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James River Coal accepts bid for mining assets

World Coal,

Bankrupt coal mining company, James River Coal, has accepted a committed a binding bid from JR Acquisition – a wholly owned subsidiary of Blackhawk Mining – to purchase three of the firm’s mining assets.

The assets are the Hazard, Hampden and Triad mining complexes, and they will be sold for US$ 52 million, as well as the assumption of certain environmental and other liabilities.

900 employees are currently employed by James River Coal at the three mine sites.

James River Coal previously named Blackhawk Mining as the lead – or ‘stalking horse’ – bidder in the company’s sale at auction.

The sale to JR Acquisition is expected to be completed by the end of August. The sale is subject to customary closing conditions and a bankruptcy court hearing is scheduled for 26 August to consider approval of the sale. 

Written by Sam Dodson

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