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Nacco buys lignite assets from Phillips.

Consolidation of the global coal industry continues, with the news that Nacco Industries, a combined coal producer and industrial group, has bought a package of coal assets in the southern US from Phillips Coal for $128 million. The assets comprise a 75% interest in Mississippi Lignite Mining and a 50% interest in Red River Mining Co., raising Nacco's interest in both operations to 100%; plus 580 Mt of undeveloped lignite resources in Texas, Louisiana, Tennessee and Mississippi.

Mississippi Lignite operates the Red Hills mine which will supply 2.93.1 Mt/y to a new 440 MW power station owned by Choctaw Generation. This facility will supply electricity to the Tennessee Valley Authority.

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Publication:Mining Magazine
Article Type:Brief Article
Date:Nov 1, 2000
Words:113
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