National Coal Cancels Surface Mine Acquisitionadmin
National Coal Corp. said Monday that it has canceled plans to acquire an unidentified West Virginia surface mine because it and the seller could not agree on the assets’ value.
National Coal, based in Knoxville, Tenn., had announced the deal in November. At the time, the company said it planned to buy the mine for about $60 million plus debt.
“However, one condition, the inability of National Coal and the seller to arrive at an agreement for valuation, could not be met which resulted in the termination of the proposed transaction,” the company said Monday.
National Coal Chief Executive Officer Daniel Roling said the company plans to acquire other coal properties. National employs some 250 people and produces steam coal for power plants from five mines in Tennessee and three mines in Kentucky.
“Consolidation is occurring throughout the entire coal industry, especially in the Central Appalachian Region. This is very advantageous for us as we move forward as we are prepared to achieve meaningful growth both organically and through these kinds of acquisitions. I am confident in our ability to find and close similar transactions in the future,” Roling said.