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Wednesday, 13 January 10
CONSOL SELLS FIRST COAL TO CHINA


Coal and natural gas company CONSOL Energy Inc.made its first sale of high-volume coking coal to Asia from its Bailey Mine in Northern Appalachia. The sale was made by Xcoal, the exclusive representative of CONSOL in Asia, as a result of an Asian Marketing Initiative announced last month by CONSOL.

The sale of a Panamax vessel of approximately 82,000 short tons is destined for merchant coke plants in the Tianjin/Guafeng area of China. The vessel will be loaded at CONSOL's Baltimore terminal.

CONSOL Energy is enthusiastic about this sale. It hopes to receive a significant premium for its Bailey Mine coal when compared to its local thermal market. It believes that this sale will establish CONSOL as a premium brand in Asia. Xcoal has representative offices in Beijing, Seoul, Tokyo and Singapore.

Last week, CONSOL’s board approved a $1 billion capital budget for 2010, which included $400 million for CNX Gas Corporation. The budget focuses on the goals of improving the efficiency and productivity of its fleet of mines, while funding meaningful production growth in the gas business. To read more Zacks



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