Massey Energy Company, now the fourth largest coal producer in the United States, is accumulating coal reserves that will “prove to be more valuable than those of any other North American coal company,” CEO Don Blankenship told stockholders at the company’s annual shareholders meeting Tuesday. Said Blankenship: "We have nearly tripled our reserve base" and "our reserve share has increased from less than 7 percent, when this management team began to lead the company, to nearly 38 percent today."

Looking ahead, Blankenship said he expected the company's position to continue improving. "Massey is on track to be in control of more than two thirds of the remaining Central Appalachian coal reserves in just 10 years," he stated. The company owns or controls more than 2 billion tons of high quality coal reserves in Central Appalachia. Approximately 800 million tons of Massey's reserves are considered to be of metallurgical quality, which commands the highest prices.

"We are very excited about this year as we believe we are just beginning to realize the benefits of our strategy. As we roll out our expansion and increase production, the opportunities will only be getting better," Blankenship said, as quoted in a company press release.

Massey Energy and Blankenship seem to be embroiled in never-ending controversy, especially in West Virginia where much of the company’s coal production is located. The company is engaged in non-stop conflict with the United Mine Workers Union, and is often singled out for criticism by environmentalists and state regulators. In the latest controversy, Elliott E. Maynard, the chief justice of West Virginia’s Supreme Court lost a re-election bid on Tuesday after being dogged for months by a conflict-of-interest scandal stemming from photographs showing him on vacation and dining with Blankenship – even though Massey had cases pending before the court. Maynard finished third in a field of four candidates in the state’s Democratic primary, despite raising the most money, reports the New York Times.

However, there is no denying Massey’s profitability. Earnings of $41.9 million rose 28 percent in the first quarter of 2008 compared to the same quarter a year ago, largely on the strength of rising coal prices.