Company crediting Trump for its strong prospects
Now a revamped version of the coal mining company is planning to go public on the New York Stock Exchange. And it’s giving a lot of credit to President Donald Trump for what it sees as its strong prospects.
Contura Energy, which acquired Alpha’s core assets in bankruptcy, said it plans to raise as much as $162 million in an initial public offering as soon as next week.
The White House plays a starring role in Contura’s IPO paperwork.
“Trump” is mentioned 13 times in the filing, while “current administration” is cited another five times. Most of the mentions highlight Trump’s deregulation efforts.
“The coal industry is expected to benefit from a reduced regulatory burden via recent and ongoing legislative and administrative action,” Contura wrote in the prospectus.
Contura highlighted Trump’s repeal of the Stream Protection Rule, an Obama-era environmental regulation that the company said would have made 60% of existing coal reserves “uneconomic to produce.”
Trump has also moved to undo Obama’s Clean Power Plan, which would have encouraged utilities to move away from coal because of its high carbon emissions. Killing this environmental program “should ease the pressure on coal-fired utilities to retire units prematurely,” Contura said.
The company also reminded Wall Street that Trump announced on June 1 that the United States will withdraw from the Paris climate accord.
Contura is poised to become the third American coal mining firm to go public this year, joining Ramaco Resources and Warrior Met Coal,…