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Tuesday, 29 October 2013 08:47

Murray Energy, CONSOL strike $3.5 billion deal

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Murray will acquire five W. Va. mines, double workforce


MORGANTOWN, W.Va. - CONSOL Energy Inc. is selling all five of its longwall coal mines in West Virginia to St. Clairsville-based Murray Energy for $3.5 billion.
Pennsylvania-based CONSOL said Monday the deal for its Consolidation Coal Co. subsidiary is good for long-term growth. CONSOL is selling McElroy Mine, Shoemaker Mine, Robinson Run Mine, Loveridge Mine and Blacksville No. 2 Mine, plus river and dock operations. The mines produced a combined 28.5 million tons last year.
Chairman J. Brett Harvey says it was a difficult decision to sell mines that have long contributed to America's strength and the company's legacy. He says the West Virginia workers are among the safest and most productive in the world.
Murray Energy currently operates six underground longwall mining systems and 23 continuous mining units. The acquisition will more than double Murray Energy's total employment, from 3,300 to 7,100 workers. The deal also gives the Belmont County-based company 1.1 billion tons of coal reserves.



Last modified on Tuesday, 29 October 2013 08:51
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