{ "docId": "019dd923-622c-750b-8b99-374c176318da", "docSlug": "4a47ec40bed5", "documentTitle": "Alpha Metallurgical Resources, Inc. (AMR)", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2022-05-17 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 62, "pageCount": 105, "prevPage": 61, "nextPage": 63, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "dense", "nDataPoints": 10, "notes": "The slide uses a table to contrast 2016 and 2017 metrics, highlighting the cost per ton jump from $2.63 to $15.80.", "elementsJson": [ "headline_text", "paragraph", "callout_box", "map", "data_table", "quote_block" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b99-374c176318da/62", "deckHref": "/decks/019dd923-622c-750b-8b99-374c176318da", "deckJsonHref": "/decks/019dd923-622c-750b-8b99-374c176318da.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-374c176318da#slide-62", "components": [ { "bbox": { "h": 0.19, "w": 0.22, "x": 0.76, "y": 0.39 }, "kind": "callout", "text": "Freight and Logistics cost increase $115.7m +47%\n\nBut with 31 million fewer tons to ship from divested PRB operations land-locked in Wyoming that can only be shipped by rail", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "5af9a473-9028-4447-a9e7-a397b74f9bb2", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.28, "w": 0.18, "x": 0.02, "y": 0.3 }, "kind": "image", "text": null, "attrs": null, "subkind": "map", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "2dcd8ebf-4738-4c01-afdc-209b71879b81", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.3, "w": 0.96, "x": 0.02, "y": 0.64 }, "kind": "paragraph", "text": "Historical Discussion of PRB Operations From Alpha Natural\n\nOur Western Coal Operations in the Powder River Basin consist of our Belle Ayr and Eagle Butte surface mining operations, which collectively shipped 36.5 million tons in 2014. Coal is mined primarily using the truck and shovel mining method. We control approximately 700.1 million tons of coal reserves in the Powder River Basin and all of the coal reserves are assigned to active mines. There are approximately 600 salaried and hourly employees in our Powder River Basin operations. Belle Ayr consists of one mine that produces sub-bituminous, low sulfur steam coal for sale primarily to utility companies. Belle Ayr extracts coal from a coal seam that is 75 feet thick. The mine sells 100% raw coal and no washing is necessary. Belle Ayr shipped 15.8 million tons of coal in 2014. Belle Ayr has the advantage of shipping its coal on both of the major western railroads, the BNSF Railway and the Union Pacific Railroad, to power plants located throughout the West, Midwest and the South. Eagle Butte consists of one mine that produces sub-bituminous, low sulfur steam coal for sale primarily to utility companies. Eagle Butte extracts coal from a coal seams that total 100 feet thick. The mine sells 100% raw coal and no washing is necessary. Eagle Butte shipped 20.7 million tons of coal in 2014. Coal from Eagle Butte is shipped on the BNSF Railway to power plants located throughout the West, Midwest and the South. The mine also ships a small portion by truck.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "7a714776-4d30-4e49-a52a-e803d896e366", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.88, "x": 0.09, "y": 0.17 }, "kind": "paragraph", "text": "Spruce Point is perplexed that AMR's freight and logistics costs rose 47% upon divesting the Powder River Basin (\"PRB\") business in 2017. PRB is land-locked in Wyoming, and coal must be shipped via rail to customers in the West, Midwest and South. With 31 million fewer tons, the all-in freight cost per ton rose dramatically from $2.63 to $15.80 per ton", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "aa5c48e1-a1af-489a-822c-eff85a295cb5", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.15, "x": 0.02, "y": 0.95 }, "kind": "source-note", "text": "Source: ANR 2014 10-K", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "1c3e2afb-7cf0-40f4-affc-a47a4f1b452e", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.28, "w": 0.55, "x": 0.2, "y": 0.3 }, "kind": "table", "text": null, "attrs": null, "subkind": "data", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "79f80c8e-1584-430b-9d09-05a4fe6fce26", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.68, "x": 0.28, "y": 0.03 }, "kind": "title", "text": "Perplexing Rise In Freight Costs Per Ton Upon Exiting Powder River Basin", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "6a4d9011-bbd9-4dce-a050-185c283646ca", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 105, "from": 51, "beatId": "1c6c8d3e-e53b-45f5-91da-e5c362f50fac", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Victory", "beatSlug": "overcoming-monster-the-victory", "evidence": "The document concludes with a clear call to action and valuation analysis.", "position": 3, "confidence": 0.8, "parentBeatName": "Turn", "parentBeatSlug": "turn" } ], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }