As part of the transaction, the parties agreed to a long-term extension of the existing coal handling agreement that addresses both the company’s current and future export requirements.

The company currently exports about seven million tons of metallurgical coal through the Port Authority’s McDuffie Coal Terminal in Mobile, CEO Walt Scheller said.

“This was an important transaction for the company,” he said.

“In addition to realising value from the sale of a non-core asset, we’ve secured a throughput agreement that takes care of our export capacity needs for our Alabama mines.”