The joint venture will enable Universal to purchase a major stake in an existing mining operation.

The property comes with leases for the mineral rights for the coal and the required mining permits from the state of Kentucky.

It also includes provisions for Universal to develop the oil and natural gas potential on the property.

The mining operations are the surface and high wall mining type, and do not include any underground mining.

The final terms and conditions of the joint venture are currently being negotiated and will be indicated in the definitive agreement.