Get breaking news alerts via email

Click here to manage your alerts
Murray Energy buys 5 W. Virginia coal mines for $850M in cash
First Published Oct 28 2013 07:53 am • Last Updated Oct 28 2013 07:53 am

Pittsburgh • Consol Energy Inc. is selling a group of five coal mines in West Virginia to Murray Energy Corp. for at least $850 million in cash.

Consol says the sale of its Consolidation Coal Co. subsidiary furthers its exploration and production growth strategy. The five mines produced 28.5 million tons of thermal coal in 2012.

Join the Discussion
Post a Comment

The deal includes $850 million in cash at closing, along with future payments expected to total nearly $184 million. Murray also will acquire $2.4 billion in Consol debt.

Consol expects to record a pre-tax gain of $1.3 billion on its fourth-quarter results, assuming the deal closes by Dec. 31.

Consol will keep its coal mining operations in Pennsylvania, along with its flagship Buchanan Mine in southwestern Virginia and a mining complex in southern West Virginia.

Its shares fell almost 4 percent in premarket trading.

Copyright 2014 The Salt Lake Tribune. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Top Reader Comments Read All Comments Post a Comment
Click here to read all comments   Click here to post a comment

About Reader Comments

Reader comments on sltrib.com are the opinions of the writer, not The Salt Lake Tribune. We will delete comments containing obscenities, personal attacks and inappropriate or offensive remarks. Flagrant or repeat violators will be banned. If you see an objectionable comment, please alert us by clicking the arrow on the upper right side of the comment and selecting "Flag comment as inappropriate". If you've recently registered with Disqus or aren't seeing your comments immediately, you may need to verify your email address. To do so, visit disqus.com/account.
See more about comments here.
Staying Connected
Contests and Promotions
  • Search Obituaries
  • Place an Obituary

  • Search Cars
  • Search Homes
  • Search Jobs
  • Search Marketplace
  • Search Legal Notices

  • Other Services
  • Advertise With Us
  • Subscribe to the Newspaper
  • Access your e-Edition
  • Frequently Asked Questions
  • Contact a newsroom staff member
  • Access the Trib Archives
  • Privacy Policy
  • Missing your paper? Need to place your paper on vacation hold? For this and any other subscription related needs, click here or call 801.204.6100.