Princess Beverly Coal Company to Close Mine.Business Editors ASHLAND, Ky.--(BUSINESS WIRE)--June 23, 2003 Princess Beverly Coal Company, a subsidiary of Horizon Natural Resources (Nasdaq: HZONQ.pk), today announced that the Princess Beverly mine located in Kanawha and Raleigh Counties, West Virginia West Virginia, E central state of the United States. It is bordered by Pennsylvania and Maryland (N), Virginia (E and S), and Kentucky and, across the Ohio R., Ohio (W). Facts and Figures Area, 24,181 sq mi (62,629 sq km). Pop. , will close by the end of August 2003, because reserves remaining at the site are very limited. Slightly over 80 employees work at the Princess Beverly mine. Residual work on equipment removal and reclamation Reclamation A claim for the right to return or the right to demand the return of a security that has been previously accepted as a result of bad delivery or other irregularities in the delivery and settlement process. will continue for a few employees as the company reclaims the property. Layoffs will begin August 21, 2003. Notice was given today in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with the Worker Adjustment and Retraining Notification Act The Worker Adjustment and Retraining Notification Act (WARN Act) is a United States law protecting employees, their families, and communities by requiring most employers with 100 or more employees to provide sixty- (60) calendar-day advance notification of plant closings and mass of 1988. "Closing a mine is always difficult, because the decision affects our employees, their families and the surrounding communities," said Horizon's acting chief executive officer and chief restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). officer, Scott M. Tepper. "The Princess Beverly mine has been a fine operation, but limited coal reserves make it economically unfeasible to continue operations there." Tepper also noted, "Affected employees will receive benefits as outlined by our contracts, including medical coverage, educational assistance and re-training for additional employment. We will be working with the State of West Virginia regarding outplacement out·place·ment n. The process of facilitating a terminated employee's search for a new job by provision of professional services, such as counseling, paid for by the former employer. assistance for affected employees." The Princess Beverly mine produced 1.5 million tons of coal in 2001 and 0.7 million tons of coal in 2002. Through May of 2003, the mine produced 0.6 million tons of coal. About Horizon Natural Resources: Horizon Natural Resources Company (formerly known as AEI AEI American Enterprise Institute AEI Archive of European Integration AEI Australian Education International AEI Automotive Engineering International AEI Australian Education Index AEI Albert Einstein Institute Resources Holding, Inc.) conducts mining operations in five states with about 35 underground mines: -- Central Appalachian operations include all of the company's mining operations in southern West Virginia Southern West Virginia is a culturally and geographically distinct region in the U.S. state of West Virginia. Generally considered the heart of Appalachia, Southern West Virginia is known for its coal mining heritage and Southern affinity. and Kentucky, currently totaling 30 surface and underground mines. -- Western operations include mining in Colorado, Illinois and Indiana, currently totaling five surface and underground mines. Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. : In this release and other public disclosures, Horizon Natural Resources makes forward-looking statements from time-to-time regarding, among other things, the company's future operations, plans, expectations, intentions, estimates, and results. These forward-looking statements are subject to risks and uncertainties, many of which are outside the company's control. These risks and uncertainties include, but are not limited to, the volatility of the energy market, weather-related factors affecting the production, transportation or consumption of coal, competition, operating hazards, uninsured risks, changes in federal or state laws related to energy, mining and the environment, labor issues, and uncertainties affecting performance by suppliers and other vendors. We undertake no obligation to update any forward-looking statements to reflect events after the date of this release or to reflect the occurrence of unanticipated events. |
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