Wednesday, October 27, 2010
UBB Disaster Blamed For Massey Loss
WEST VIRGINIA....
In the third quarter of 2010, Massey Energy lost $41.4 million. During a conference call Wednesday, Chairman and CEO Don Blankenship briefed shareholders on the status of the UBB investigation, saying the company is certain methane was the fuel for the explosion. Massey got approval this week from MSHA to do its own limited investigation, but Blankenship says the company still must work through MSHA, who controls the mine. Massey indicated the Upper Big Branch Mine disaster accounted for $14.5 million of the company's loss.
In the third quarter of 2010, Massey Energy lost $41.4 million. During a conference call Wednesday, Chairman and CEO Don Blankenship briefed shareholders on the status of the UBB investigation, saying the company is certain methane was the fuel for the explosion. Massey got approval this week from MSHA to do its own limited investigation, but Blankenship says the company still must work through MSHA, who controls the mine. Massey indicated the Upper Big Branch Mine disaster accounted for $14.5 million of the company's loss.
# posted by Homer Owens @ 3:20 PM 
