative business practices to its respect for the community at large, it continues to prove itself a responsible and reliable coal company.
For a PDF of our entire historical summary click here (PDF 95KB)
Timeline
- In April 2008, National Coal completed the sale of the balance of its Kentucky assets, also known as Straight Creek, for $11.0 million to Xinergy Corp. At that time the Company had committed under contract approximately 2.0 million tons of coal for production from Alabama and Tennessee for 2008, 1.5 million tons for 2009, and 630 thousand tons for 2010. In addition, the Company had the capacity to produce above those commitments should market conditions warrant.
In October 2007, the Company completed the acquisition of Alabama-based Mann Steel Products, Inc. for $55 million. The acquisition of Mann Steel adds one million tons of annual capacity to National Coal’s existing two million tons of annual capacity. Mann Steel produces about one million tons of steam and industrial coal for the domestic market.
In September 2007, the Company announced the opening of a new high-wall mine in Eastern Kentucky, which is expected to produce approximately 20,000 tons of high quality steam coal per month. The opening is in conjunction with the Company’s receipt of two additional high-wall permits in the State of Kentucky, which will make it possible for the Company to keep the high-wall mine open for at least two years.
In February 2007, the Company sold 3.0 million shares of common stock through a private placement which generated proceeds of $14.0 million. Two institutional investors agreed to purchase 2.8 million shares with the remainder purchased by Daniel A. Roling, President and CEO of National Coal.
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