In addition, the facilities include a coal preparation and processing plant and a new 110-car unit-train batch-weight load-out facility with access to the CSX railroad.
This acquisition is expected to incrementally add approximately 68 million tons of metallurgical coal reserves and 51 million tons of thermal coal reserves to Cliffs’ current reserve base. In addition, the transaction will increase Cliffs’ global coal production capacity to over nine million tons in 2011 and 11 million tons in 2012.
As previously announced, Cliffs said that it will finance the $757m transaction through available liquidity, including cash on hand and the company’s $600m credit facility.
Cliffs is an international mining and natural resources company and INR Energy is a producer and exporter of high-volatile metallurgical and thermal coal.
