Xinergy Gains 5% After Opening Greenbrier Metallurgical Coal Reserves
Xinergy Ltd. (XRG.TO) is up 20 cents in late trade at $2.85 a share after saying it has started production on a portion of its Sewell seam mid-volatility metallurgical coal reserves located in Greenbrier County, West Virginia.
In keeping with prior guidance, the Company intends to initially surface mine between 10,000 to 20,000 tons per month. Shipments are anticipated to commence in early 2012, with production expected to increase to 50,000-60,000 tons monthly by late 2012. The Company estimates the project will add over 100 jobs to the region by the end of 2012.
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