Massey Energy put the kibosh on the possibility of a sale Monday.
The Richmond, Virginia-based coal company says its board has decided the best way to increase its value to shareholders is to remain independent.
Massey had hired New York investment-banking company Goldman Sachs last October to review options for increasing shareholder value.
At the time, Massey was facing pressure from some shareholders to sell.
Massey now says the strategic review is over.
Chief Executive Don Blankenship says the company will focus on increasing profit margins and buying other Central Appalachian mine operations and coal reserves.
Massey is the nation's fourth-largest coal company by revenue.
Its shares rose 31 cents to $27.50 Monday.