By PAUL LORENZ
paul.lorenz@mcleansborotimesleader.com
McLEANSBORO — White Oak Resources continues to move forward with development of its first coal mine here, the company’s new president says.
B. Scott Spears, White Oak’s chief financial officer since 2008, has been named president and CFO, the company announced last week.
“The coal mining industry has been hit particularly hard during the economic recession, financial market turmoil and regulatory uncertainty,” Spears said in a prepared statement. “Despite the challenges facing the coal industry, White Oak is optimistic that the financial and coal markets will improve as the economy rebounds.”
In early 2008, White Oak announced plans to build two longwall mines in Hamilton County — one northwest and a second northeast of McLeansboro — with a third mine area set up southeast of the city. The company anticipates bringing more than 300 construction jobs to the area and approximately 375 permanent jobs per mine at full production.
According to most analysts, Illinois Basin coal production remains poised for growth as the markets return, Spears said.
“The White Oak team continues to develop the Hamilton County project and is poised to act quickly as the coal markets return,” he said.
Spears comes to his expanded role at White Oak with nearly 20 years of experience in the mining and metals industries. He is a graduate of West Virginia University and a certified public accountant.
He currently serves as a board member of the Hamilton County Chamber of Commerce.
