Changes

"The majority of these customers purchase coal under long-term contracts with terms of one year or longer. Many of our customers are well-established utilities who have been our customers for a number of years. In recent years, through our established sales network, we have increased our international customer base and sales into the global metallurgical market, taking advantage of increased worldwide demand for metallurgical coal, especially in China and India. We intend to continue to focus on identifying additional international opportunities for the sale of metallurgical coal. Additionally, the proximity of our mines to export terminals and to many of our domestic customers provides us with an advantage over suppliers from western U.S. coal basins in terms of freight cost and delivery time," it stated.<ref name="MasseyProsp"/>  On July 15, 2011, the Fourth US Circuit Court of Appeals ruled that one of Massey's customers, Bayer CropScience, is entitled to a $10 million refund due to overcharges by Central West Virginia Energy, a Massey subsidiary. The coal company tripled coal prices charged to Bayer after market coal prices rose dramatically in 2008, despite the fact that Bayer had a long-term coal supply contract with the company. <ref>Paul J. Nyden [http://www.wvgazette.com/News/201107161368 "Court: Ex-Massey subsidiary must refund Bayer $10M"] Charleston Gazette, July 16, 2011. </ref>