National Coal CEO Daniel Roling said the company was prepared to deliver on its requirements and that all conditions were favourable, except for an agreement regarding the value of the assets to be acquired.
“The termination of this transaction has no effect on our resolve to acquire other similarly well-managed properties that offer significant opportunities for us to grow,” Roling said.
“Consolidation is occurring throughout the entire coal industry, especially in the Central Appalachian Region. This is very advantageous for us as we move forward as we are prepared to achieve meaningful growth both organically and through these kinds of acquisitions.
“I am confident in our ability to find and close similar transactions in the future."
National Coal owns four mines in East Tennessee and southeastern Kentucky and employs more than 250 people.