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

By Joel ScanlonJul 20 2010

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.

Written by

Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.

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Scanlon, Joel. (2019, March 19). Shares in Oxford Resource Partners Drop on 1st Day of Trading. AZoMining. Retrieved on April 24, 2024 from https://www.azomining.com/News.aspx?newsID=133.
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Scanlon, Joel. "Shares in Oxford Resource Partners Drop on 1st Day of Trading". AZoMining. 24 April 2024. <https://www.azomining.com/News.aspx?newsID=133>.
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