West Virginia Mine Explosion Brings Massey Energy Shares’ Down
(Montcoal, WV) – There was a reported coal mine explosion in Montcoal West Virginia which happened Monday. Apparently, the said mine was owned by Massey Energy, the largest producer of Central Appalachian coal, which is based in Richmond, Virginia.
Accordingly, the West Virginia coal mine was their Upper Big Branch Mine. Reports said that 24 miners were already confirmed death due to the explosion. Search and rescue operations for the remaining trapped miners were suspended early Tuesday morning due to the presence of high methane gas in the coal mine.
Authorities said that the West Virginia mine explosion which occured about 3 p.m. Monday had disabled communication lines, including wireless systems, inside the coal mine.
The true cause of the mine explosion is still under further investigation by the federal government although initial findings point to Massey’s unsafe mining operations including venting of combustible methane gas.
It has been reported that Massey Energy already have several violations just last month of March which includes cracking and collapsing of mine walls, ventilation problems, and drill dust among others.
Here is a video of West Virginia Governor Joe Manchin mentioning that the mine explosion “was a really horrific blast”.
Shares of Massey Energy went down as much as 11% on stock market trading on Tuesday due to expectations of lost coal production and tighter federal regulations because of its Montcoal West Virginia mine explosion.