James River Coal to ship coal at higher-than-expected price level
Shares of James River Coal Company (Nasdaq: JRCC) are treading higher today after the miner and seller of bituminous, steam and industrial-grade coal said it will ship coal in 2008 at a higher-than-anticipated price.
Specifically, the small cap said it will ship CAPP coal in 2008 at an average price of $54.76, above its previously agreed upon price of $47.14 in the third quarter. James River Coal said roughly 22% of expected 2008 CAPP shipments remain open to new pricing.
The company said in a press release that its 2008 guidance “reflects the recent strength in the coal markets.”
Neither company officials, nor analysts could be reached for comment.
Shares of James River Coal (JRCC) jumped 15.11%, or $0.81, to $6.17 at 12:52 p.m. ET. Shares of James River Coal have been trading in the range of $3.56 to $15.45 for the past 52 weeks.
