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Massey Energy Co. said on Tuesday that is board has authorized the company to resume buying back stock under a share repurchase program approved in 2005.

About $420 million remains available for repurchase under the $500 million program, said Massey, the largest coal mining company in central Appalachia.

Shares of Massey fell 26 cents to $35.51 in opening trading.

The stock had traded as high as $54.80 just before an April 5 explosion that killed 29 men at Massey's Upper Big Branch underground mine in West Virginia.

Sourced from www.businessweek.com