What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2023-02-23 compared with 2022-03-07 · 121 added, 101 removed, 726 unchanged (23% of the section changed)

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With customers across the globe, high-quality reserves and significant port capacity, we reliably supply metallurgical coal products to the steel industry.

We operate highly productive, cost-competitive coal mines across the Central Appalachia (“CAPP”) coal basin.

Our portfolio of mining operations consists of 13 underground mines, seven surface mines and eight coal preparation plants.

We operate highly productive, cost-competitive coal mines across the CAPP coal basin.

Our portfolio of mining operations consists of 15 underground mines, nine surface mines and eight coal preparation plants.

We own a 65.0% interest in Dominion Terminal Associates (“DTA”), a coal export terminal in Newport News, Virginia.

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We are continuously evaluating opportunities to strategically cultivate current relationships to drive new business in our target growth markets.

Additionally, the trade tensions between China and Australia have not yet been resolved and China’s ban on Australian coal remains in place, creating opportunities for other producers to fulfill China’s need for high quality metallurgical coal.

Although there is little certainty about when circumstances may change between China and Australia, we have been pleased to expand our customer base in 2021 and hope to continue cultivating relationships that could develop into long-term contracts.

We are also strategically expanding our marketing efforts to grow Alpha’s metallurgical sales opportunities throughout other parts of Asia.

In addition, our experienced management team regularly analyzes potential acquisitions, joint ventures and other opportunities that would be accretive and synergistic to our existing asset portfolio.

During 2020, our Kepler, Marfork, and Aracoma mining complexes began production at newly developed mines Road Fork 52, Black Eagle, and Lynn Branch.

Production at these mines increased in 2021.

Road Fork 52 and Lynn Branch produce Low-Vol.

and High-Vol.

B met coal, respectively, while the Black Eagle mine produces High-Vol A met coal.

Other Business Developments

During the fourth quarter of 2022, in an effort to secure in-demand supplies and services, our subsidiary Maxxim Rebuild Co., LLC (“Maxxim”) purchased substantially all the assets of Industrial Plating and Machine, Inc.

(“IPM”), which manufactures essential mining equipment components, including gear cases.

Refer to Note 2 for additional information.

In addition, in January 2023, Maxxim completed a series of transactions to acquire a number of coal trucks and related equipment and facilities.

We were formed in 2016 to acquire and operate certain of Alpha Natural Resources, Inc.’s former core coal operations, as part of the Alpha Natural Resources, Inc.

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Refer to Note 15 to the Consolidated Financial Statements for further information on our acquisition-related obligations.

On December 8, 2017, we closed a transaction with Blackjewel L.L.C.

(“Blackjewel”) to sell our Eagle Butte and Belle Ayr mines (the “Western Mines”) located in the Powder River Basin (“PRB”), Wyoming, along with related coal reserves, equipment, infrastructure and other real properties.

On October 4, 2019, we closed on a transaction with Eagle Specialty

Materials (“ESM”), the ESM Transaction, in connection with Blackjewel’s subsequent bankruptcy filing.

On May 29, 2020, certain of our subsidiaries (Contura Coal West, LLC and Contura Wyoming Land, LLC), one of which held the mining permits for the Western Mines, were merged with certain subsidiaries of ESM to become wholly-owned subsidiaries of ESM and to complete the permit transfer process in connection with the ESM Transaction.

On December 8, 2017, we closed a transaction with Blackjewel to sell our Western Mines located in the Powder River Basin (“PRB”), Wyoming, along with related coal reserves, equipment, infrastructure and other real properties.

On October 4, 2019, we closed on the ESM Transaction in connection with Blackjewel’s subsequent bankruptcy filing.

On May 29, 2020, certain of our subsidiaries (Contura Coal West, LLC and Contura Wyoming Land, LLC), one of which held the mining permits

for the Western Mines, were merged with certain subsidiaries of ESM to become wholly-owned subsidiaries of ESM and to complete the permit transfer process in connection with the ESM Transaction.

On November 9, 2018, we merged with Alpha Natural Resources Holdings, Inc.

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Upon the consummation of the transactions contemplated by a definitive merger agreement (the “Merger Agreement”), our common stock began trading on the New York Stock Exchange under the ticker “CTRA.” Previously, our shares traded on the OTC market under the ticker “CNTE.”

On December 10, 2020, we closed on a transaction with Iron Senergy Holdings, LLC, to sell our thermal coal mining operations located in Pennsylvania consisting primarily of our Cumberland mining complex and related property (our former Northern Appalachia (“NAPP”) operations).

This transaction accelerated our strategic exit from thermal coal production to shift our focus to met coal production.

The former NAPP operations’ results of operations and financial position are reported as discontinued operations in the Consolidated Financial Statements.

Our former NAPP operations results of operations and financial position are reported as discontinued operations in the Consolidated Financial Statements for the year ended December 31, 2020.

Refer to Note 3 to the Consolidated Financial Statements for further information on discontinued operations.

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Our Mining Operations and Properties

The following table provides a summary of information regarding our material and active mining complexes as of December 31, 2021 (see also “Item 2.

The following table provides a summary of information regarding our active mining complexes as of December 31, 2022 (see also “Item 2.

Properties” for further information):

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McClure/Toms Creek VA 2016 6 CM/S/H CSX/NS 3,703 4,033 3,706 $ 82,481 72,094

Power Mountain WV 2016 1 CM NS 832 837 803 $ 19,569 —

Mammoth WV 2018 1 CM NS 843 1,238 1,490 $ 14,585 —

(1) Number of active mines as of December 31, 2022.

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Properties for further information.

Feasibility/Pre-feasibility studies are not considered cost beneficial for Power Mountain and Mammoth complexes.

Aracoma – Aracoma is a mining complex located in Logan, Mingo, and Boone counties, West Virginia.

The complex has three active underground mines which produce primarily High-Vol.

The complex has four active underground mines which produce primarily High-Vol.

B quality met coal from the Upper Chilton, Upper Cedar Grove, and No.

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quality met coal from the Douglas coal seam.

The complex also has three active surface mines which produced High-Vol.

The complex also has four active surface mines which produced High-Vol.

A quality met coal as well as some thermal quality coal as a by-product of mining from multiple coal seams.

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Coal from the underground mine is processed at the Kingston Preparation Plant and trucked to the Pax Loadout to be loaded onto CSX rail for delivery to customers.

Coal from the

surface mines may be processed through the Kingston Preparation Plant, trucked to and processed through the Mammoth or Marfork Preparation Plants, or trucked directly to the Pax Loadout or Marmet Dock for delivery to customers.

Coal from the surface mines may be processed through the Kingston Preparation Plant, trucked to and processed through the Mammoth Plant, or trucked directly to the Pax Loadout or Marmet Dock for delivery to customers.

Marfork – Marfork is a mining complex located in Raleigh, Boone, Kanawha, and Fayette counties, West Virginia.

The complex has three active underground mines which produce High-Vol.

A quality met coal from the Eagle coal seam.

A quality met coal from the Eagle coal seam and one active underground mine that produces mid-vol quality met coal from the Glen Alum Tunnel seam.

The complex also has two active surface mines which produce High-Vol.

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quality met coal from the Upper Banner, Lower Banner, and Jawbone coal seams.

The complex also has two active surface mines which produce High-Vol.

A and Mid-Vol quality met coal as well as some thermal quality coal as a by-product of mining from multiple coal seams.

The complex also has three active surface mines which produce primarily High-Vol.

A quality met coal as well as some thermal quality coal as a by-product of mining from multiple coal seams.

Mine lives range from 1 to 36 years.

Coal is processed at either the McClure Preparation Plant or the Toms Creek Preparation Plant and loaded on the CSX or NS rail, respectively for delivery to customers.

Power Mountain – Power Mountain is a mining complex located in Nicholas County, West Virginia.

The complex has one active underground mine (with an estimated life of 3 years) which produces High-Vol.

B quality met coal from the Eagle coal seam.

In November 2022, we acquired additional property rights and coal resources and plan to develop a second underground mine which will produce High-Vol.

B quality met coal from the Powellton seam with production expected to commence in 2023.

Coal is processed at the Power Mountain Preparation Plant and loaded onto NS rail for delivery to customers.

Mammoth – Mammoth is a mining complex located in Kanawha and Fayette counties, West Virginia.

The complex has one active underground mine that produces thermal quality coal from the Stockton coal seam and is expected to mine out in 2023.

Coal is processed at the Mammoth Preparation Plant and loaded onto NS rail for delivery to customers.

Our plant and equipment, including underground and surface equipment, are of varying age, in good operational condition, and are regularly maintained and serviced by a dedicated maintenance workforce and third-party suppliers, including scheduled preventive maintenance.

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Toms Creek 1980/2004 1,100 37% American Electric Power

Power Mountain 1985/2010 1,200 30% American Electric Power

Mammoth 1950/2008 1,200 26% American Electric Power

The following is a summary of information regarding our active loadouts and docks as of December 31, 2022 :

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The cut is typically a rectangular, horizontal opening in the highwall (the unexcavated face of exposed overburden and coal in a surface mine) 9-feet or 11-feet wide and reaching depths of up to 1,000 feet.

Multiple parallel openings are driven into the highwall, separated by narrow pillars that extend the full depth of the hole.

Multiple parallel openings are driven into the highwall,

separated by narrow pillars that extend the full depth of the hole.

All of the coal mined at our highwall mining operations is processed in preparation plants to remove rock and impurities before it becomes saleable clean coal.

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Our marketing efforts are centered on meeting customer needs and requirements.

By offering coal of various grades, we are able to provide the

specific qualities relevant to our customers and to serve a global customer base.

By offering coal of various grades, we are able to provide the specific qualities relevant to our customers and to serve a global customer base.

Through this global platform, our coals are shipped to customers on five continents.

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Asia was our largest export market for the year ended December 31, 2022, with coal sales to Asia accounting for approximately 53% of export coal revenues and 43% of coal revenues.

For the year ended December 31, 2021, coal sales to Europe accounted for approximately 23% of export coal revenues and 17% of coal revenues.

Europe was our largest export market for the year ended December 31, 2020, with coal sales to Europe accounting for approximately 34% of export coal revenues and 22% of coal revenues.

For the year ended December 31, 2020, coal sales to Asia accounted for approximately 28% of export coal revenues and 18% of coal revenues.

Asia was also our largest export market for the year ended December 31, 2021, with coal sales to Asia accounting for approximately 49% of export coal revenues and 37% of coal revenues.

All of our sales are conducted in U.S.

Refer to Note 23 to the Consolidated Financial Statements for additional export coal revenue information.

Met coal accounted for approximately 95% and 92% of our coal revenues for the years ended December 31, 2022 and 2021, respectively.

Our met coal sales are typically made with customers with whom we have a long-term relationship.

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Volume for future years is generally contingent on both parties agreeing to a pricing mechanism to cover the contract year.

Thermal coal accounted for approximately 5% and 8% of our coal revenues for the years ended December 31, 2022 and 2021, respectively.

We often enter into long-term contracts with our thermal coal customers.

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For our export sales, we negotiate transportation agreements with various providers, including railroads, trucks, barge lines, and terminal facilities to transport shipments to the relevant loading port.

We coordinate with customers, mining facilities and transportation providers to establish shipping schedules that meet each customer’s needs.

We coordinate with customers, mining facilities and

transportation providers to establish shipping schedules that meet each customer’s needs.

Our captive coal is loaded from our preparation plants, loadout facilities, and in certain cases directly from our mines.

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Principal goods and services used in our business include mining equipment, replacement parts and materials such as explosives, diesel fuel, tires, conveyance structure, ventilation supplies, lubricants, steel, magnetite and other raw materials, maintenance and repair services, electricity, and roof control and support items.

We rely on third-party suppliers to provide mining materials and equipment.

We rely substantially on third-party suppliers to provide mining materials and equipment.

Although there continues to be consolidation, which has resulted in a limited number of suppliers for certain types of equipment and supplies, we believe that adequate substitute suppliers are available.

In December 2022, primarily to secure the supply of certain underground mining equipment parts needed for our operations, we purchased substantially all of the assets of a mining equipment component manufacturing and rebuilding business.

Refer to Note 2 for additional information.

In the first quarter of 2023, we completed a series of transactions to acquire a number of coal trucks and related equipment and facilities to secure trucking services for our operations.

We incur substantial expenses each year to procure goods and services in support of our respective business activities in addition to capital expenditures.

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Demand for thermal coal and the prices that we are able to obtain for it are closely linked to coal consumption patterns of the domestic electric generation industry.

These coal consumption patterns are influenced by many factors beyond our control, including the demand for electricity, which is significantly dependent upon summer and winter temperatures, and commercial and industrial outputs in the U.S., environmental and other government regulations, technological developments and the location, availability, quality and price of competing sources of power.

and industrial outputs in the U.S., environmental and other government regulations, technological developments and the location, availability, quality and price of competing sources of power.

These competing sources include natural gas, nuclear, fuel oil and increasingly, renewable sources such as solar and wind power.

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Approximately 97% of our total workforce was union-free as of December 31, 2022.

Certain of our subsidiaries have wage agreements with the United Mine Workers of America (“UMWA”) representing 3% of our workforce.

Certain of our subsidiaries have wage agreements with the United Mine Workers of America (“UMWA”) representing roughly 3% of our workforce.

Certain of our subsidiaries have wage agreements with the UMWA that are subject to termination by either the employer or the UMWA, without cause, on July 31, 2025 and one on February 28, 2026.

Relations with organized labor are important to our success, and we believe that we have good relations with our employees.

We strive to maintain positive working relationships with organized labor.

Relations with our employees are important to our success, and we believe that we have good relations with our workforce.

As of December 31, 2022, we had approximately 3,500 employees working at our mining operations across Central Appalachia in Virginia and West Virginia, while the remainder of our personnel were employed at our headquarters in Bristol, Tennessee, in Julian, West Virginia, or at other administrative offices throughout the region.

As of December 31, 2021,

approximately 45% of our total workforce had at least ten years of service with our Company, while nearly 28% had fifteen or more years of service with our Company.

As of December 31, 2022, approximately 41% of our total workforce had at least ten years of service with our Company, while approximately 28% had fifteen or more years of service with our Company.

Employee Compensation and Benefits

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anti-harassment, workplace violence, code of business ethics, drug and alcohol policies, safety policies and vehicle policies.

Employee Safety

Employee Safety, Health, and Welfare

Safety is one of our core values and is the foundation for how we manage every aspect of our business.

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Our behavior-based safety process empowers employees to engage in the elimination of at-risk behaviors in the workplace and in incident prevention and continuous improvement.

In recognition of the interdependence between safety and operations, our “Safe Production” process promotes the effective utilization of procedures, developing safety action plans at each operating group and sharing of best practices, safety alerts and lessons learned across the entire organization.

In recognition of the interdependence

between safety and operations, our “Safe Production” process promotes the effective utilization of procedures, developing safety action plans at each operating group and sharing of best practices, safety alerts and lessons learned across the entire organization.

Safety leadership and training programs are based upon the concepts of situational awareness and observation, changing behaviors and, most importantly, employee involvement.

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All levels of the organization are expected to be proactive and commit to continuous improvement and implementation of new safety processes that promote a safe and healthy work environment.

Based on available data for the first three quarters of 2021, we achieved an overall NFDL (Non-fatal days lost) safety incident rate that was 30% better than the U.S.

In 2022, we achieved an overall Non-fatal days lost (“NFDL”) safety incident rate that was 54% better than the U.S.

industry average NFDL safety incident rate per 200,000 hours worked.

The industry rate is based on available data for the first three quarters of 2022 and the Alpha rate reflects full year 2022.

Alpha’s mine operations routinely collaborate with academic institutions as well as federal and state agencies to facilitate testing of new concepts and technologies and to utilize them whenever possible to provide the best safety and protection for our employees.

We also believe in taking precautions to avoid incidents and prevent them from occurring.

Our Incident Response Plan and Mine Emergency Response Drills have been developed and widely disseminated to appropriate operations and corporate personnel to lay the framework for a prompt and coordinated response in the event an incident occurs.

Our Incident Response Plan and Mine Emergency Response Drills have been developed and widely disseminated to appropriate operations and corporate personnel to build the framework for a prompt and coordinated response in the event an incident occurs.

Alpha’s award winning mine rescue teams undergo highly specialized training and compete in regional and national mine rescue events to test their skills in first aid, firefighting, mine ventilation, and critical decision-making.

As posted on our Company website, several of our mine operations have been recognized on numerous occasions for outstanding performance and have received several awards in the areas of safety and mine rescue.

In 2022, Alpha mine rescue teams won a national championship along with several other first-place awards in both overall competition honors and technical category titles.

Refer to Exhibit 95 Mine Safety Disclosure included in this Annual Report on Form 10-K for additional mine safety information.

Employee Health and Welfare

In the first quarter of 2020, the COVID-19 virus was declared a pandemic by the World Health Organization.

During 2021, our Company experienced an increase in employee absences due to COVID-19-related matters such as precautionary quarantining, waiting on COVID-19 test results, testing positive for COVID-19, receiving a vaccination, or providing care for a family member.

In response to the COVID-19 pandemic, we implemented policies, procedures, and prevention measures to protect the safety and health of our employees.

These include, but are not limited to, employee communications on COVID-19 monitoring and precautionary measures, enhanced cleaning and sterilization practices, and remote work arrangements.

We will continue to evaluate these policies, procedures, and precautionary measures in light of further developments as necessary or appropriate.

In the first half of 2020 and in response to uncertainty and anticipated negative impacts to our business at the onset of the pandemic, we temporarily furloughed some employees at certain mine operations, suspended employer 401(k) contributions, and implemented wage reductions across the company.

As conditions improved in 2021, we were able to reinstate the employer 401(k) contributions, lift the 2020 wage reductions as well as award additional wage increases company-wide.

The number of employee absences related to COVID-19 decreased in 2022 and was limited in its impact.

We will continue to evaluate our policies, procedures, and precautionary measures in light of further developments as necessary or appropriate.

Legal Proceedings

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Future legislation, regulations or orders, as well as future interpretations and more rigorous enforcement of existing laws, regulations or orders, may require substantial increases in equipment and operating costs to us and delays, interruptions, or a termination of operations, the extent of which we cannot predict.

In particular, the new presidential administration and congressional majorities have expressed support for policies that may result in stricter environmental, health and safety standards applicable to our operations and those of our customers.

We intend to continue to comply with these regulatory requirements as they evolve by timely implementing necessary modifications to facilities or operating procedures.

In particular, the U.S.

Securities and Exchange Commission (“SEC”) continues to work to finalize regulations it proposed in March 2022 intended to standardize climate-related disclosures.

We intend to continue to comply with regulatory requirements as they evolve by timely implementing necessary modifications to facilities or operating procedures.

Future legislation, regulations, orders or regional or international arrangements, agreements or treaties, as well as efforts by private organizations, including those relating to global climate change, may continue to cause coal to become more heavily regulated.

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If we cannot successfully negotiate for surface rights, we could be denied a permit to mine coal we already control.

On October 4, 2019, the Bankruptcy Court entered an order approving the sale by Blackjewel of the Belle Ayr and Eagle Butte mines located in the PRB (the “Western Assets”) to Eagle Specialty Materials, LLC (“ESM”).

The closing of the ESM acquisition (the “ESM Transaction”) occurred on October 18, 2019.

On October 4, 2019, the WV Bankruptcy Court entered an order approving the sale by Blackjewel of the Western Assets to ESM.

The ESM Transaction occurred on October 18, 2019.

We were the former owner of the Western Assets, having sold them to Blackjewel in December 2017 (the “2017 Blackjewel Sale”).

As the mine permit transfer process relating to our sale of the Western Assets to Blackjewel had not been completed prior to Blackjewel’s and certain of its affiliates’ filing

petitions for relief under chapter 11 of title 11 of the U.S.

As the mine permit transfer process relating to our sale of the Western Assets to Blackjewel had not been completed prior to Blackjewel’s and certain of its affiliates’ filing petitions for relief under chapter 11 of title 11 of the U.S.

Code (the “Bankruptcy Code”), we remained the permitholder in good standing for both mines.

In connection with ESM’s acquisition of the Western Assets from Blackjewel, on October 18, 2019, we and ESM finalized an agreement that provided, among other items, for the eventual transfer of the Western Asset permits from us to ESM and replacement by ESM of our surety bonds associated with these properties.

In connection with ESM’s acquisition of the Western Assets from Blackjewel, on October 18, 2019, we and ESM

finalized an agreement that provided, among other items, for the eventual transfer of the Western Asset permits from us to ESM and replacement by ESM of our surety bonds associated with these properties.

In furtherance of certain objectives contemplated under that agreement, we and ESM agreed to the merger of two of our now-former subsidiaries, i.e.

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Once a permit application is prepared and submitted to the regulatory agency, it goes through a completeness review and technical review.

Public notice of the proposed permit is given that also provides for a comment period before a permit can be issued.

Some SMCRA mine permits take over a year to prepare, depending on the size and complexity of the mine and may

take months or even years to be issued.

Regulatory authorities have considerable discretion in the timing of the permit issuance and the public and other agencies have rights to comment on and otherwise engage in the permitting process, including through intervention in the courts.

Public notice of the proposed permit is given, which also provides for a comment period before a permit can be issued.

Some SMCRA mine permits take over a year to prepare, depending on the size and complexity of the mine and may take months or even years to be issued.

Regulatory authorities have considerable discretion in the timing of the permit issuance

and the public and other agencies have rights to comment on and otherwise engage in the permitting process, including through intervention in the courts.

The Abandoned Mine Land Fund, which is part of SMCRA, requires a fee on all coal produced.

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Federal and state laws require us to obtain surety bonds or other approved forms of security to cover the costs of certain long-term obligations, including mine closure or reclamation costs under SMCRA, federal and state workers’ compensation costs, coal leases and other miscellaneous obligations.

As of December 31, 2021 and 2020, our posted third-party surety bond amount in all states where we operate was approximately $176.1 million and $351.6 million, respectively, including portions attributable to discontinued operations of $30 thousand and $134.2 million, respectively, which was used to primarily secure the performance of our reclamation and lease obligations.

As of December 31, 2022 and 2021, our posted third-party surety bond amount in all states where we operate was approximately $165.6 million and $176.1 million, respectively, which was used to primarily secure the performance of our reclamation and lease obligations.

Posting of a bond or other security with respect to the performance of reclamation obligations is a condition to the issuance of a permit under SMCRA.

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As a result, some states will be required to amend their existing individual state implementation plans (“SIPs”) to achieve compliance with the new air quality standards.

Other states will be required to develop new plans for areas that were previously in

“attainment,” but do not meet the revised standards.

On December 7, 2020, the EPA announced the agency’s final decision to retain the existing National Ambient Air Quality Standards for particulate matter (PM) set by the Obama-Biden Administrations without changes.

Other states will be required to develop new plans for areas that were previously in “attainment,” but do not meet the revised standards.

On December 7, 2020, the EPA announced the agency’s final

decision to retain the existing National Ambient Air Quality Standards for particulate matter (PM) set by the Obama-Biden Administrations without changes.

In October 2015, the EPA finalized the NAAQS for ozone pollution and reduced the limit to 70 parts per billion (ppb) from the previous 75 ppb standard.

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• Cross-State Air Pollution Rule.

In June 2011, the EPA finalized the CSAPR, which required 28 states in the Midwest and eastern seaboard of the U.S.

In June 2011, the EPA finalized the CSAPR, which required 28 states in the Midwest and the eastern seaboard of the U.S.

to reduce power plant emissions that cross state lines and contribute to ozone and/or fine particle pollution in other states.

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However, implementation of CSAPR’s requirements were delayed due to litigation.

In October 2014, the EPA issued an interim final rule reconciling the CSAPR rule with the Court’s order, which called for Phase 1 implementation in 2015 and Phase 2 implementation in 2017.

In September 2016, the EPA finalized an update to the CSAPR ozone season program by issuing the Final CSAPR Update.

In October 2014, the EPA issued an interim final rule reconciling the CSAPR with the Court’s order, which called for Phase 1 implementation in 2015 and Phase 2 implementation in 2017.

In September 2016, the EPA finalized an update to the CSAPR ozone season program by issuing the Final CSAPR Update rule.

The Final CSAPR Update rule is the subject of a pending legal challenge in the D.C.

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The court directed the EPA to revise the rule to address this failure.

For states to meet their requirements under CSAPR, a number of coal-fired electric generating units will likely need to be retired, rather than retrofitted with the necessary emission control technologies, reducing demand for thermal coal.

On October 15, 2020, the EPA proposed the Revised Cross-State Air Pollution Rule Update in order to fully address 21 state’s outstanding interstate pollution transport obligations for the 2008 ozone National Ambient Air Quality Standards.

Starting in the 2021 ozone season, the proposed rule would require additional emissions reductions of nitrogen oxides from power plants in 12 states.

The public comment period for the proposal closed on December 14, 2020.

However, on January 20, 2021 the new presidential administration announced a freeze with respect to all pending rulemaking.

Accordingly, the outcome of this rulemaking may result in stricter standards than those contained in the proposed rule.

For states to meet their requirements under the Final CSAPR Update rule, a number of coal-fired electric generating units will likely need to be retired, rather than retrofitted with the necessary emission control technologies, reducing demand for thermal coal.

On October 15, 2020, the EPA proposed the Revised CSAPR Update rule in order to fully address 21 states’ outstanding interstate pollution transport obligations for the 2008 ozone National Ambient Air Quality Standards.

The EPA finalized the Revised CSAPR Update rule on April 30, 2021.

The EPA estimated that the Revised CSAPR Update rule will reduce NOX emissions from power plants in 12 states in the eastern United States by 17,000 tons in 2021 compared to projections without the rule, yielding public health and climate benefits that are valued, on average, at up to $2.8 billion each year from 2021 to 2040.

An industry group has challenged the Revised CSAPR Update rule in the U.S.

Court of Appeals for the District of Columbia.

The Court heard oral arguments on September 28, 2022.

However, the Revised CSAPR Update rule remains in effect during the pendency of the appeal.

The Revised CSAPR Update rule and other similar future regulations could accelerate the retirement of a significant number of coal-fired power plants, in addition to the significant number of plants and units that have already been retired as a result of environmental and regulatory requirements and uncertainties adversely impacting coal-fired generation.

Such retirements would likely adversely impact our business.

• Mercury and Hazardous Air Pollutants.

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This withdrawal formally took effect on November 4, 2020.

However, on January 20, 2021, President Biden issued a statement formally accepting the Paris Agreement on behalf of the U.S., which triggered a 30 day process for rejoining the accord.

However, on February 19, 2021, the U.S.

formally rejoined the Paris Agreement.

In addition, numerous U.S.

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Nationwide Permits are typically reissued for a five-year period and require appropriate mitigation, and permit holders must receive explicit authorization from the COE before proceeding with proposed mining activities.

On January 13, 2021, the COE published its final rule reissuing and modifying a portion of its Nationwide permits.

The COE reissued and modified 12 existing Nationwide permits and issued four new permits.

The 12 reissued permits replace the 2017 versions which now expire March 14, 2021.

The COE finalized the proposed removal of the 300 linear foot limit for losses of stream bed from several of the Nationwide permits.

On December 27, 2021 (affecting Nationwide Permit numbers including 5 and 49) and January 13, 2021 (affecting Nationwide Permit numbers including 21 and 50), the COE published its final rules reissuing and modifying its Nationwide Permits.

These Nationwide Permits now expire on March 14, 2026.

The January 13, 2021 final rule finalized the proposed removal of the 300 linear foot limit for losses of stream bed from several of the Nationwide permits.

Expansion of our mining operations into new areas may trigger the need for individual COE approvals, which could be more costly and take more time to obtain.

In January 2020, the EPA and the U.S.

Army Corps of Engineers (the “USACE”) issued a final rule that attempts to clarify the Clean Water Act's (“CWA”) jurisdictional reach over waters of the United States, referred to as the Navigable Waters Protection Rule.

In January 2020, the EPA and the COE issued a final rule that attempts to clarify the Clean Water Act's (“CWA”) jurisdictional reach over waters of the United States, referred to as the Navigable Waters Protection Rule (“NWPR”).

The rule replaces a rule issued in June 2015 by the previous presidential administration, the Clean Water Rule.

The Clean Water Rule was the subject of extensive legal challenges, injunctions and administrative action, and was formally

repealed in December 2019.

The Navigable Waters Protection Rule is designed to fulfill a February 2017 executive order calling on the EPA and the USACE to develop a rule consistent with Justice Antonin Scalia's plurality opinion in the 2006 Supreme Court decision, Rapanos v.

United States , that CWA jurisdiction attaches only to “navigable waters” and other waters with a relatively permanent flow, such as rivers or lakes.

The Navigable Waters Protection Rule narrows the jurisdiction of the CWA relative to Clean Water Rule by, among other things, excluding from the scope of the definition of “waters of the United States” certain ephemeral streams and wetlands not adjacent to jurisdictional water bodies.

The Navigable Water Protection Rule is likely to be the subject of legal challenges and its ultimate impact on our operations is uncertain.

The Clean Water Rule was the subject of extensive legal challenges, injunctions and administrative action, and was formally repealed in December

After the U.S.

District Court for the District of Arizona vacated and remanded the NWPR on August 30, 2021, the EPA and the COE halted implementation of the NWPR nationwide and are interpreting “waters of the United States” consistent with the pre-2015 regulatory regime.

On December 30, 2022, the EPA and COE announced the final Revised Definition of Waters of the United States rule, which reasserts the agencies’ CWA jurisdiction over wetlands and certain ephemeral streams.

On January 18, 2023, the rule was published in the Federal Register.

The rule will be effective on March 20, 2023.

Like the NWPR, the Revised Definition of Waters of the United States rule is likely to be the subject of legal challenges and its ultimate impact on our operations is uncertain.

Cooling Water Intake

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Most state hazardous waste laws do not regulate CCR as hazardous wastes.

The EPA also concluded that beneficial uses of CCR, other than for mine filling, pose no significant risk and no additional national regulations of such beneficial uses are needed.

However, the EPA determined that national non-hazardous waste regulations under RCRA are

warranted for certain wastes generated from coal combustion, such as coal ash, when the wastes are disposed of in surface impoundments or landfills or used as minefill.

The EPA also concluded that beneficial uses of CCR, other than for mine filling, pose no significant risk and no additional national regulations of such

beneficial uses are needed.

However, the EPA determined that national non-hazardous waste regulations under RCRA are warranted for certain wastes generated from coal combustion, such as coal ash, when the wastes are disposed of in surface impoundments or landfills or used as minefill.

In December 2014, the EPA finalized regulations that address the management of coal ash as a non-hazardous solid waste under Subtitle D.

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The MINER Act significantly amended the Mine Act, requiring, among other items, improvements in mine safety practices, increasing criminal penalties and establishing a maximum civil penalty for non-compliance, and expanding the scope of federal oversight, inspection and enforcement activities.

Since passage of the MINER Act enforcement scrutiny has increased, including more inspection hours at mine sites, increased numbers of inspections and increased issuance of the number and severity of enforcement actions and related penalties.

Since the passage of the MINER Act, enforcement scrutiny has increased, including more inspection hours at mine sites, an increase in the number of inspections and an increase in the number of issuances and related penalties.

Various states also have enacted their own new laws and regulations addressing many of these same subjects.

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Under the Black Lung Benefits Revenue Act of 1977 and the Black Lung Benefits Reform Act of 1977, as amended in 1981, each coal mine operator must secure payment of federal black lung benefits to claimants who are current and former employees and to a trust fund for the payment of benefits and medical expenses to claimants who last worked in the coal industry prior to July 1, 1973.

Effective January 1, 2020, the trust fund was funded by an excise tax on coal sold of up to $1.10 per ton for deep-mined coal and up to $0.55 per ton for surface-mined coal, neither amount to exceed 4.4% of the gross sales price.

Absent further legislation, beginning in 2022, the trust fund will be funded by an excise tax on coal sold of up to $0.50 per ton for deep-mined coal and up to $0.25 per ton for surface-mined coal, neither amount to exceed 2% of the gross sales price.

During 2021, the trust fund was funded by an excise tax on coal sold of $1.10 per ton for deep-mined coal and $0.55 per ton for surface-mined coal, neither amount to exceed 4.4% of the gross sales price.

Effective January 1, 2022, the trust fund was funded by an excise tax on coal sold of $0.50 per ton for deep-mined coal and $0.25 per ton for surface-mined coal, neither amount to exceed 2% of the gross sales price.

Effective October 1, 2022, the trust fund was funded by an excise tax on coal sold of $1.10 per ton for deep-mined coal and $0.55 per ton for surface-mined coal, neither amount to exceed 4.4% of the gross sales price.

The excise tax does not apply to coal shipped outside the United States.

For the years ended December 31, 2021 and 2020, we recorded $5.7 million and $5.1 million excluding portions attributable to discontinued operations, respectively, of expense related to this excise tax.

For the years ended December 31, 2022 and 2021, we recorded $2.6 million and $5.7 million, respectively, of expense related to this excise tax.

The Patient Protection and Affordable Care Act (“PPACA”) introduced significant changes to the federal black lung program, including an automatic survivor benefit paid upon the death of a miner with an awarded black lung claim, and established a rebuttable presumption with regard to pneumoconiosis among miners with 15 or more years of coal mine employment that are totally disabled by a respiratory condition.

These changes could have a material impact on our costs expended in association with the federal black lung program.

For former mining employees meeting statutory eligibility standards for federal black lung benefits, we maintain a trust fund and insurance coverage to cover the cost of present and future claims.

We may also be liable under state laws for black lung claims that are covered through the trust and insurance policies.

The liability associated with present and future claims for black lung benefits is difficult to estimate, and the trust and insurance policies may be insufficient to cover all such liability.

On January 18, 2023, the U.S.

Department of Labor announced a notice of proposed rulemaking by its Office of Workers’ Compensation Programs to revise regulations governing the standards related to self-insurance by coal mine operators.

The proposed rule would update the standards coal operators must meet to self-insure, modernize and streamline the application process and fix the amount of security applicants must post.

The proposed rule would also clarify acceptable forms of security and establish an appeals process.

Comments on the proposed rule are due no later than March 20, 2023.

Coal Industry Retiree Health Benefit Act of 1992

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Alpha Metallurgical Resources, Inc.

(the “Company”) (previously named Contura Energy, Inc.).

Alpha Natural Resources, Inc.

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and each of its wholly owned domestic subsidiaries other than ANR Second Receivables Funding LLC (collectively, the “Debtors”) filed voluntary petitions for relief under Chapter 11 of the U.S.

Bankruptcy Code in the United States Bankruptcy Court for the Eastern District of Virginia (the “Bankruptcy Court”).

The Bankruptcy Court approved the Debtors’ Plan of Reorganization on July 7, 2016.

Bankruptcy Code in the United States Bankruptcy Court for the Eastern District of Virginia (the “VA Bankruptcy Court”).

The VA Bankruptcy Court approved the Debtors’ Plan of Reorganization on July 7, 2016.

On July 26, 2016, a consortium of former creditors of the Debtors acquired the Company’s common stock in exchange for a partial release of their creditor claims pursuant to the Debtors’ bankruptcy settlement.

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Coal used to produce coke, the primary source of carbon used in steelmaking.

Alpha Metallurgical Resources, Inc.

(previously named Contura Energy, Inc.)

Development stage property.

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(“Blackjewel”) of the Eagle Butte and Belle Ayr mines located in Wyoming (the “Western Mines” or “Western Assets”) to Eagle Specialty Materials (“ESM”), an affiliate of FM Coal, LLC on October 18, 2019.

The ESM Transaction was approved by the United States Bankruptcy Court for the Southern District of West Virginia (the “Bankruptcy Court”) pursuant to an order on October 4, 2019.

The ESM Transaction was approved by the United States Bankruptcy Court for the Southern District of West Virginia (the “WV Bankruptcy Court”) pursuant to an order on October 4, 2019.

The Company was the former owner of the Western Assets, having sold them to Blackjewel in December 2017.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business