Stockholders for both Arch Resources Inc. and CONSOL Energy Inc. have voted to approve all proposals related to the companies’ pending merger, which will form a single coal producer based in Pennsylvania that’s valued at more than $5 billion.
Approval by both companies’ stockholders is one of the conditions to the closing of the pending merger. Following completion of the merger — which is expected on Jan. 14, subject to the satisfaction or waiver of the remaining customary closing conditions — the combined company will be renamed Cole Natural Resources Inc.
The new company will be based in Canonsburg, Pa., just southwest of Pittsburgh, which is the current headquarters of Consol Energy. Arch is based in St. Louis.
Core Natural Resources will be a diversified coal producer serving global steel, industrial, and power generation customers, and will produce and export low-cost coals.
“We are excited to bring our companies together to create a new industry leader that is ideally positioned to meet the rising demand for critical resources and energy around the world,” CONSOL Chairman and CEO Jimmy Brock said in August 2024 when the companies entered into a merger agreement.
“Our assets are highly complementary, resulting in increased diversification across coal types, end uses, and geographies,” added Brock.
With mining operations and terminal facilities across six states, the combined company will own 11 mines, including one of the largest thermal coal mining complexes in North America, as well as one of the largest metallurgical coal mine portfolios in the United States.
In addition, Core Natural Resources will have access to global markets via ownership interests in two export terminals on the U.S. Eastern seaboard, along with strategic connectivity to ports on the West Coast and Gulf of Mexico.
Arch and CONSOL said Jan. 9 in a statement that they will both file the final certified voting results for their respective special meetings on a Form 8-K with the U.S. Securities and Exchange Commission.
Common stock for Core Natural Resources is expected to trade on the New York Stock Exchange under the ticker symbol “CNR” beginning at the open of trading on Jan. 15.