National Coal Corporation
National Coal Corporation (NCOC), based in Knoxville, Tennessee, engages in mining, processing and selling bituminous steam coal in the southeastern United States. The corporation began operating in 2003 and currently serves electric utilities, industrial companies, and coal resellers. Active mines are located in east Tennessee and north Alabama and include two underground mines, six surface mines, and two highwall mines.[1] The majority of coal produced is sold to electric utilities. The largest customers are South Carolina Public Service Authority, Georgia Power, and Duke Energy.[2]
On September 29, 2010, Ranger Energy Investments entered into an agreement to acquire National Coal as a wholly owned subsidiary of Ranger by the end of the year. Under the terms of the agreement, Ranger Energy will pay $1 per share in cash for each share of National Coal common stock, including shares issuable upon exercise of options. In April 2010, Ranger Energy acquired certain National Coal assets located in Devonia, Tennessee, and in and on its New River Tract site for an aggregate sales price of $11.8m.[3]
Existing Coal Mines
New Coal Mines
National Coal Mine 12 is a newly planned National Coal Corporation mining operation in Knoxville, Tennessee, announced in July 2010. National Coal said when the mine is fully operational it is anticipated to add about 40,000 tons per month, or 480,000 tons per year, to the Company’s production. Sales will be targeted to the specialty coal market. After receiving the final permit, construction of Mine 12 has begun. Production at Mine 12 will be ramped-up over a period of 18 months, with first production planned in the fourth quarter of 2010.[4]
National Coal’s operations in Tennessee include the coal mineral and mining rights to approximately 79,000 acres of land, along with mining complexes that currently include one active underground mine and one active surface mine. In addition, National Coal continues to own and operate one preparation plant and one unit train loading facility served by the Norfolk Southern Railroad.[4]
Production and revenues up for 2008
On March 30, 2009, National Coal Corp. reported its earnings for the 4th Quarter and Year End 2008. 2008 revenues totaled $132.6 million, a 43 percent increase from $92.8 million in 2007. These sales were based primarily on the sale of 2.0 million tons of coal in 2008, versus 1.8 million tons in 2007. Production increased 35.6 percent to 1.83 million tons from 1.35 million tons in 2007. Coal revenue per ton sold rose 24.6 percent to $65.00 from $52.15 in 2007.[5]
President and CEO Daniel A. Roling also said that the company is seeing higher prices per ton in 2009 compared to the previous year and is in contracts to sell 3.45 million tons of coal.[5]
Expected production for NCOC in 2008 was between 2.5 and 3 million tons of coal.
Derailed train dumps 1100 tons of coal next to New River
On January 9, 2009, a train operated by National Coal Corporation overturned and spilled around 1100 tons of coal next to the New River in Scott County, Tennessee. The spill was discovered three days later by Steve Bakaletz, a wildlife biologist with the National Park Service. According to Bakaletz, crews had been attempting to clean up the spill but had not yet completed by the time the it was discovered. The New River supports two endangered species of fish.[6]
Direct Action against National Coal Corporation
June 7, 2005: First stockholders meeting of National Coal Corporation Disrupted
On June 7, 2005, approximately 45 Mountain Justice Summer activists, some in animal costumes, surprised the first-ever shareholders meeting of the National Coal Corporation with a marching band, chants, drumming and noise makers. Demonstrators demanded that National Coal stop mountaintop removal mining and distributed informational flyers to shareholders. The sheriff and National Coal Corporation responded by assaulting protesters with pain compliance, choke holds and arrested three on bogus felony charges. [7]
On August 15, 2005, Earth First! and Mountain Justice Summer activists blockaded a road leading to National Coal's mountaintop removal coal mine in Campbell County, Tennessee. Activists stopped a car on the road, removed its tires, locked themselves to the vehicle, and erected a tripod with a person perched on top of it. National Coal workers arrived and threatened the protestors; one tried to ram the tripod with his car. Eleven people were arrested; the police treated the arrested activists very roughly, endangering their safety.[8][9]
August 13, 2009: "Going Away Party" for National Coal Corporation in Knoxville, TV
An employee with National Coal Corporation forcefully removed a non-violent anti-mountaintop removal protester from the National Coal headquarters in West Knoxville. The protester was part of a group participating in “Love and Hug National Coal Month,” part of a series of protests organized by United Mountain Defense every Thursday in August at National Coal’s office. The protesters had organized a “Going Away Party” for NCC after the coal company defaulted on $60 million dollars of loans in Alabama in July 2009. To mark this event the protestors brought balloons and cupcakes reading “Bye National Coal’ and “Take a Hike”. Wearing party hats and dancing to festive music, the volunteers entered the National Coal Headquarters in order to deliver the cupcakes. Within 30 seconds an employee of National Coal Corporation wrapped his hand around the video camera, contorted the cameraman’s wrist and escorted the peaceful group back outside, at which point he stated that NCC did not want to call the police. The non-violent protesters complied with the National Coal employee’s request and moved to the public right of way in front of the office building. They educated passing motorists, gave away the unwanted cupcakes, danced, and had a fun time in the hot sun.[10][11]
Personnel
Senior management
- Daniel A. Roling, CEO and President
- Michael Castle, Senior Vice President and CFO
- William R. Snodgrass, Senior Vice President for Business Development
Board of Directors
- Kenneth Scott, Chairman
- Robert Heinlein
- Gerald Malys
Contact details
National Coal Corporation
8915 George Williams Road
Knoxville, TN 37923
Tel: (865) 690-6900
Web: http://www.nationalcoal.com/index.php
Resources
References
- ↑ National Coal Corp (NCOC) profile
- ↑ "National Coal Corp.: Impressive Smallcap With No Analyst Coverage", Seeking Alpha, December 21, 2007
- ↑ "Ranger Energy to acquire National Coal" EBR, Sep. 29, 2010.
- ↑ 4.0 4.1 "National Coal Corporation announces construction on Mine 12" National Coal Press Release, July 1, 2010.
- ↑ 5.0 5.1 "National Coal Corp. Reports Fourth Quarter and Year End 2008 Results," MarketWatch, March 30, 2009.
- ↑ "1100 Tons of Coal Dumped Near New River in Train Derailment," Alliance for Appalachia, January 14, 2009.
- ↑ First stockholders meeting of National Coal Corporation Disrupted, Mountain Justice Summer, April 29, 2008.
- ↑ Eleven Arrested Protesting ET Coal Mine, WBIR website, August 15, 2005.
- ↑ Tennessee Coal Road Blocked to Protest Mountaintop Removal Mining, Mines & Communities website, August 15, 2005.
- ↑ "Hug and Love National Coal Number 2 protest 8 0001," Youtube, accessed September 2009
- ↑ "Love & Hug National Coal Month- Going Away Party," YouTube, accessed September 2009
