Consol Eyes Getting out of Coal Mine Business

A Pennsylvania company that operates coal mines in the southwest corner of the state is considering getting out of the coal business in order to focus on its natural gas  initiatives.

consol-energyConsol Energy said it may sell its coal mines as early as this year or spin them off into a entity separate from Consol.

Consol Chief Financial Officer David Khani told investors that the company lost more than $320 million loss during the fourth quarter, much of it due to declining coal business.

Among the Consol holdings in Pennsylvania are the Bailey, Enlow Fork and Harvey mines.

Consol is the largest shipper using the former Monongahela Railway, which hosts trains of CSX, Norfolk Southern and the Buffalo & Pittsburgh.

With an annual production capacity of more than 11 million tons of coal, the Bailey mine is said to be the highest capacity train loadout facility in the East with the capability of handling multiple unit trains simultaneously.

Consol is based in Cecil township near Pittsburgh.

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