Contura Energy closed its transaction with Iron Senergy Holding, the new owner of its former asset the Cumberland underground coal mine in Greene County, Pa. The sale was first confirmed on Nov. 12, 2020, and was initially expected to close by the end of the year.<\/p>\n\n\n\n\n\n\n\n
It included Contura\u2019s Pennsylvania operaions, which included Cumberland as well as the Emerald mine, along with associated coal reserves, mining permits and operations, infrastructure, equipment and transloading facilities.<\/p>\n\n\n\n
\u201cAccording to the terms of the transaction, Iron Senergy has acquired all of the equity of the following subsidiaries previously owned by Contura: Emerald Contura, LLC; Cumberland Contura, LLC; Contura Coal Resources, LLC; Contura Pennsylvania Land, LLC; and Contura Pennsylvania Terminal, LLC (together, the Pennsylvania Entities),\u201d the miner said, adding that it also had posted replacement reclamation bonds for the Pennsylvania entities and assumed their UMWA collective bargaining agreements.<\/p>\n\n\n\n
David Stetson, Contura\u2019s chairman and chief executive officer, said the deal \u201cextends the runway for Cumberland\u201d under its new ownership structure and was a \u201ctransformational milestone\u201d for Contura\u2019s history.<\/p>\n\n\n\n
\u201c[It] fulfill[s] our vision of moving swiftly to sharpen our company\u2019s focus on producing metallurgical products used in steelmaking. At the same time, dramatically reducing our portfolio\u2019s thermal coal production will yield financial benefits to Contura by significantly reducing our asset retirement obligations and collateralization requirements,\u201d Stetson said.<\/p>\n\n\n\n
Iron Senergy previously said it intends to continue operating the Cumberland mine beyond 2022 and keep its workforce.<\/p>\n\n\n\n
\u201cOur team is excited about taking over mining operations at Cumberland and extending the operation\u2019s expected lifespan,\u201d said Mike Castle, Iron Senergy\u2019s chief financial officer. \u201cWe plan to keep the mine running and \u2026 Cumberland\u2019s mine management and sales agent will remain with the Cumberland operations under Iron Senergy\u2019s new structure.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
Contura Energy closed its transaction with Iron Senergy Holding, the new owner of its former asset the Cumberland underground coal mine in Greene County, Pa. The sale was first confirmed on Nov. 12, 2020, and was initially expected to close by the end of the year.<\/p>\n","protected":false},"author":1,"featured_media":418,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_themeisle_gutenberg_block_has_review":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[12],"tags":[84,83,242],"coauthors":[],"class_list":["post-416","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-headlines","tag-contura-energy","tag-cumberland-mine","tag-iron-senergy-holding"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t