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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|Article Type:||Brief Article|
|Date:||Nov 1, 2000|
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