National Coal to Buy West Virginia Surface Mine for $60 Millionadmin
National Coal Corp. said Monday it agreed to buy a West Virginia surface mine for about $60 million plus debt in a move that would “significantly increase” the company’s production and expand its operations eastward.
National Coal said the properties include 18 million tons of reserves on about 4,000 acres. The operations include a coal load-out facility and equipment.
National Coal, whose existing properties are in Kentucky and Tennessee, expects the deal will add to earnings and “significantly boost” operating income. The name of the seller was not disclosed.
“It is a surface mine that has been well managed and boasts low production costs,” the company said in a press release.