CONSOL Energy sells Buchanan Mine in southwestern Virginia
Pittsburgh-based CONSOL Energy Inc. has completed the sale of its Buchanan Mine in southwestern Virginia and other coal reserves to Coronado IV LLC for $420 million.
The transaction, which was announced in February, includes $402.8 million cash paid at the closing.
The deal included CONSOL’s idled Amonate Mine in southern West Virginia and southwestern Virginia, its greenfield Russell County coal reserves in southwestern Virginia and its greenfield Pangburn-Shaner-Fallowfield coal reserves in southwestern Pennsylvania.
The transaction included about 400 million tons of coal reserves with about 88 million tons associated with the Buchanan mine.
Nicholas J. DeIuliis, CONSOL’s president and CEO, said in February that the deal would help strengthen its balance sheet.