Reportedly, the transaction includes a coal processing plant, a permitted impoundment, permitted surface reserves, idled underground mines, and related mining equipment.
Massey conveyed to Foundation approximately 19 million tons of nonstrategic coal reserves, and assumed certain reclamation liabilities and coal sales obligations.
Don Blankenship, CEO and Chairman of Massey Energy, said: “We are excited about this transaction and the synergies and development opportunities it provides. The addition of a permitted processing plant and impoundment in this area will enable us to more economically mine over 100 million tons of Massey controlled reserves and further enhances our position in Central Appalachia.”
