Massey Energy Up 5.7% After It Said It Agreed To Buy Cumberland Resources (MEE)
Wednesday, March 17, 2010 - 13:34
Written on Wed, 03/17/2010 - 1:34pm
By Chip Brian

3/17/2010- Massey Energy (NYSE:MEE) rose 5.7% to $53.08 after the company said it agreed to buy Cumberland Resources for $960 million and said that the acquisitions will add to earnings starting this year.
Cumberland has an estimated 416 million tons of coal reserves, according to a Reuters report, and more than half of those reserves are estimated to have metallurgical coal qualities.
The company said last month that it was sharpening its focus on metallurgical coal because of the rising demand from global steelmakers.

Keywords: Massey Energy

Ticker(s): MEE

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