Murray Energy Corporation Completes the Acquisition of Oak Grove, Seminole Alabama, and Maple Eagle Mining Complexes from Mission Coal Bankruptcy
May 02, 2019 11:50 KST
ST. CLAIRSVILLE, OHIO--(Business Wire / Korea Newswire) May 02, 2019 -- Murray Energy Corporation (“Murray Energy”) and its newly formed majority owned unrestricted subsidiary company, Murray Metallurgical Coal Holdings, LLC, have successfully closed the transaction approved by the United States Bankruptcy Court for the Northern District of Alabama to acquire the Oak Grove, Seminole Alabama, and Maple Eagle Mining Complexes (the “Mission Assets”), located in Alabama and West Virginia, from Mission Coal Company, LLC (“Mission”).
Murray Energy’s existing Joint Venture partner, Javelin Global Commodities (UK) LTD. (“Javelin”), is the minority owner of Murray Metallurgical Coal Holdings, LLC, and will lead the global marketing efforts for these world class coal mines.
Murray Oak Grove Coal, LLC will operate the Oak Grove Mine complex near Bessemer, Alabama, and Murray Maple Eagle Coal, LLC will operate the Maple Eagle No. 1 Mine near Powellton, West Virginia, and will assess and operate additional highwall mineable coal reserves in the same vicinity.
Murray Energy’s acquisition of these assets provides a significant entrance into the metallurgical coal market, allowing for diversification of its portfolio of quality mining assets. The assets will benefit from Murray Energy’s best-in-class underground longwall mining and operational expertise, that will further enhance the value of these high-quality metallurgical coal properties. Additionally, this acquisition leverages Javelin’s existing global marketing platform, bringing further value to these newly acquired assets. Murray Energy looks forward to utilizing our management and marketing expertise in order to ensure the maximum success of these operations.
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