There were no conditions imposed on the deal, the Associated Press said Thursday. Last month, the two companies announced PinnOak was being purchased for $US450 million in cash and $150 million in debt.
“When combined with our Australian coking and thermal coal operation, the Sonoma Project, the company will control a 10 million ton position, with the majority being for export,” Cleveland-Cliffs president Joseph Carrabba said at the time.
PinnOak’s operations include two complexes comprising three underground mines: the Pinnacle and Green Ridge mines in southern West Virginia, and the Oak Grove mine in Alabama near Birmingham. Together, the three mines are estimated to produce 7Mtpa.
