Within the next few months, the company said, the possibilities it anticipates seeing include asset sales, joint ventures, acquisitions and prospective deals with other coal operators.
Phoenix noted that its board of directors had appointed a special committee to evaluate opportunities and make recommendations, and had retained consultant Cormark Securities to review alternatives from a financial perspective. However, it could not speculate on what deals, if any, would come to fruition.
An ILN request for comment was not immediately returned.
In May, Phoenix filed a technical report for its newest project and first underground operation, Gryphon, in preparation for a 2011 opening.
Company spokesperson Stephen McLean said at the time the completion of the report – developed by consultant Marshall Miller and Associates – had kept the company on schedule for ramp-up in the second half of 2011.
The mine reserves include a massive contiguous block of No. 9 coal in Webster and Henderson counties, Kentucky. With 68.4 million tons of recoverable reserves, McLean estimated its lifespan to stretch “for decades” using continuous miners running supersections.
