Walter Energy has executed a deal to acquire mineral leases for about 75 million tons of recoverable Blue Creek coking coal reserves in Tuscaloosa County in the US state of Alabama from a unit of Chevron Corp.
According to the company, the terms of the leases include royalty rates consistent with existing coal lease agreements.
The company, through its subsidiary Jim Walter Resources, has also completed the acquisition of Chevron’s North River steam coal mine in Fayette County and Tuscaloosa County, Alabama.
Total consideration for the North River mine acquisition included a small cash payment and the assumption of certain liabilities, not material to the company.
Walter Energy is a producer of metallurgical coal for the global steel industry, and the company also produces steam coal and industrial coal, anthracite, metallurgical coke, and coal bed methane gas.