Blackhawk loaded train departs Kanawha Eagle loadout. Blackhawk Mining LLC Platts Coal Marketing Days
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1 Blackhawk loaded train departs Kanawha Eagle loadout Blackhawk Mining LLC Platts Coal Marketing Days
2 2 Disclaimer Certain statements in this presentation are forward looking and based on estimates and assumptions that are inherently subject to significant business, economic, and competitive uncertainties and contingencies. These uncertainties and contingencies could cause actual results to differ materially from those expressed in any forward-looking statements made by, or on behalf of, the Company. Whether or not actual results differ materially from forward-looking statements may depend on numerous foreseeable and unforeseeable developments that are out of the Company s control.
3 Blackhawk Overview 3
4 Blackhawk Mining Overview Location: 9 active mining complexes in West Virginia, Kentucky Active Operations: 24 active underground and surface mines ~2,900 employees Coal Sales: 2017E 14.0 million tons 8.2 million high-volatile metallurgical / PCI 5.8 million - thermal Blackhawk Headquarters Lexington, KY Baltimore Newport News Norfolk Reserves: Control 1.45 billion tons of proven and probable reserves Own 440 million tons of proven and probable reserves Corporate Objective: Be the safest, most productive, coal producer in the US with a constant focus on our responsibility as stewards of the environment Production Profile: Blackhawk s product mix is diversified, but its foundation is based on HV met coal; Blackhawk has the largest HV met reserves and is the largest producer of HV met coal in the US Operations WV Rockwell Hampden Speed Kanawha Eagle Paint Creek Blue Creek KY Spurlock Pine Branch Blue Diamond Met Complex Thermal Complex 4
5 5 Blackhawk History Founded by Mitch Potter May Acquired Pine Branch - low cost surface CAPP thermal operation October Acquired Arch-Hazard low cost CAPP surface thermal operation March Purchased the core of Patriot s met coal business, including Rocklick, Wells, Panther, Kanawha Eagle and Winchester October July Acquired Spurlock - large specialty (PCI and stoker) coal reserve base Production (mm tons) Production Growth August Met Purchased select mining assets from James River, including Hampden HVA, Blue Diamond PCI and Logan & Kanawha Met Thermal
6 6 Competitive Position (Millions of Tons) 2017E Met Coal Production (Millions of Tons) Metallurgical Coal Reserves Blackhawk Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer Blackhawk Arch Peer 1 Alpha Peer 3 Ramaco Peer 7 Coronado Peer 2 Contura Peer 4 VCLF Peer 5 Peer Corsa6 High-Vol Mid-Vol Low-Vol PCI High-Vol Mid Vol Low Vol PCI Note: Production figures for Peer 2 and Peer 5 are proxy production figures based on 2016 production. Source: Company filings and Jefferies estimates
7 7 Largest U.S. Met Coal Producer Blackhawk has executed a strategic initiative to expand its metallurgical coal portfolio and will be the largest U.S. producer of met coal in 2017 Blackhawk projects to sell 14.0mm tons in 2017, including 6.9mm tons of high vol met coal and 1.3mm tons of PCI 2015A Blackhawk Sales by Product 11.3mm tons 2017E Blackhawk Sales by Product 14.0mm tons Met 11% PCI 12% CAPP Thermal 57% Stoker 4% ILB Thermal 16% CAPP Thermal 39% Met Met 49% Stoker 3% PCI 9%
8 8 Logistics Platform Blackhawk has the ability to transport coal via CSX or NS railroads, barge, and truck Over 75% of our met production has access to both the CSX and NS railroads providing competitive access to domestic steelmakers and east coast ports for exports Transportation diversity expands customer base, optimizes delivery cost and margins, and allows customer specific blending This diversity also provides significant negotiating leverage with transportation providers 2016 Sales by Transportation Method (1) Logistics Access by Complex Complex CSX NS Barge Truck 10% 6% Speed CSX Rail Kanawha Eagle x 16% NS Rail Paint Creek 68% Barge Rockwell Truck Hampden Blue Creek x Pine Branch Spurlock Blue Diamond (1) Breakdown only includes domestic customers.
9 Metallurgical Coal Marketing 9 Blackhawk markets its coals through a two-pronged approach Direct ship marketing through internal sales force with longstanding relationships One of only two qualified longterm U.S. suppliers to Steel Authority of India Ltd. Largest supplier of HV met in Brazil Partnership with Xcoal for metallurgical exports Xcoal is the largest exporter of metallurgical coals out of the US, with extensive global relationships Exports HV met coal to Japan, Korea, Western Europe Domestic BHM Brand Sales Distribution Channels International 2017 Met Sales By Destination Domestic Domestic 31% 35% International International 69% 69% [VALUE] Customers Direct Customers Xcoal Customers
10 Coal Market Update 10
11 11 Seaborne Met Market Where have we been Global met coal prices have increased substantially since the first half of 2016 Mid-2016 price spike brought on by contraction of supply Prices began easing at the end of 2016 as China reversed coal supply restrictions and supply began increasing in other regions Cyclone Debbie caused another price spike in Q2-2017, but prices quickly retreated More recently prices have firmed driven by: Increased Chinese demand Increased global demand ex-china driven by strong global GDP and steel production Hard Coking Coal Historical Pricing ($/tonne) $350 $300 $250 $200 $150 $100 $50 $0 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 US HVA US HVB HCC Benchmark U.S. Metallurgical Coal Exports (million tonnes) Continuing production issues in Australia and the U.S E Source: Platts, DTC, Energy Information Administration, Energy Ventures Analysis, Xcoal
12 U.S. Supply Trends 2017 U.S. met coal production will likely be 10.0m to 12.0m tons higher than 2016 based on H production data A majority of this increase is from existing mines that were hot idled or running at less than capacity Mines that were cold idled will be very difficult and expensive to reopen as most were stripped of equipment and allowed to flood Rate of growth slowed in Q as the low hanging fruit was harvested early Some existing mines may have a small amount of incremental capacity available, but most mines are already operating at 100% of capacity to achieve the lowest unit costs The ability of U.S. miners to further increase the production of met coal is limited by several key factors Skilled underground labor and mining equipment is in short supply Lengthy process to obtain new mining permits Lack of long term agreements with a fixed pricing structure limits large capital investment and greenfield mine developments Furthermore, Wall Street now seems more focused on margins and free cash flow than on volume and EBITDA 14
13 14 Global Market Trends Demise of HCC Benchmark system will likely lead to increased price volatility as short term changes in supply or demand will immediately price into the market International customers of U.S. met coal continue to favor index based purchases, but are beginning to tire of price uncertainty Many buyers seem to be returning to spot purchases After several years of pushing down quality to reduce raw material costs, international buyers seem to be refocusing on higher rank HVA coals which has widened the spread between HVA and HVB prices Continued stability of A$ exchange rate should be positive for prices and U.S. exporters Consolidation in European market will create winners and losers Growing market demand should be able to absorb increased supply, but what will China do
14 14 Domestic Market Trends Domestic coke and steel producers are benefiting from improved market fundamentals driven by U.S. economic growth and steel import restrictions U.S. met coal buyers sensed the well balanced market and concluded 2018 purchases earlier than usual Domestic coke makers seem to be more willing than in the past to change blends and explore lower quality coals to reduce costs U.S. coal producers seemed to fall into one of three camps Those who didn t care what the market was and left money on the table Those who didn t care what the market was and were willing to bet the house on continued strong export markets Those who were willing to take a reasonable discount to current global indexes and maintain a diversified portfolio
15 17 Questions? Thanks for your time!
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