Joe Funk, chief executive officer of Rhino’s general partner, said, “The cash received from the sale of Elk Horn will continue to reduce our debt and provide us additional financial flexibility for our future coal operations. While Elk Horn has been a positive cash flow contributor to us since its acquisition in 2011, the ongoing weakness in the Central Appalachia steam coal markets has adversely impacted Elk Horn and its lessees. The partnership determined the best value for our unitholders at this time was to monetize this asset.”
The partnership also announced several appointments: Rick Boone was promoted to the position of president of the general partner and all subsidiaries. Boone most recently served as executive vice president and chief financial officer since 2014. Additionally, Scott Morris was promoted to the position of vice president and chief financial officer. Morris has served under Boone in different senior level financial roles since joining Rhino in 2010, most recently as vice president of finance, providing for a seamless transition for Rhino in this position. William Tuorto, the general partner’s chairman of the board, will assume the position of executive chairman.