Form 8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report(Date of earliest event reported):
February 28, 2001
WESTMORELAND COAL COMPANY
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(Exact name of registrant as specified in its charter)
DELAWARE 0-752 23-1128670
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(State or other jurisdiction (Commission File (I.R.S. Employer
of incorporation or Number Identification No.)
organization)
2 North Cascade Avenue, 14th Floor, Colorado Springs, Colorado 80903
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number,
including area code: 719-442-2600
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Item 5. Other Events
Westmoreland Coal Company announced today that its wholly owned subsidiary,
Westmoreland Power, Inc., has submitted a proposal to the North Dakota
Industrial Commission to develop, own and operate, either independently or in
partnership, a new state-of-the-art 500MW lignite-fired power plant near
Gascoyne, North Dakota in connection with Lignite Vision 21 ("LV-21"). LV-21 is
a partnership between the State of North Dakota and the Lignite Energy Council
designed to encourage construction of a new baseload power plant in North Dakota
and includes up to $10 million in matching funds for such development.
Westmoreland believes the Gascoyne site offers a number of attractive features,
including low-cost fuel supply, favorable environmental characteristics, and an
opportunity for economic development in an area of the State that currently does
not enjoy the economic benefits of the lignite industry.
Item 7. Financial Statements and Exhibits
(c) Exhibits
Exhibit 99.2 -- Press release dated February 28, 2001.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
WESTMORELAND COAL COMPANY
Date: February 28, 2001 /s/ Robert J. Jaeger
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By: Robert J. Jaeger
Senior Vice President-Finance
and Treasurer
Exhibit 99.2
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Westmoreland Seeks To Develop
500MW Power Facility In North Dakota
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Colorado Springs, CO - February 28, 2001 -- Westmoreland Coal Company (AMEX:
WLB) announced today that it's wholly owned subsidiary, Westmoreland Power, Inc.
("WPI"), has submitted a proposal to the North Dakota Industrial Commission to
develop, own and operate, either independently or in partnership, a new
state-of-the-art 500MW lignite-fired power plant near Gascoyne, North Dakota in
connection with Lignite Vision 21 ("LV-21"). LV-21 is a partnership between the
State of North Dakota and the Lignite Energy Council designed to encourage
construction of a new baseload power plant in North Dakota and includes up to
$10 million in matching funds for such development. Westmoreland believes the
Gascoyne site offers a number of attractive features, including low-cost fuel
supply, favorable environmental characteristics, and an opportunity for economic
development in an area of the State that currently does not enjoy the economic
benefits of the lignite industry.
Westmoreland Coal Company is acquiring the coal operations of Knife River
Corporation, including active coal mines in North Dakota and Montana and rights
to develop the Gascoyne coal reserves. Along with its acquisition of the Montana
Power coal business, this will result in Westmoreland Coal Company becoming a
leading U.S. producer of lignite, and as such, a strong supporter of the efforts
of the Lignite Energy Council and the State of North Dakota to increase use of
the State's abundant lignite resources for power production. The Company's
growth strategy includes development of new low-cost, environmentally sound,
technologically advanced power facilities that have access to low-cost fuel
sources that can help alleviate the supply shortage of electric power in this
country. Since the mid-1980's, Westmoreland has successfully developed a number
of independent power projects fueled by coal and natural gas.
Westmoreland Coal Company, headquartered in Colorado Springs, is the oldest
independent coal company in the United States. It is implementing a tax
advantaged strategic plan for expansion and growth through the acquisition and
development of environmentally attractive, low-cost fuel and power projects in
the U.S. In addition to Knife River Corporation, the Company is acquiring
Montana Power's coal business including operations in Montana and Texas. The
Company's existing operations include Powder River Basin coal mining through its
80%-owned subsidiary Westmoreland Resources, Inc. and seven independent power
projects held by its wholly owned subsidiary Westmoreland Energy, Inc. The
Company also holds a 20% interest in Dominion Terminal Associates, a coal
shipping and terminal facility in Newport News, Virginia.
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Investor and Media Contact: Diane Jones (719) 442-2600