Under the transaction, Walter Energy officials said it has also signed a long-term extension to its existing coal handling agreement; the Alabama-based producer currently ships about 7 million tons of metallurgical coal annually through the port authority’s McDuffie Coal Terminal in Mobile.

“This was an important transaction for the company,” said Walt Scheller, chief executive officer. “In addition to realizing value from the sale of a non-core asset, we’ve secured a throughput agreement that takes care of our export capacity needs for our Alabama mines.”

Walter Energy first announced the sale of the 35-acre facility on May 2. The sale also includes an additional 60-acre parcel located less than a mile from the terminal complex and adjacent to the authority’s Choctaw Point Complex.