Company officials said the unidentified commodities buyers wanted about 60,000 tons of high-grade thermal coal, with one eyeing 50,000 tons per month for China and a second wanting 10,000tpm for a country in West Africa. The total value estimation is based on exports over the next 18 months.
While Universal did not specifically confirm the coal would originate at its Whitesburg Friday Branch mine in eastern Kentucky, the complex is the company’s flagship steam coal property.
“We are very excited about the potential revenues and earnings from the sale of coal for export to these countries,” Universal president Vince Guest said, adding the company planned to expand into the international export market in several countries over the next two years.
“We also have plans for major sales of refined energy products through NDR Energy Group, and more acquisitions of oil and gas wells and crude oil through Texas Gulf Oil and Gas to increase our revenues. We believe this will have a positive effect on our shareholders and the value of our stock.”
In addition to coal, the publicly held independent produces and markets natural gas, petroleum and propane.