Phoenix Coal has sold its Gryphon reserve, which is comprised of the property leases controlled through the acquisition of Pact Resources and the Petersburg sublease, and certain other associated assets to a US-based coal producer.
Robert Buchan, chairman and CEO of Phoenix Coal, said: “Closing the transaction completes our strategic initiative of exiting the coal industry.
“Moving forward, we are selectively evaluating opportunities in the global resource sector and look forward to redeploying our capital into assets that we hope will generate significant shareholder value.”
In February, the company completed the sale of its Panama South property lease to a US coal producer. The proceeds from the sale of that non-core asset were $10m.
Phoenix Coal is headquartered in Louisville, Kentucky, and its primary coal assets are located in Henderson County and Webster County, Kentucky.
Gryphon Mining Complex contains 46.1 million tons of proven and probable reserves and 28.6 million tons of measured and indicated resources, the company said.