Privately held Kentucky-based coal miner Eagle Summit Resources has purchased West Virginia mine owner Reflectance Energy for an undisclosed sum.
The Reflectance coal mining complex will now operate under its new ownership as Eagle Mountain Energy.
Reflectance is a portfolio of active metallurgical coal-producing mines in Wyoming County, W.Va., including the Coal Mountain complex and adjacent mining operations. Within the complex, there are several highly productive mines, a coal preparation plant and a rail loadout. Combined, the operations produce more than two million tons annually of low-cost, high-vol A, high-vol B, and semi-soft products for both domestic and export customers.
ESR said the takeover strengthens its position as a top 10 U.S. metallurgical coal producer, with the new mines complementing its existing Sundial and Eagle Horizon mines in West Virginia.
It is noteworthy that the company’s portfolio also includes the Eagle Butte and Belle Ayr coal mines in Gillette, Wyo.
“Today’s acquisition strategically positions our company to mine across the nation’s major coal basins to serve our valued domestic and international customers with a wide variety of the highest quality American metallurgical coal and low-cost reliable energy,” said CEO Michael Day.
“Our expanding coal portfolio now has Powder River Basin, Illinois Basin, and Central Appalachian thermal as well as a range of metallurgical products available, allowing us to thrive during all market conditions. Our company will actively seek growth opportunities to tactically position ourselves for the long-term.”
Concurrent with the acquisition, ESR entered into a new term loan credit facility with Valor
Mining Credit Partners, managed by Breakwall Capital in partnership with Vitol as the sole lender. ESR and Vitol have agreed to enter into an exclusive marketing agreement for the company’s export volumes.