Cleveland-Cliffs Completes Longwall Move at Pinnacle Mine, Updates 2007 Met Coal Production Forecast
Thursday, October 25th, 2007
Cleveland-Cliffs Inc announce it has resumed normal production at its Pinnacle Mine in Pineville, W. Va., after completing the move of its longwall plow system. Production at Pinnacle slowed in August as a result of sandstone intrusions encountered within the coal panel being mined at the time. This slowdown prompted the decision last month to move the mine’s longwall plow system to another panel.
As a result of completing the longwall move, Cliffs updated its total metallurgical coal production forecast for all three of its U.S. metallurgical coal minesâ€”Pinnacle, Green Ridge and Oak Groveâ€”to 1.1 million tons for the last five months of 2007, compared with a previous forecast of 2 million tons. Cleveland-Cliffs assumed ownership of Pinnacle and the other mines upon closing its acquisition of PinnOak Resources, LLC, on July 31, 2007.
The Company will provide a more detailed discussion of any impact when it reports third-quarter and nine-month financial results on Thursday, November 1, 2007, and holds its quarterly conference call with securities analysts and institutional investors the following day.