CANONSBURG, Pa., Oct. 21,
2022 /PRNewswire/ -- CONSOL Energy Inc. ("CONSOL,"
NYSE: CEIX) today announced that it commissioned the Itmann
Preparation Plant in late September, with the first train of
Itmann coal loaded and shipped on
October 12th. When fully
operational, the Itmann No. 5 mine is projected to produce
approximately 900 thousand tons per annum of premium, low-vol
metallurgical coking coal and is expected to serve both the
domestic and international steel markets. The preparation plant has
the processing capacity of approximately double the output of the
Itmann Mine, which provides additional upside for third party
processing and blending.
CONSOL is very excited about reaching this major milestone in
the project as the Itmann product
diversifies our revenue and product mix and opens new market
opportunities around the world. The project is also a major
development for the state of West
Virginia. "We have invested approximately $100 million in the development of the mine,
preparation plant, and surrounding infrastructure. We also have
given a boost to the economy of southern West Virginia, creating approximately 175
long-term and high-paying jobs, supporting many businesses in the
surrounding area and providing numerous charitable contributions to
the local communities through our CONSOL Cares Foundation," said
Jimmy Brock, President & CEO.
"I'd like to thank our hard-working Itmann team, who enabled us to bring this
project to fruition with an aggressive schedule in a challenging
supply chain and labor environment, and who we expect will be the
backbone of our success at Itmann
going forward. We also thank the state of West Virginia for its cooperation and support
of this project and our transportation partner, Norfolk Southern
Corp., for its additional investment in the area and support of the
Itmann project and surrounding
communities. We look forward to continuing these relationships for
decades to come."
As anticipated, the preparation plant commenced operation in
3Q22, but due to equipment delays and supply chain bottlenecks, the
third and final continuous miner section is now expected to ramp up
in 4Q22. We expect to achieve full run-rate production at the mine
during the fourth quarter and be prepared for full-capacity
operation throughout 2023.
"On behalf of the entire 25th District, I thank you folks for
having the guts and vision to invest in Wyoming County, the people of Wyoming County and the people of southern
West Virginia in the midst of the
seemingly never-ending attacks on coal and every other fossil fuel
that helps our country stay strong," said West Virginia State
Delegate Tony Paynter
(25th District). "Southern West Virginia coal built West Virginia, The
United States of America as well as a large portion of the
world and helped us win two World Wars. Despite the constant
attacks on the coal industry, it is still the rock that Americans
can count on to keep their lights on as well as providing the good
jobs that provide us all an opportunity to pursue the American
Dream. Once again on behalf of the 25th District, I would like
to thank you folks for investing in our people and our
communities!"
"I am thrilled to welcome CONSOL Energy to Wyoming County," said U.S. Congresswoman
Carol Miller. "Their new
Itmann mine will produce nearly a
million tons per year of West
Virginia metallurgical coal, bringing more investment,
commerce, and jobs to our great state. I know this first shipment
is just the beginning of the Itmann Mine's bright future in
southern West Virginia."
"West Virginia is a proud
energy state, and coal mining is an occupation that is honored in
our communities. I'm pleased to see CONSOL's investment in
Wyoming County take shape,
contributing to the proud tradition of coal mining in our state.
Beyond creating 175 good jobs, the Itmann Mine will further
additional economic development opportunities throughout the area
that provides a needed boost to our communities. West Virginia coal from Wyoming County will soon head to markets both
at home and across the globe, and I look forward to seeing the
benefits that result," said U.S. Senator Shelley Moore Capito (R-W.Va.).
"The Itmann Coal Mine in Wyoming
County will be tremendously helpful in producing the
metallurgical coal we need for steel production, which will enable
us to tackle supply chain issues, reduce inflation and meet the
growing demand for steel needed to realize the benefits of the
Bipartisan Infrastructure Law and Inflation Reduction
Act," said Senator Manchin, Chairman of the Senate Energy and
Natural Resources Committee.
About CONSOL Energy Inc.
CONSOL Energy Inc. (NYSE: CEIX) is a Canonsburg, Pennsylvania-based producer and
exporter of high-Btu bituminous thermal coal and metallurgical
coal. It owns and operates some of the most productive longwall
mining operations in the Northern Appalachian Basin. CONSOL's
flagship operation is the Pennsylvania Mining Complex, which has
the capacity to produce approximately 28.5 million tons of coal per
year and is comprised of 3 large-scale underground mines: Bailey
Mine, Enlow Fork Mine, and Harvey Mine. CONSOL also developed the
Itmann Mine in the Central Appalachian Basin, which is expected,
when fully operational, to produce roughly 900 thousand tons per
annum of premium, low-vol metallurgical coking coal. The company
also owns and operates the CONSOL Marine Terminal, which is located
in the port of Baltimore and has a
throughput capacity of approximately 15 million tons per year. In
addition to the ~612 million reserve tons associated with the
Pennsylvania Mining Complex and the ~21 million reserve tons
associated with the Itmann Mine, the company also controls
approximately 1.4 billion tons of greenfield thermal and
metallurgical coal reserves and resources located in the major
coal-producing basins of the eastern United States. Additional information
regarding CONSOL Energy may be found at www.consolenergy.com.
Contacts:
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Investor:
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Nathan Tucker, at (724)
416-8336
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nathantucker@consolenergy.com
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Media:
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Erica Fisher, at (724)
416-8292
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ericafisher@consolenergy.com
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Cautionary Statement Regarding
Forward-Looking Statements
Certain statements in this press release are "forward-looking
statements" within the meaning of the federal securities laws. With
the exception of historical matters, the matters discussed in this
press release are forward-looking statements (as defined in Section
21E of the Securities Exchange Act of 1934, as amended) that
involve risks and uncertainties that could cause actual results to
differ materially from results projected in or implied by such
forward-looking statements. Accordingly, investors should not place
undue reliance on forward-looking statements as a prediction of
actual results. The forward-looking statements may include
projections and estimates concerning the timing and success of
specific projects and our future production, revenues, income and
capital spending. When we use the words "anticipate," "believe,"
"could," "continue," "estimate," "expect," "intend," "may," "plan,"
"predict," "project," "should," "will," or their negatives, or
other similar expressions, the statements which include those words
are usually forward-looking statements. When we describe our
expectations with respect to the Itmann Mine or any other strategy
that involves risks or uncertainties, we are making forward-looking
statements. We have based these forward-looking statements on our
current expectations and assumptions about future events. While our
management considers these expectations and assumptions to be
reasonable, they are inherently subject to significant business,
economic, competitive, regulatory and other risks, contingencies
and uncertainties, most of which are difficult to predict and many
of which are beyond our control. Specific risks, contingencies and
uncertainties are discussed in more detail in our filings with the
Securities and Exchange Commission. The forward-looking statements
in this press release speak only as of the date of this press
release and CEIX disclaims any intention or obligation to update
publicly any forward-looking statements, whether in response to new
information, future events, or otherwise, except as required by
applicable law.
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SOURCE CONSOL Energy Inc.