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James River Coal Company Reports Fourth Quarter and Full Year 2012 Operating Results

07.03.2013  |  PR Newswire

RICHMOND, Va., March 7, 2013 /PRNewswire/ --   

  • Major Restructuring of Mine Operations in Q-4 2012 and Early Q-1 2013
    • Closed or Idled Production Capacity of 3 Million Tons in Central Appalachia (CAPP)
    • Reduced Workforce by Approximately 400 Employees and Contractors
    • Significant Impact on Productivity and Costs in Q-4 2012
  • Thermal Coal Markets Continue to Be Weak; Met Coal Markets are Slowly Improving
  • Continuing to Evaluate Options to Strengthen the Balance Sheet and Improve Liquidity
  • Conference Call Slides Posted to the Company Website

James River Coal Company (NASDAQ: JRCC), today announced that it had a net loss of $138.9 million or $3.99 per fully diluted share for the year ended December 31, 2012 and a net loss of $76.9 million or $2.21 per fully diluted share for the fourth quarter of 2012.  This is compared to a net loss of $39.1 million or $1.19 per fully diluted share for the year ended December 31, 2011 and a net loss of $28.5 million or $0.82 per fully diluted share for the fourth quarter of 2011.  Our results were impacted by the items in "Reconciliation of Adjusted Net Income (Loss) to Net Income (Loss)" in this release below which include a goodwill impairment charge and a gain from the repurchase of outstanding debt.  These adjustments had a negative per share impact on our results of $0.03 and $0.62 in the full year and fourth quarter ended December 31, 2012, respectively, and $0.98 and $0.76 in the full year and fourth quarter ended December 31, 2011, respectively.

Peter T. Socha, Chairman and Chief Executive Officer, commented: "The year 2012 will be remembered as one of the most difficult years in the history of the U.S. coal industry.  The domestic thermal coal market went through a third consecutive year of soft market conditions due to weak economic conditions and competitive pressures from natural gas production. The met coal market collapsed during the middle of the year due to weak international markets in both Asia and Europe.  As we look ahead to 2013, both of these markets are showing some marginal improvement.  The thermal market, although still weak, is starting to improve due primarily to reduced production by the coal industry and slightly better weather conditions.  The met market is seeing clear signs of increased demand from Asia. 

"At James River Coal Company, we are adjusting to the changing market conditions throughout our organization.  We have closed and idled mines, reduced working hours at the remaining mines, reviewed and changed the purchasing process for nearly every item that we buy, and lowered our SG&A headcount and expenses.  Many of these decisions have been difficult but necessary.  Our mine operations are in better shape today than at any time in the past 10 years.  We are beginning to see the positive results from the changes, and we are cautiously optimistic that our changed operating model and improving markets for several of our products will lead to a brighter future in 2013."

ANNUAL RESULTS

The following tables show selected operating results for the year ended December 31, 2012 compared to the year ended December 31, 2011 (in 000's except per ton amounts). 

Total Results


Year Ended December 31,





2012


2011





Total


Per Ton


Total


Per Ton













Company and contractor production (tons)

9,499




10,254




Coal purchased from other sources (tons)

1,995




1,605




Total coal available to ship (tons)


11,494




11,859




Coal shipments (tons)


11,728




11,801




Coal sales revenue


$      1,018,433


$       86.84


$   1,105,370


$     93.67


Freight and handling revenue


81,176


6.92


72,285


6.13


Cost of coal sold


911,681


77.74


905,482


76.73


Freight and handling costs


81,176


6.92


72,285


6.13


Depreciation, depletion, & amortization


131,779


11.24


108,914


9.23


Gross profit (loss)


(25,027)


(2.13)


90,974


7.71


Selling, general & administrative 


59,922


5.11


57,078


4.84


Goodwill impairment


26,492


2.26


-


-


Acquisition costs


-


-


8,504


0.72













Adjusted EBITDA plus acquisition costs (1)

$           54,668


4.66


$      154,571


13.10













(1) Adjusted EBITDA plus acquisition costs is defined under "Reconciliation of Non-GAAP Measures" in this release.  


     Adjusted EBITDA is used to determine compliance with financial covenants in our revolving credit facility.


 

Segment Results

Year Ended December 31,




2012


2011




CAPP


Midwest


CAPP


Midwest




Total

Per Ton


Total

Per Ton


Total

Per Ton


Total

Per Ton















Company and contractor production (tons)

7,183



2,316



7,823



2,431


Coal purchased from other sources (tons)

1,995



-



1,605



-


Total coal available to ship (tons)

9,178



2,316



9,428



2,431
















Coal shipments (tons)













     Steam (tons)


5,787



2,327



7,166



2,480


     Metallurgical (tons)


3,614



-



2,155



-


Total Shipments (tons)


9,401



2,327



9,321



2,480


Coal sales revenue













     Steam


$

476,101

82.27


103,078

44.30


651,016

90.85


105,382

42.49

     Metallurgical


439,254

121.54


-

-


348,972

161.94


-

-

Total coal sales revenue


915,355

97.37


103,078

44.30


999,988

107.28


105,382

42.49

Freight and handling revenue

78,983

8.40


2,193

0.94


69,778

7.49


2,507

1.01















Cost of coal sold


821,278

87.36


90,403

38.85


811,573

87.07


93,909

37.87

Freight and handling costs


78,983

8.40


2,193

0.94


69,778

7.49


2,507

1.01

 

QUARTERLY RESULTS

The following tables show selected operating results for the quarter ended December 31, 2012 compared to the quarter ended December 31, 2011 (in 000's except per ton amounts). 

Total Results


Three Months Ended December 31, 





2012


2011





Total


Per Ton


Total


Per Ton













Company and contractor production (tons)


1,928




2,675




Coal purchased from other sources (tons)


567




709




Total coal available to ship (tons)


2,495




3,384




Coal shipments (tons)


2,603




3,304




Coal sales revenue


$      214,409


82.37


$      321,758


97.38


Freight and handling revenue


17,755


6.82


35,420


10.72


Cost of coal sold


206,113


79.18


263,315


79.70


Freight and handling costs


17,755


6.82


35,420


10.72


Depreciation, depletion, & amortization


33,627


12.92


33,435


10.12


Gross profit (loss)


(25,331)


(9.73)


25,008


7.57


Selling, general & administrative 


14,418


5.54


16,553


5.01













Adjusted EBITDA plus acquisition costs (1)


$        (4,970)


(1.91)


$        44,155


13.36













(1) Adjusted EBITDA plus acquisition costs is defined under "Reconciliation of Non-GAAP Measures" in this release. 


     Adjusted EBITDA is used to determine compliance with financial covenants in our senior secured credit facilities.


Segment Results

Three Months Ended December 31,




2012


2011




CAPP


Midwest


CAPP


Midwest




Total

Per Ton


Total

Per Ton


Total

Per Ton


Total

Per Ton















Company and contractor production (tons)

1,399



529



2,120



555


Coal purchased from other sources (tons)

567



-



709



-


Total coal available to ship (tons)

1,966



529



2,829



555


Coal shipments (tons)













     Steam (tons)


1,071



550



1,909



583


     Metallurgical (tons)


982



-



812



-


Total Shipments (tons)


2,053



550



2,721



583


Coal sales revenue













     Steam


$

84,890

79.26


24,124

43.86


173,274

90.77


24,590

42.18

     Metallurgical


105,395

107.33


-

-


123,894

152.58


-

-

Total coal sales revenue


190,285

92.69


24,124

43.86


297,168

109.21


24,590

42.18

Freight and handling revenue

17,408

8.48


347

0.63


34,705

12.75


715

1.23

Cost of coal sold


183,012

89.14


23,101

42.00


240,598

88.42


22,717

38.97

Freight and handling costs


17,408

8.48


347

0.63


34,705

12.75


715

1.23

MARKET ADJUSTMENTS

Due to the continuing downturn in the coal market, the Company has idled five underground mines (Abner Branch, Mine 16, Mine 6A, Mine 31, Jellico), two preparation plants (BL1 Plant and Burke), one load out (Sunny Knot) and reduced production at three surface mines (Frasure, Buckeye, Montgomery Creek). These and previous changes reduce our production capacity by 3 million tons and impact approximately 400 employees and contractors.  We project that these changes will lower our operating costs and better match our production to our current market view.

LIQUIDITY AND CASH FLOW

As of December 31, 2012, the Company had available liquidity of $135.9 million calculated as follows (in millions): 



Unrestricted Cash

$                    127.4

Availability under the revolver

69.3

Letters of Credit Issued under the Revolver

(60.8)

Available Liquidity

$                    135.9



Restricted Cash

$                      36.6

Capital Expenditures for the fourth quarter were $15.1 million and were $81.6 million for twelve months ended December 31, 2012.

During the fourth quarter of 2012, the Company completed its previously announced repurchase of $7.7 million of its outstanding debt consisting of $2.5 million principal amount of the 2015 Convertible Senior Notes and $5.2 million principal amount of the 2018 Convertible Senior Notes.  The debt repurchases were made at a cost of $2.9 million, in open market purchases.  The repurchases resulted in a gain of $3.0 which includes the write-off of $ 0.1 million of financing costs. 

Mr. Socha commented: "As discussed during our most recent conference call in November, we are looking at options to strengthen our balance sheet and improve our liquidity during the prolonged soft market conditions.  Since November, we have looked at a wide variety of potential options.  This process is continuing and we expect to complete our review in a timely manner."

SALES POSITION

As of March 6, 2013, we had the following priced sales position (in 000's except per ton amounts):











2013 Priced




As of November 6, 2012

As of March 6, 2013

Change




Tons

Avg Price

Per Ton

Tons

Avg Price

Per Ton

Tons

Avg Price

Per Ton



CAPP (1)

3,405

$     74.04

5,012

$     81.39

1,607

$     96.97



Midwest (2)

2,342

$     45.25

2,544

$     45.04

202

$     42.61













2014 Priced




As of November 6, 2012

As of March 6, 2013

Change




Tons

Avg Price

Per Ton

Tons

Avg Price

Per Ton

Tons

Avg Price

Per Ton



CAPP (1)

300

$     75.75

300

$     75.75

-

$          -



Midwest (2) 

900

$     47.64

900

$     47.64

-

$          -












(1) Priced Tons in CAPP do not include approximately 264,000 tons of met coal that has been sold but not yet priced

(2) The prices for the Midwest are minimum base price amounts adjusted for projected fuel escalators.



2013 GUIDANCE

Mr. Socha continued: "We will not be issuing production or cost guidance at this time.  There are just too many moving pieces.  The changes to the mine operations were sweeping and all encompassing.  While we are pleased with the results thus far, it is still early.

"In addition, the thermal and met coal markets continue to evolve.  These changes will have an impact on our production plans for 2013.

"Based on these two factors, we believe that it is prudent to defer production and cost guidance at this time, but we are providing the following projections:"

Total JRCC Operations




(In 000's except tax rate)








Depreciation, Depletion and Amortization


$

130,000

Tax Rate



0%

Capital Expenditures




    Maintenance and Safety Capital


$

65,000

    Completion of Ongoing Projects



5,000



$

70,000

MISCELLANEOUS

The following additional items had an impact on our results of operations and balance sheet during the fourth quarter of 2012:

  • We recorded an additional net expense of $2.3 million during the quarter related to workers' compensation. This amount resulted from $4.5 million of increased expense due to a reduction in the discount rate, due to lower market interest rates, which was offset by a $2.2 million positive impact due to improved safety performance at the mines and the management of the workers' compensation claim process.
  • The Company wrote off $26.5 million of goodwill in the Midwest segment.  Subsequent to this write-off the Company has no remaining goodwill.

CONFERENCE CALL AND WEBCAST:  The Company will hold a conference call with management to discuss the fourth quarter earnings on March 7, 2013 at 10:00 a.m. Eastern Time.  The conference call can be accessed by dialing 877-340-2553, or through the James River Coal Company website at http://www.jamesrivercoal.com.  International callers, please dial 678-224-7860.

James River Coal Company is one of the leading coal producers in Central Appalachia and the Illinois Basin.  The company sells metallurgical, bituminous steam and industrial-grade coal to electric utility companies and industrial customers both domestically and internationally.  The Company's operations are managed through eight operating subsidiaries located throughout eastern Kentucky, southern West Virginia and southern Indiana.    Additional information about James River Coal can be found at its web site www.jamesrivercoal.com.

FORWARD-LOOKING STATEMENTS:  Certain statements in this press release and other written or oral statements made by or on behalf of us are "forward-looking statements" within the meaning of the federal securities laws. Statements regarding future events and developments and our future performance, as well as management's expectations, beliefs, plans, estimates or projections relating to the future, are forward-looking statements within the meaning of these laws. Forward looking statements include, without limitation, statements regarding future sales and contracting activity, projected fuel escalators, and all guidance figures.  These forward-looking statements are subject to a number of risks and uncertainties. These risks and uncertainties include, but are not limited to, the following: our cash flows, results of operation or financial condition; the consummation of acquisition, disposition or financing transactions and the effect thereof on our business; governmental policies, regulatory actions and court decisions affecting the coal industry or our customers' coal usage; legal and administrative proceedings, settlements, investigations and claims; our ability to obtain and renew permits necessary for our existing and planned operation in a timely manner; environmental concerns related to coal mining and combustion and the cost and perceived benefits of alternative sources of energy; inherent risks of coal mining beyond our control, including weather and geologic conditions or catastrophic weather-related damage; our production capabilities; availability of transportation; our ability to timely obtain necessary supplies and equipment; market demand for coal, electricity and steel; competition, including competition from alternative sources such as natural gas; our relationships with, and other conditions affecting, our customers; employee workforce factors; our assumptions concerning economically recoverable coal reserve estimates; future economic or capital market conditions; our plans and objectives for future operations and expansion or consolidation; and the other risks detailed in our reports filed with the Securities and Exchange Commission (SEC). Management believes that these forward-looking statements are reasonable; however, you should not place undue reliance on such statements. These statements are based on current expectations and speak only as of the date of such statements. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of future events, new information or otherwise.

 

            


JAMES RIVER COAL COMPANY

AND SUBSIDIARIES

Consolidated Balance Sheets

(in thousands, except share data)




December 31, 2012


December 31, 2011

Assets





Current assets:









Cash and cash equivalents

$

127,386


199,711


Trade receivables



89,816


107,557


Inventories:









Coal





26,598


52,717



Materials and supplies


16,699


17,800




Total inventories


43,297


70,517


Prepaid royalties



8,623


8,465


Other current assets


9,127


11,461




Total current assets


278,249


397,711

Property, plant, and equipment, net


855,217


909,294

Goodwill 






-


26,492

Restricted cash and short term investments


36,558


29,510

Other assets





34,097


41,575




Total assets

$

1,204,121


1,404,582












Liabilities and Shareholders' Equity 





Current liabilities:








Accounts payable


$

72,861


110,557


Accrued salaries, wages, and employee benefits


10,996


12,996


Workers' compensation benefits


9,900


9,200


Black lung benefits



2,508


2,512


Accrued taxes




8,382


7,563


Other current liabilities


22,124


27,861




Total current liabilities


126,771


170,689

Long-term debt, less current maturities 


546,407


582,193

Other liabilities:








Noncurrent portion of workers' compensation benefits


66,953


60,721


Noncurrent portion of black lung benefits


62,834


56,152


Pension obligations



35,325


29,121


Asset retirement obligations


99,177


94,654


Other






12,027


14,390




Total other liabilities


276,316


255,038




Total liabilities


949,494


1,007,920

Commitments and contingencies 





Shareholders' equity:








Preferred stock, $1.00 par value.  Authorized 10,000,000 shares


-


-


Common stock, $.01 par value.  Authorized 100,000,000 shares; issued and outstanding






35,866,549 and 35,671,953 shares as of December 31, 2012 and December 31, 2011


359


357


Paid-in-capital




546,289


541,362


Accumulated deficit



(236,588)


(97,682)


Accumulated other comprehensive loss


(55,433)


(47,375)




Total shareholders' equity


254,627


396,662




     Total liabilities and shareholders' equity




$

1,204,121


1,404,582

 

 


 

JAMES RIVER COAL COMPANY

AND SUBSIDIARIES

Consolidated Statements of Operations

(in thousands, except share data)










Year Ended December 31, 









2012


2011


2010

Revenues












Coal sales revenue


$

1,018,433


1,105,370


698,949


Freight and handling revenue


81,176


72,285


2,167



Total revenue


1,099,609


1,177,655


701,116

Cost of sales:











Cost of coal sold



911,681


905,482


512,348


Freight and handling costs


81,176


72,285


2,167


Depreciation, depletion and amortization


131,779


108,914


64,368



Total cost of sales


1,124,636


1,086,681


578,883



Gross profit (loss)


(25,027)


90,974


122,233

Selling, general and administrative expenses


59,922


57,078


38,347

Goodwill impairment 



26,492


-


-

Acquisition costs 




-


8,504


-



Total operating income (loss)


(111,441)


25,392


83,886

Interest expense 




52,666


50,096


29,943

Interest income





(799)


(494)


(683)

(Gain) loss on debt transactions


(25,187)


740


-

Miscellaneous (income) expense, net


366


(812)


27



Total other expense, net


27,046


49,530


29,287



Income (loss) before income taxes


(138,487)


(24,138)


54,599

Income tax expense (benefit) 


419


14,951


(23,566)

Net income (loss)



$

(138,906)


(39,089)


78,165

Earnings (loss) per common share 








Basic earnings (loss) per common share

$

(3.99)


(1.19)


2.82


Diluted earnings (loss) per common share

$

(3.99)


(1.19)


2.82

 


JAMES RIVER COAL COMPANY

AND SUBSIDIARIES

Consolidated Statements of Cash Flows

(in thousands)













Year Ended December 31,












2012


2011


2010

Cash flows from operating activities:









Net income (loss)




$

(138,906)


(39,089)


78,165


Adjustments to reconcile net income (loss) to net cash provided by









operating activities












Depreciation, depletion, and amortization


131,779


108,914


64,368




Accretion of asset retirement obligations


5,279


4,477


3,334




Amortization of debt discount and issue costs


16,905


14,684


8,066




Stock-based compensation



5,219


5,283


5,400




Deferred income tax expense (benefit)


62


14,139


(22,236)




Loss (gain) on sale or disposal of property, plant, and equipment


992


(59)


307




Goodwill impairment



26,492


-


-




(Gain) loss on debt transactions



(25,187)


740


-




Changes in operating assets and liabilities:











Receivables



17,741


69,043


(16,681)





Inventories



27,401


(13,967)


(3,680)





Prepaid royalties and other current assets


2,176


(104)


(2,433)





Restricted cash and short term investments


(7,048)


(6,010)


38,542





Other assets



3,767


566


(2,060)





Accounts payable



(37,696)


(3,145)


10,828





Accrued salaries, wages, and employee benefits


(2,000)


892


762





Accrued taxes



529


(889)


(303)





Other current liabilities



(4,514)


7,497


1,066





Workers' compensation benefits


6,932


4,977


5,609





Black lung benefits



4,826


3,420


3,018





Pension obligations



(2)


(1,696)


(2,244)





Asset retirement obligations


(1,884)


(5,204)


(809)





Other liabilities



(415)


(697)


43






Net cash provided by operating activities


32,448


163,772


169,062

Cash flows from investing activities:









Additions to property, plant, and equipment


(81,556)


(138,455)


(95,426)


Payment for acquisition, net of cash acquired


-


(515,962)


-


Proceeds from sale of property, plant and equipment 


631


103


82






Net cash used in investing activities


(80,925)


(654,314)


(95,344)

Cash flows from financing activities:









Proceeds from issuance of long-term debt


-


505,000


-


Repayment of long-term debt



(23,848)


(150,000)


-


Net proceeds from issuance of common stock


-


170,545


-


Debt issuance costs





-


(15,668)


(1,346)


Proceeds from exercise of stock options



-


-


73






Net cash provided by (used in) financing activities


(23,848)


509,877


(1,273)






Increase (decrease) in cash and cash equivalents


(72,325)


19,335


72,445

Cash and cash equivalents at beginning of period


199,711


180,376


107,931

Cash and cash equivalents at end of period


$

127,386


199,711


180,376

 


JAMES RIVER COAL COMPANY
AND SUBSIDIARIES

Reconciliation of Non-GAAP Measures
(in thousands)
(unaudited)

In addition to the results prepared in accordance with generally accepted accounting principles in the United States (GAAP) provided throughout this press release, management has presented the following non-GAAP financial measures, which management uses to gauge operating performance: EBITDA, adjusted EBITDA, adjusted EBITDA plus acquisition costs, adjusted net income (loss) and adjusted net income (loss) per share.   These non-GAAP financial measures exclude various items detailed in the tables below "Reconciliation of EBITDA, Adjusted EBITDA and Adjusted EBITDA plus Acquisition Costs to Net Income (Loss)" and "Reconciliation of Adjusted Net Income (Loss) to Net Income (Loss)."

The definition of these non-GAAP measures may be changed periodically by management to adjust for significant items important to an understanding of operating trends.  These measures are not intended to replace financial performance measures determined in accordance with GAAP. Rather, they are presented as supplemental measures of the Company's performance that management believes are useful to securities analysts, investors and others in assessing the Company's performance over time.  Additionally, Adjusted EBITDA is used in several of the covenants in our revolving credit facility.  Moreover, these measures are not calculated identically by all companies and therefore may not be comparable to similarly titled measures used by other companies.  A reconciliation of each of these measures to its most directly comparable GAAP measure is provided in the tables below.

Reconciliation of EBITDA, Adjusted EBITDA and Adjusted EBITDA plus Acquisition Costs to Net Income (Loss)









Three Months Ended


Twelve Months Ended









December 31


December 31


December 31


December 31









2012


2011


2012


2011
















Net income (loss)



$

(76,932)


(28,542)


(138,906)


(39,089)

Income tax expense 




344


23,951


419


14,951

Interest expense 




12,554


13,423


52,666


50,096

Interest income





(197)


(138)


(799)


(494)

Depreciation, depletion, and amortization


33,627


33,435


131,779


108,914

EBITDA (before adjustments)

$

(30,604)


42,129


45,159


134,378

Other adjustments specified










in our current debt agreement:










Direct acquisition costs


-


-




8,504


Goodwill impairment


26,492


-


26,492


-


(Gain) loss on debt transactions


(2,956)


-


(25,187)


740


Other






2,098


2,026


8,204


8,200

Adjusted EBITDA



$

(4,970)


44,155


54,668


151,822

Write-up of IRP Inventory


-


-


-


2,749

Adjusted EBITDA plus acquisition costs

$

(4,970)


44,155


54,668


154,571

 

 

Reconciliation of Adjusted Net Income (Loss) to Net Income (Loss)




Three Months Ended


Twelve Months Ended




December 31,


December 31,


December 31,


December 31,




2012


2011


2012


2011

Net Income (loss)

$

(76,932)


(28,542)


(138,906)


(39,089)

Goodwill impairment


26,492


-


26,492


-

(Gain) loss on debt transactions


(2,956)


-


(25,187)


740

Items Related to IRP Acquisition










Acquisition costs


-


-


-


8,504


Amortization of contracts included in depreciation,










           depletion and amortization


(2,010)


2,418


(436)


5,935


Write-up to Fair Market Value of inventory at acquisition


-


-


-


2,749

Adjustment of prior year to include only current tax expense (1)


-


24,167


-


14,134

Adjusted net income (loss)

$

(55,406)


(1,957)


(138,037)


(7,027)











Net income (loss) per share


(2.21)


(0.82)


(3.99)


(1.19)

Adjusted net income (loss) per share

$

(1.59)


(0.06)


(3.96)


(0.21)











          (1)  This amount removes the impact of the valuation allowance recorded on the net deferred tax assets.

 

 

CONTACT:

James River Coal Company


Elizabeth M. Cook


Director of Investor Relations


(804) 780-3000

 

SOURCE James River Coal Company


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