Core Natural Resources completes merger of CONSOL Energy, Arch Resources
Mike Timko
Core Natural Resources Inc. announced Tuesday the completion of the merger between CONSOL Energy Inc. and Arch Resources after the merger received the support of more than 99% of the companies’ respective shareholders last week.
Core will be headquartered in Canonsburg and will start trading on the New York Stock Exchange under the ticker symbol CNR beginning Wednesday.
According to the merger agreement, Arch stockholders received 1.326 shares of Core for each issued and outstanding Arch share.
Former CONSOL chair and CEO Jimmy Brock will serve as executive chair of Core’s board, while former Arch CEO and board member Paul Lang will take the helm as Core’s CEO and a member of the Core board.
“Today marks a milestone in the proud histories of two great companies,” said Brock. “Through this transformational combination, we have created a global leader exceptionally well-positioned to compete and succeed in two significant, high-potential market segments – the global metallurgical and global high-rank thermal coal markets. Through these two core lines of business, the Core team expects to play an essential role in meeting the world’s growing steel, infrastructure, and energy requirements while driving long-term value for its many stakeholders, including stockholders, customers, employees, and the communities in which we live and work.”
As a result of the merger, reported in August as being valued at $5 billion, CONSOL and Arch will own 11 mines, including Bailey, Enlow Fork and Harvey mines. CONSOL says its mining complex in Washington and Greene counties is the largest underground mine complex in North America.
Both companies sold an aggregate of 101 million tons of coal in 2023 that was used in steelmaking, power generation and industrial uses.
In August, both companies said the merger would boost their access to global markets, due to ownership interest in two East Coast terminals and connections to ports on the West Coast and Gulf of Mexico.
Lang said the merger joins two proven leadership teams and best-in-sector operating platforms “to create a premier North American coal producer with worldwide reach and world-class mining and logistics capabilities.
“Since the merger’s announcement, the Arch and CONSOL teams have collaborated to lay the foundation for a swift, efficient, and value-creating integration, and we fully intend to hit the ground running in capturing the combination’s substantial synergies and realizing the full potential of the new enterprise,” said Lang. “At the same time, we will be building upon the central principles that have served as the bedrock of both Arch’s and CONSOL’s corporate cultures – a deep and unwavering commitment to safety; environmental and social stewardship; integrity; and operational excellence.”