Massey Energy chief executive officer Don Blankenship the Mine Safety and Health Administration, saying the isn't even attempting to seriously investigate the Upper Branch mine explosion which killed 29 workers.
More than that though, Blankenship said they're outright lying in an attempt to win publicity wars, rather than perform a legitimate investigation into the matter.
Massey and Blankenship contend the methane involved with the incident leaked in through a floor crack, which resulted in the safeguards in place being overwhelmed. For example, ventilation equipment.
On the other hand, the MSHA set forth a new regulation which requires mines to better manage the coal dust, focusing on that while dismissing the methane issue.
Showing posts with label Don Blankenship. Show all posts
Showing posts with label Don Blankenship. Show all posts
Wednesday, September 22, 2010
Monday, September 20, 2010
Macquarie Slashes Massey (NYSE:MEE) After Lower Guidance
After Massey Energy Company (NYSE:MEE) lowered its guidance, Macquarie downgraded the stock from "Outperform" to "Neutral."
Not only has the company lowered its outlook for shipments, but also expects a loss in the third quarter.
Massey's Chairman and CEO Don Blankenship said, "Our operations have continued to struggle since April. As we have noted earlier,
increasingly stringent enforcement actions by MSHA across our
operations and throughout the Central Appalachian region have resulted
in lost shifts and loss of productivity. In addition, our Revolution
longwall mine was idled in June for a planned longwall move but has
remained down pending approval of its ventilation plan. As a result of
these and other factors, we now expect our third quarter shipments to
approximate 10 million tons and we expect to report an operating loss
for the quarter."
Concerning guidance for 2011, Blankenship added, "We remain confident that we will achieve operational improvements going forward. As the Upper Big Branch investigation winds down, we have refocused management time and attention on our ongoing operations and we are initiating actions to improve productivity and re-establish operating consistency in all our mines. In addition, our early negotiations with metallurgical coal customers give us reason to expect pricing in 2011 will be favorable to what we have realized in 2010. Our guidance for 2011 remains unchanged."
Results for the third quarter will be released on after the close of the market on October 26, 2010.
Not only has the company lowered its outlook for shipments, but also expects a loss in the third quarter.
Massey's Chairman and CEO Don Blankenship said, "Our operations have continued to struggle since April. As we have noted earlier,
increasingly stringent enforcement actions by MSHA across our
operations and throughout the Central Appalachian region have resulted
in lost shifts and loss of productivity. In addition, our Revolution
longwall mine was idled in June for a planned longwall move but has
remained down pending approval of its ventilation plan. As a result of
these and other factors, we now expect our third quarter shipments to
approximate 10 million tons and we expect to report an operating loss
for the quarter."
Concerning guidance for 2011, Blankenship added, "We remain confident that we will achieve operational improvements going forward. As the Upper Big Branch investigation winds down, we have refocused management time and attention on our ongoing operations and we are initiating actions to improve productivity and re-establish operating consistency in all our mines. In addition, our early negotiations with metallurgical coal customers give us reason to expect pricing in 2011 will be favorable to what we have realized in 2010. Our guidance for 2011 remains unchanged."
Results for the third quarter will be released on after the close of the market on October 26, 2010.
Thursday, June 10, 2010
Massey Energy (NYSE:MEE) Seeks Help from Governors Over MSHA Actions
Don Blankenship, President and CEO of Massey Energy (NYSE:MEE), sent a letter today to governors of four states over concerns he has with the U.S. Mine Safety and Health Administration (MSHA).
The states and governors Blankenship sent the letter to include Kentucky Gov. Steve Beshear, Virginia Gov. Robert F. McDonnell, Illinois Gov. Patrick J. Quinn III and West Virginia Gov. Joe Manchin.
What Blankenship addressed in the letters was the concern over the MSHA imposing new mine ventilation rules on the company without a cause of the explosion at the Upper Big Branch Mine being determined yet.
He said in the letter, "Importantly, we have recently learned that MSHA had been warned about the safety of this ventilation system in Illinois before imposing it upon us."
Blankenship was concerned MSHA could be doing more harm than good, saying, "We believe experts in the state agencies better understand this and the unique mining conditions present in your states. We fully support budgetary measures that will allow the states to keep or attract the kinds of experts necessary to closely scrutinize mining plans with mine-specific issues in mind. As you are aware, mine ventilation is not a one-size-fits-all issue."
The states and governors Blankenship sent the letter to include Kentucky Gov. Steve Beshear, Virginia Gov. Robert F. McDonnell, Illinois Gov. Patrick J. Quinn III and West Virginia Gov. Joe Manchin.
What Blankenship addressed in the letters was the concern over the MSHA imposing new mine ventilation rules on the company without a cause of the explosion at the Upper Big Branch Mine being determined yet.
He said in the letter, "Importantly, we have recently learned that MSHA had been warned about the safety of this ventilation system in Illinois before imposing it upon us."
Blankenship was concerned MSHA could be doing more harm than good, saying, "We believe experts in the state agencies better understand this and the unique mining conditions present in your states. We fully support budgetary measures that will allow the states to keep or attract the kinds of experts necessary to closely scrutinize mining plans with mine-specific issues in mind. As you are aware, mine ventilation is not a one-size-fits-all issue."
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