Cliffs Natural Resources Inc. announced today that it has entered into a definitive agreement to sell its Logan County Coal assets in southern West Virginia to Coronado Coal II LLC for US$175 million in cash and the assumption of certain liabilities. Cliffs anticipates using the cash proceeds from the sale for debt repayment.
Lourenco Goncalves, Cliffs' Chairman, President and Chief Executive Officer said, "I am very pleased to be able to sell these assets to Coronado Coal, an experienced West Virginia-based coal operator. This transaction is another important step in executing our strategy to transform Cliffs into a stronger, pure-play U.S. iron ore supplier."
Additionally, the transaction will provide employment opportunities for many of the current Logan County Coal employees to become part of the Coronado Coal team.
Edited from various sources by Joe Green