The company said in its S-1 draft registration statement that the IPO is for its newly formed limited partnership Bowie Resource Partners LLC, but no date, number of common units or price range have yet been determined. All factors hinge upon the SEC’s review and market conditions, among other factors.
Bowie, owner of the Bowie underground mine in western Colorado, grew significantly in 2013 when the company acquired Arch’s Canyon Fuel subsidiary, which included the Dugout Canyon, Skyline and SUFCO operations.
Combined, the mines produce an aggregate of 13 million tons of high-BTU, low-sulfur coal annually.
In late December, the company confirmed it had entered into a 15-year deal with PacifiCorp to supply all of the coal requirements for PacifiCorp’s Huntington Power Plant near Huntington, Utah, through 2029; the needed supply is estimated to be 2.8 million tons per year.
At the same time, it acquired approximately 50 million tons of undeveloped, high heat, low sulfur coal reserves in Utah from PacifiCorp.
The deal is still pending, but is projected to close in the first half of 2015.