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United States : CONSOL ENERGY receives $420m via selling its BUCHANAN MINE to CORONADO IV LLC.

CONSOL Energy Inc. has announced on the completion of its $420 million sale involving the southwestern Virginia-based Buchanan Mine and other coal reserves to Coronado IV LLC.

The company first made announcement on this transaction in February, 2016.

As part of the deal terms, the buyer will have to pay $402.8 million in cash at the closure.

CONSOLs mothballed Amonate Mine in southern West Virginia and southwestern Virginia, as well as its greenfield Russell County coal reserves in southwestern Virginia and greenfield Pangburn-Shaner-Fallowfield coal reserves in southwestern Pennsylvania are covered under this deal.

In February, the President & CEO of CONSOL Nicholas J. DeIuliis had revealed that the Pittsburgh-based company would be able to reinforce its balance sheet through the deal, which comprised coal reserves of almost 400 million tons along with around 88 million tons associated with the Buchanan mine.

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Publication:Mena Report
Geographic Code:1U5WV
Date:Apr 5, 2016
Words:154
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