messages.finance.yahoo.com/...mid=15364&tof=2&rt=2&frt=2&off=1
news on quest! 36 minutes ago I had the chance to speak with Quest Minerals & Mining Corporation (OTCBB: QMNM) CEO Eugene Chiaramonte, Jr. last week and the conversation was quite productive. Mr. Chiaramonte was able to shine some light on what has been transpiring at the company's Eastern Kentucky coal mines as well as with its ongoing bankruptcy proceedings. Here's a look at some of the highlights from our conversation:
1. Pond Creek Mine:
Production was halted on Wednesday 8/20 due to a belt problem and is expected to commence early this week;
Quest has been producing and shipping coal to fulfill its $8M contract with Logan & Kanawa for over two months;
The mine currently employs two mining shifts and a maintenance shift. The second mining shift is a half shift, for now;
The company will likely update investors with Pond Creek sales data within the next 2-4 weeks;
Because the mine required such intensive rehab and invasive drilling (i.e, ripping out the pre-existing roof), Quest's equipment took a serious beating in the process of achieving full production status. In order to ensure future efficiencies, Quest has been re-building and replacing worn down equipment. This process is believed to be just about over with;
2. Gwenco Bankruptcy Proceedings:
Quest plans on presenting its re-organization plan to the bankruptcy judge this Friday (9/5) and expects to receive a "yes or no" reply within about a week;
Management has prepared the plan using "low-ball" figures in effort not to handicap itself going forward;
3. Cedar Grove Mine:
Initial rehabilitation has commenced at the mine. This includes light excavation of paths and access roads leading up to the property. Eugene noted that a bulldozer was currently on-site and being used to clear the face of the mine as well as provide easier access to the property.
Eugene also noted that Quest is already in early-stage negotiations for future sale of the coal housed in Cedar Grove and is pleased with the direction in which talks are progressing.
4. The Potential Mountain Ridge Acquisition:
At this point it does not look like management will pursue the deal. According to my conversation with Quest's CEO, due diligence was conducted on behalf of the company and the deals was not seen as being beneficial.
I hope this helps paint a better picture of what is going on with Quest, currently. Feel free to post any questions that you might have on the blog and I'll be happy to reply.
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