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Arch Resources, Inc. (NYSE: ARCH) announced that its subsidiaries won two Sentinels of Safety awards for mine safety and the Department of Interior's Good Neighbor Award for community engagement. The Leer mine achieved the Sentinels of Safety Award in the large underground category, operating over 2 million employee-hours without a lost time incident in 2019. The Black Thunder mine received the award in the small plant category. Additionally, the Leer South mine was honored with the Good Neighbor Award, marking its second consecutive win.
Arch Resources, Inc. (NYSE: ARCH) has appointed Rosemary L. Klein as senior vice president, general counsel, and corporate secretary, effective immediately. Klein, who joined Arch in 2015, succeeds Robert G. Jones as part of a succession plan. Klein's extensive legal and operational experience includes roles at multinational corporations such as Solutia Inc. and Spartech Corporation. CEO Paul A. Lang praised Klein for her leadership skills, asserting that she will enhance value in her new role. Jones will remain through a transition period, having had a pivotal role in Arch's growth.
Arch Resources, Inc. (NYSE: ARCH) will discuss its third quarter 2020 financial results in a live investor conference call on October 22, 2020, at 10:00 a.m. Eastern time. Participants can access the call by dialing 800-263-0877 or +1 646-828-8143 from overseas. The earnings release will be distributed via PR Newswire before the market opens on the same day. Arch Resources is recognized for its high-quality metallurgical products for the steel industry, operating efficient mines with a focus on safety and environmental stewardship.
Arch Resources (NYSE: ARCH) announced the termination of its proposed thermal asset joint venture with Peabody, following a U.S. District Court ruling blocking the transaction. Arch plans to pivot towards steel and metallurgical markets, intensifying efforts to explore strategic alternatives for its thermal assets, including divestiture. The company is focusing over 95% of its 2020 capital budget on its metallurgical portfolio. Arch maintains a strong financial foundation, having generated nearly $600 million in cash from its thermal segments since Q4 2016.
Arch Resources reported a net loss of $49.3 million, or $3.26 per diluted share, for Q2 2020, down from $62.8 million in Q2 2019. Adjusted EBITDA fell to -$10.7 million, compared to $105.6 million last year. Revenues dropped to $319.5 million from $570.2 million. The company plans to enhance liquidity through a $53.1 million bond offering and cost-cutting measures, reducing its capital budget by 33%. Despite challenges in the thermal coal market, Arch remains focused on its development of the Leer South mine, aiming to bolster future cash flows.
Arch Resources issued $53.1 million in bonds through the West Virginia Economic Development Authority, with mandatory purchase on July 1, 2025. Proceeds will support the construction of the Leer South mine, expected to begin longwall production in Q3 2021. The offering was oversubscribed 10 times, achieving a 5.00% interest rate. Total development costs for the mine are projected between $360 million and $390 million, creating over 500 permanent jobs. Arch has secured $107 million in financing for the project, expected to produce 4 million tons of coking coal annually.