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Published: October 01, 2009 12:11 am
Massey buys reserves, mines from bankrupt rival
Associated Press
CHARLESTON, W.Va. —
Coal producer Massey Energy Co. says it's acquired 23 million tons of coal reserves and several mines from a bankrupt Kentucky company.
Massey said the acquisition revealed Wednesday also includes a preparation plant and some equipment from Ashland, Ky.-based Appalachian Fuels. Massey says the deal covers reserves and mines in Fayette County and more than half the reserves can be sold for making steel.
Terms were not disclosed.
Massey says it expects to resume mining some of the metallurgical coal within a few months, while the other mines and the prep plant will remain idle until the coal market improves.
Richmond, Va.-based Massey operates mines in West Virginia, Kentucky and Virginia.
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