Anglo American shrinks trading unit as part of major restructuring
The miner also announced internally that it will no longer enter into long-term deals to buy commodities that it doesn’t already produce.
Alpha Natural Resources (NYSE:ANR), the U.S. second largest coal producer, has announced its president Paul Vining is leaving the company to become chief executive officer of another coal-related miner.
Vining’s resignation will be effective Jan. 31. He’ll become CEO of an affiliate of Cline Group, focused on the acquisition and operation of coal mines outside of the U.S.
“Paul has been an asset and leader for a number of coal companies throughout his career and the same was true at Alpha,” Kevin Crutchfield, Alpha’s Chairman and CEO, said in a statement. “We are grateful for Paul’s three and-a-half years of service and wish him success in his new international venture.”
The Bristol, Virginia-based coal producer says chief commercial officer Brian Sullivan and mining operations executive Keith Hainer will take on expanded responsibilities after Vining leaves. They’ll report directly to CEO Kevin Crutchfield.
The mining firm has 60 affiliated coal operations throughout Virginia, West Virginia, Pennsylvania, Kentucky, and Wyoming.
Last year, the company laid off over around 1,100 workers and mothballed 11 mines, as diving coal prices hit its coffers hard.
