Murray Energy Corporation has been informed that it has been selected as the successful bidder to acquire the Oak Grove, Seminole Alabama and Maple Eagle Mining Complexes (the mission assets), located in Alabama and West Virginia (USA), from Mission Coal Company, LLC (Mission Coal), through the Mission Coal bankruptcy proceedings. Mission Coal has accepted Murray Energy’s bid and filed notice with the bankruptcy court on 27 March.
Murray Energy has formed a new, majority owned unrestricted subsidiary company, Murray Metallurgical Holdings, LLC, to acquire and operate the Mission Assets, with its existing JV partner, Javelin Global Commodities (UK) LTD. as the minority owner of the newly formed unrestricted subsidiary. The bankruptcy court has scheduled a hearing on 3 April 2019, to approve the sale of the mission assets to Murray Metallurgical Holdings, LLC.
Murray Energy’s acquisition of the mission assets provides a significant entrance into the metallurgical coal market, allowing for diversification of its portfolio of quality mining assets. The mission assets will benefit from Murray Energy’s best-in-class longwall mining and operational expertise, that will further enhance the value of these high quality metallurgical coal properties. Additionally, this acquisition leverages Javelin’s existing global marketing platform, bringing further value to these newly acquired assets. Murray Energy looks forward to utilising its management and marketing expertise in order to ensure the maximum success of these operations.