The sale of the mines in Bell, Clay, Harlan, Knox and Leslie counties to affiliates of JW Resources, said Xinergy CEO Matt Goldfarb, “furthers our efforts towards a greater mix of premium quality, mid-volume metallurgical coal production.”
The company still sees long-term prospects for low-cost Central Appalachian thermal coal mining “favorably,” he added of the deal including $38.2 million amid $20 million South Fork infrastructure costs. “We believe that this transaction is value enhancing, as we position our remaining assets for significant growth,” said Goldfarb.
The Knoxville-based Xinergy Ltd., through its Xinergy Corp. and other subsidiaries, mines in West Virginia and Virginia and retails thermal and metallurgical coal to utilities, steelmakers, trading firms and companies.
