INR is an unlisted company headquartered in Richmond, Virginia which invests on coal mining operations worldwide. On its website, INR states that it was formed in 2007 "to invest in all aspects of mining including coal and industrial minerals mining operations. INR also invests in mining infrastructure; transportation; and land and reserve positions." INR-WV Operating, LLC is a subsidiary that operates three coal mines in Central Appalachia.
On its website INR states that "INR ships coal directly to both US and international utilities as well as domestic and international metallurgical coal customers."
On July 6, 2010, Cliffs Natural Resources announced that it had agreed to pay $757 million for the West Virginia coal operations of INR, raising Cliffs' production to nearly 11 million tons by 2012. The INR operations include the underground Powellton and Chilton-Dingess mines and the Toney Fork #2 open pit. The assets will generate about $300 million in revenue and $100 million of earnings before interest, tax, depreciation, and amortization in 2011, Cliffs said. Sales will be more than $400 million and Ebitda will be about $175 million in 2012, it said.
Current coal mines and processing operations
INR-WV's operations include:
- Toney's Fork Surface Mine
- Powellton Underground Mine
- Dingess Branch Chilton Mine
- Saunders Preparation Plant
- Elk Lick Loadout
In April 2010 the Australian Financial Review (AFR) reported that INR planned "pursue an Australian sharemarket listing to increase its access to the booming markets for coal in China, India and other parts of Asia via investment in local projects. INR's Chief Executive Officer, Gary Rogliano, told the AFR that the listing was planned for mid-year.
INR, which is owned by two private equity firsm, are looking to sell a majority of their stock off as a part of the float.
Rogliano stated that INR exports approximately 90% of its coking coal and 50 of its thermal coal production mostly to Europe. He also said that in February 2010 the company had shipped its first shipment to China, despite a shipping time of 25 days from the east coast of the U.S.
Rogliano stated that INR's mine produced 2.7 million tonnes but could be expanded to about 5 million tonnes. He stated that approximately US$75 million from the proposed float in Australia would be used to expand the company's West Virgina operations.
1700 Bayberry Ct., Suite 201
Richmond, VA 23226
Phone: (804) 282-0369
100 Market St., Suite A
Man WV 25635
Articles and resources
- ↑ 1.0 1.1 INR, INR, INR website, accessed April 2010.
- ↑ Simon Casey, "Cliffs to Buy INR Coal Operations for $757 Million" Bloomberg Business Week, July 6, 2010.
- ↑ "INR WV", UNR website, accessed April 2010.
- ↑ 4.0 4.1 4.2 4.3 Jamie Freed, "US coalminer plans $1bn local listing", Australian Financial Review, April 6, 2010, page 1 and 16.(Only available by trial subscription).
Related SourceWatch articles
|This article is a stub. You can help by expanding it.|