International Coal Group Plans Expanded West Virginia Operations
Posted on: Wednesday, 4 January 2006, 18:00 CST
By Evelyn Ryan, The Dominion Post, Morgantown, W.Va.
Jan. 4--International Coal Group, owner of the Sago mine where rescue teams located 12 missing miners and one dead miner after an explosion, is expanding its West Virginia operations.
According to an entry July 21 on DDO, a message board for investors, the Dow Jones -- Daily Bankruptcy Review was reporting ICG planned to invest $200 million to open a new underground mine complex near Grafton.
Construction of the mine could begin in 2007, said Gene Kitts, ICG senior vice president of mining services. The Taylor County mine would employ up to 350 to produce about 4 million tons of coal a year.
The complex would include a preparation plant that could process up to 2,000 tons an hour, he said. The firm expects to have about 190 million tons of coal reserves on 65,000 acres of property near Knottsville, southeast of Grafton.
"We've received nothing but encouragement from most everyone we've talked with in regard to this investment in Taylor County," Kitts said. "It is creating quite a bit of excitement."
Ground was broken Sept. 27 at the Teays Valley Business Park, in Scott Depot, for ICG's new corporate headquarters building. The three-story, 51,000 square-foot office building is expected to be complete this June, according to ICG's third-quarter financial report.
The move will involve around 100 employees, according to the company.
"The investment commitments being made by International Coal Group in West Virginia extend well beyond the cost of this building," Ben Hatfield, company president and CEO told the Associated Press. "Much of our company's growth over the next five years will take place right here in West Virginia."
According to assorted financial and industrial Web sites, ICG has 12 mining operations in West Virginia, Kentucky, Maryland and Illinois, with 1,900 employees.
Formed in 2004 to buy coal properties, ICG added Anker Coal Group, based in Cranberry Square, Cheat Lake, to its portfolio last March as part of a bankruptcy settlement. Anker owned the Sago mine.
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ICO,
Source: The Dominion Post (Morgantown, W.Va.)
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