Murray Energy Corp. (MEC) was selected as the successful bidder to acquire the Oak Grove, Seminole Alabama and Maple Eagle Mining complexes, located in Alabama and West Virginia, from Mission Coal Co. LLC, through the Mission bankruptcy proceedings. Mission accepted Murray Energy’s bid and filed notice with the bankruptcy court on March 27.
MEC has formed a new, majority-owned subsidiary company, Murray Metallurgical Holdings LLC, to acquire and operate the Mission assets, with its existing joint venture partner, Javelin Global Commodities (UK) Ltd., as the minority owner of the subsidiary.
The bankruptcy court has scheduled a hearing on April 3 to approve the sale of the Mission Assets to Murray Metallurgical Holdings.
Murray Energy’s acquisition of the Mission Assets provides a significant entrance into the metallurgical coal market, allowing for diversification of its portfolio of quality mining assets, according to the company.