globalCOAL Announces The Completion Of The Second Transaction For The Newcastle Marker Price Initiative

globalCOAL, the coal e-marketplace backed by leading industry consumers & producers, is pleased to announce the completion of the second Event in developing the Newcastle Marker Price Initiative. During the Event, globalCOAL saw an increase in participation with over 90 bids/offers submitted by various globalCOAL market members, compared to over 50 bids/offers for the first Event. The transaction was executed on globalCOAL's Standard Coal System at USD 22.00/mt for 65,000 metric tonnes F.O.B. Newcastle for delivery in October of 2002.

This transaction as well as future transactions executed during the Event will be governed by globalCOAL's Standard Coal Trading Agreement ("SCoTA) and participation is open to all globalCOAL Market Members. Based upon physical transactions coupled with bids & offers from the Events, globalCOAL will, with the assistance of input from the industry, derive a Newcastle Marker Price, free of judgement or interpretation and in accordance with a rigid and published methodology very similar to the creation of globalCOAL's RB Index.

The Newcastle Marker Price is intended to provide a robust indication of spot market prices on a monthly basis. It is anticipated that this initiative will spur further thinking and development and ultimately lead to the creation of an official weekly (or even daily) thermal coal price index for the Newcastle market.

globalCOAL is an Internet-based, electronic marketplace where participants can buy and/or sell coal products and related instruments. In addition, globalCOAL offers various value added services across the industry supply chain. The company was founded on April 18, 2001 by Accel-KKR Company LLC, Anglo American plc, BHP Billiton plc, E.ON Kraftwerke GmbH, Enel FTL S.P.A., EPDC Overseas Coal Co., Ltd., Glencore International AG, Rio Tinto plc and TXU Europe Energy Trading Limited and is headquartered in London, England.

globalCOAL's business is founded on four principles:

1. Confidentiality: globalCOAL will not disclose commercially sensitive information (such as the counterparties to a transaction) to any third party, including globalCOAL shareholders.
2. Openness: globalCOAL's systems are available for use by all industry participants.
3. Independence: globalCOAL is a distinct legal entity with an independent management team.
4. Neutrality: globalCOAL's Board of Directors provides balanced representation for both buyers and sellers. In addition, globalCOAL itself neither buys nor sells coal.

   There are currently 31 Market Members participating in the globalCOAL Standard Coal System with over 120 client screens. Companies wishing to buy and/or sell coal via globalCOAL's Standard Coal System and Custom Coal System need to become Market Members by signing globalCOAL's Usage Agreement. Full details are available at www.globalcoal.com.