Coal news and updates

Arch nets $89M amid ‘strong thermal coal markets’ in 3Q2021

Arch Resources closed out its most recent quarter with $89.1 million in net income with thermal coal segments showing a significant improvement over the previous quarter, the company announced Tuesday.

During the third quarter of 2021 (3Q2021), gross margins for Arch’s Legacy Thermal assets came in at $58 million, an increase of more than 40 percent over the previous quarter that will allow the coal giant to advance its long-term reclamation and retirement plans for operations in the Powder River Basin, according to an Oct. 26 quarterly earnings report.

“We continue to maintain tight capital discipline in our legacy thermal segment and to work to reduce our long-term closure obligations in a systemic and measured way,” said Arch CEO and President Paul Lang in a statement. “While we do that, we are simultaneously continuing to move aggressively to capture the still-significant value of these high-quality assets in an increasingly tight market environment.”

Sales volumes this past quarter across Arch’s thermal coal segments showed a 25 percent increase over the same period last year with the company effectively selling out its thermal mines for 2022 at “record-high pricing levels,” per the report.