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Consol Energy sale of assets totals US$101 million

Published by
World Coal,

Consol Energy Inc. has completed the closing of two separate asset sale transactions.

On 30 September 2015, the Pittsburgh-based producer of coal sold 49% interest in the Western Allegheny Energy (WAE) joint venture to Rosebud Mining Co. The WAE transaction included the conveyance of 63 million short t of coal reserves.

Additionally a second transaction closed on 6 October 2015, where the company sold 6.7 million short t of lignite reserves located in South Texas to a private entity.

Aggregate transaction-related proceeds of US$101 million include: US$95 million in cash; US$2 million in the assumption of liabilities; and US$4 million of advance minimum royalties paid under the terms of leases.

The company projected a US$6 million EBITDA contribution in 2016 related to the assets sold in the transactions. It intends to use the proceeds from these transactions to reduce debt.

Edited from press release by Harleigh Hobbs

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