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Shares in Oxford Resource Partners Drop on 1st Day of Trading

The day did not go as well as imagined for the largest producer of surface mined coal in Ohio. In fact Oxford Resource Partners LP (OXF:US) found its shares slipping on the first day of trading in its $162 Million IPO.

The coal mining company Oxford Resource Partners LP trades on the New York Stock Exchange under the ticker OXF. The stock for the company declined on Wednesday, shares closed at $17.96, down 2.9% from the initial public offering price of $18.50.

Underwriters led by London based Barclays Capital and New York based Citigroup may buy another 1.3 million shares to cover excess demand for the IPO reports Bloomberg.

The analyst at Thornburg Investment Management in Santa Fe, Timothy Cunningham said that since the company is coming out in a mediocre market it could not expect to make a lot of money.

Headquartered in Coshocton, Ohio, Oxford acquires and produces surface coal reserves located in Northern Appalachia and the Illinois Basin.

Joel Scanlon

Written by

Joel Scanlon

Joel, originally from the UK, emigrated to Australia in 1995 and spent 5 years working in the mining industry as an exploration Geo-technician where he developed skills in GIS Mapping and CAD. Joel also spent a year working underground in a gold/copper mine. Upon moving to the North Coast of NSW, Australia Joel worked as a graphic designer for a leading consultancy firm before starting a successful business providing graphic and web design services to local businesses on the eastern seaboard of Australia. Joel is skilled in project management, content production, design, animation, database and networking, software, and editing. Joel has been with AZoNetwork since its inception in 2000.

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