The agreement to sell the physical assets, inventory, mineral reserves and operations of Emery was signed on Thursday. The sale price was not disclosed and is still subject to final due diligence and receipt of various business approvals, and is expected to close in 120 days.

 

"Although Emery has been a CONSOL Energy mine for many years, its isolation from our core assets in northern and central Appalachia limits its synergy with other mines in our system," Consol president and CEO Brett Harvey said.

 

"Selling Emery and redeploying the capital is a better option than holding a regionally isolated asset."

 

Harvey said the sale of Emery Mine would not have a material impact on coal segment results.

 

Located in Emery, Utah, the Emery Mine was established in the 1940s. CONSOL Energy purchased the 50 percent interest of its partner in the mine in 1993.

 

Idled for a number of years, the mine began limited production of coal in early 2003. The mine employs approximately 60 people and was forecast to produce 250,000 tons in 2003.

 

The quality of coal at Emery is rated with a heat content of 12,691Btu/lb and sulfur content of 0.79%.