CANONSBURG, Pa., Jan. 16,
2025 /PRNewswire/ -- Core Natural Resources, Inc.
(NYSE: CNR) today announced that it was taking steps to temporarily
seal the Leer South mine's active longwall panel in order to
extinguish isolated combustion-related activity there. Based on its
collaborative, ongoing discussions with regulatory authorities,
Core believes Leer South will be able to resume development work
with continuous miners within the next three months, and to resume
longwall mining mid-year.
"On behalf of the Core management team, I want to commend Leer
South personnel for their exceptional efforts in managing a
challenging situation safely and effectively, and I want to thank
the regulatory agencies for their great support during this
process," said Paul A. Lang, Core's
chief executive officer. "While we are disappointed that we may be
losing around two quarters of longwall production at Leer South, we
are confident we are taking the right steps to protect the mine,
mining equipment, and infrastructure. We have a good understanding
of where the combustion-related activity is occurring and are
confident that this limited activity does not currently present a
threat to the longwall equipment. Working closely and cooperatively
with federal and state officials, we plan to temporarily seal the
active longwall panel and apply water and nitrogen to extinguish
this combustion-related activity, which should lead to the most
expeditious resumption of mining."
The re-entry process will be multi-phased, beginning with the
construction of ventilation controls followed by the resumption of
continuous miner development. As a result, the company expects to
advance development work on future longwall panels, which should
enable the longwall system to operate in a highly efficient manner
in the year's second half.
"Looking ahead, the Core operations team has already initiated
efforts to help ensure that we avoid such incidents in the future,"
said George J. Schuller Jr., Core's
chief operating officer. "We are confident that there are steps we
can take – in the areas of monitoring, degassing, and the
installation of proactive mitigation systems – that should enable
us to avoid future outages."
About Core
Core Natural Resources is a world-class producer and exporter of
high-quality, low-cost coals, including metallurgical and high
calorific value thermal coals. The company operates a
best-in-sector portfolio, including the Pennsylvania Mining
Complex, Leer, Leer South, and West Elk mines. With a focus on
seaborne markets, Core plays an essential role in meeting the
world's growing need for steel, infrastructure, and energy, and has
ownership interests in two marine export terminals. The company was
created in January 2025 via the
merger of long-time industry leaders CONSOL Energy and Arch
Resources and is based in Canonsburg,
Pennsylvania.
Cautionary Statement Regarding Forward-Looking
Information
This communication contains certain "forward-looking statements"
within the meaning of federal securities laws. Forward-looking
statements may be identified by words such as "anticipates,"
"believes," "could," "continue," "estimate," "expects," "intends,"
"will," "should," "may," "plan," "predict," "project," "would" and
similar expressions. Forward-looking statements are not statements
of historical fact and reflect Core's current views about future
events. No assurances can be given that the forward-looking
statements contained in this communication will occur as projected,
and actual results may differ materially from those projected.
Forward-looking statements are based on current expectations,
estimates and assumptions that involve a number of risks and
uncertainties that could cause actual results to differ materially
from those projected. These risks and uncertainties include,
without limitation, risks related to the occurrence of
combustion-related activity at Core's Leer South mine and its
ability to resume development work with continuous miners and
longwall development in accordance with its expected timing; the
risk that the businesses will not be integrated successfully; the
risk that the cost savings and any other synergies from the merger
may not be fully realized or may take longer to realize than
expected; the risk that the credit ratings of Core or its
subsidiaries may be different from what Core expects; the risk of
adverse reactions or changes to business or employee relationships,
including those resulting from the completion of the merger;
changes in coal prices, which may be caused by numerous factors,
including changes in the domestic and foreign supply of and demand
for coal and the domestic and foreign demand for steel and
electricity; the volatility in commodity and capital equipment
prices for coal mining operations; the presence or recoverability
of estimated reserves; the ability to replace reserves;
environmental and geological risks; mining and operating risks; the
risks related to the availability, reliability and
cost-effectiveness of transportation facilities and fluctuations in
transportation costs; foreign currency, competition, government
regulation or other actions; the ability of management to execute
its plans to meet its goals; risks associated with the evolving
legal, regulatory and tax regimes; changes in economic, financial,
political and regulatory conditions; natural and man-made
disasters; civil unrest, pandemics, and conditions that may result
from legislative, regulatory, trade and policy changes; and other
risks inherent in Core's business.
All such factors are difficult to predict, are beyond Core's
control, and are subject to additional risks and uncertainties,
including those detailed in CONSOL's annual report on
Form 10-K for the year ended December
31, 2023, quarterly reports on Form 10-Q, and current
reports on Form 8-K that are available on Core's website at
www.corenaturalresources.com and on the SEC's website at
http://www.sec.gov and those detailed in Arch's annual report
on Form 10-K for the year ended December 31,
2023, quarterly reports on Form 10-Q and current reports on
Form 8-K that are available on the SEC's website at
http://www.sec.gov.
Forward-looking statements are based on the estimates and
opinions of management at the time the statements are made. Core
does not undertake any obligation to publicly update any
forward-looking statement, whether as a result of new information,
future events or otherwise, except as required by law. Readers are
cautioned not to place undue reliance on these forward-looking
statements that speak only as of the date hereof.
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SOURCE Core Natural Resources, Inc.