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Massey Energy Signs Agreement With Essar Mineral Resources

Wednesday, November 28th, 2007

Massey Energy Company announce that it has entered into an agreement with Essar Mineral Resources Ltd., a member of Essar Group of India, to jointly evaluate and develop select business opportunities on a project-by-project basis. The initial focus of the new partnership will be the development of coal reserves, coke ovens and a coal preparation plant to support an electric power plant to be constructed in India by Essar.
In the non-binding memorandum of understanding signed by both companies, Massey and Essar also agreed to evaluate selected mining projects in India and to evaluate the development of coke oven projects in India and elsewhere. The strategic partnership is not limited to India or to coal, and the companies agreed to establish a joint venture to pursue any future projects selected for development.
The Essar Group has diverse assets in the manufacturing and service sectors, including steel, energy, power, communications and construction. Among its recent global acquisitions are Minnesota Steel, where it is moving forward with plans for a $1.6 billion steel mill, as well as Ontario-based Algoma Steel.
“The potential for synergies between the two companies is readily apparent,” said Don L. Blankenship, Massey’s Chairman and CEO. “Essar is looking to dramatically increase its steel production and energy generation in the coming years. Massey has some of the best metallurgical and steam coal reserves in North America and the expertise to develop modern, cost effective coal mining and processing operations overseas to fuel the expansion. We have been developing a relationship with Essar for some time and are optimistic about the potential to work and grow profitably together.”
The agreement provides opportunity for Massey to significantly expand its global reach and provides an established partner in India, where demand for coal and steel has grown dramatically.
“Our companies have the technical expertise and marketplace knowledge that will allow us to expand and leverage mutual opportunities in India and around the world,” said J. Mehra, CEO & Director of Essar Steel Holdings Limited. “Essar Minerals looks forward to a successful and long-term partnership with Massey Energy.”

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