Consol Energy Sells Virginia Mine and Coal Reserves to Coronado IV
By
David Khani, Consol Energy
Buchanan, Va.—Consol Energy Inc. has signed a deal that will leave it nearly half-a-billion dollars richer. The coal and natural gas company has agreed to sell its Buchanan Mine in Buchanan, Va., to Coronado IV LLC for $420 million.
It’s a part-cash arrangement, and the cash part is sizeable: $398 million. As for Coronado, it will get its money’s worth with Buchanan Mine, which produced 4.3 million tons of coal in 2015. “Our Buchanan Mine posted strong cost reduction sequentially and is likely the only [metallurgical] mine generating a profit in the United States at these low met price levels,” David Khani, CFO of Consol, said during the company’s fourth quarter 2015 earnings call in January…
Consol Energy Sells Virginia Mine and Coal Reserves to Coronado IV
