Cobalt Coal Corp. (TSX:V CBT)
Basic Shares: 50.4 million
Fully Diluted: 57.6 million
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Today Cobalt Coal Corp. announced it is now producing coal at its Westchester mine, located in McDowell County, West Virginia, USA. In January 2010, Alpha Natural Resources Inc. (NYSE:ANR) agreed to purchase 8,000 tons of metallurgical coal per month from Cobalt at a fixed price.
The Westchester mine produces high quality, low volatile metallurgical coal (also known as ‘coking’ coal) that is used in the production of steel.
With this important step now behind Cobalt, the company is turning its attention to “additional opportunities for expansion at Westchester and elsewhere.” The company has a very aggressive business plan, which acknowledges it is focused on the acquisition of other existing deposits of high grade metallurgical coal.
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