ICG secures Buffalo assets

INTERNATIONAL Coal Group has purchased a selection of Buffalo Coal Company’s assets for $US5 million, after the Northern Appalachia coal producer sought bankruptcy protection in May 2006.

Staff Reporter

ICG, through its subsidiary, Vindex Energy, purchased assets including coal reserves, a coal preparation plant and a rail load-out facility near Mount Storm, West Virginia.

“The assets acquired in the Buffalo Coal Company bankruptcy have important synergies with our existing Vindex operations,” ICG president and CEO Ben Hatfield said.

“Securing ownership of the rail load-out is a particular enhancement to current operations because that facility provides critical access to markets for metallurgical coal sales.

“Additionally, the coal reserves complement our current holdings in that region and are expected to be developed in conjunction with the existing Vindex operations.”

ICG has 11 active mining complexes, with 10 located in Northern and Central Appalachia and one in Central Illinois.

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