Tuesday, coal producer Massey Energy Co. (MEE) said it signed a memorandum of understanding with India-based steel and power producer Jindal Steel & Power Limited for the development and operation of underground coal mining projects.
According to the MOU, both companies would work together and bid for the development and operation of underground coal mining projects, with the major focus on, but not limited to, potential projects in India, Mongolia, Australia, and the United States.
Under the terms of the agreement, Jindal will identify various underground coal mining projects in India and other countries and obtain necessary licenses, permits, and approvals from the respective government authorities. Massey will provide technical mining expertise and will be responsible for the development of detailed underground mine project plans. Massey will also provide the technical manpower and project management to ensure continuity and successful project implementation.
Don Blankenship, chief executive officer of Massey said, "We believe there is great potential for synergies between Massey and JSPL. We expect that by combining our technical expertise in underground mining with JSPL's broad portfolio of international assets and businesses we will be able to establish profitable joint ventures that will both extend Massey's coal producing opportunities and provide lower cost, more stable energy supply for Jindal's planned global expansion."
Anand Goel, joint managing director of Jindal said, "We are very pleased to formalize the terms of our cooperation with Massey Energy Company. We are looking forward to extending our relationship beyond this MOU as appropriate joint venture opportunities are identified."
MEE closed Tuesday's regular trading at $48.35, up $0.05 or 0.10%, on a volume of 4.30 million shares on the New York Stock Exchange.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.