Massey cements Horizon buy

MASSEY Energy has concluded the purchase of Horizon Natural Resources subsidiaries Starfire, located in Kentucky, and Cannelton, in West Virginia.
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Massey Energy longwall

Angie Tomlinson

The assets include an estimated 15 to 20 million tons of low sulfur coal reserves, two preparation plants, a barge loading facility, related infrastructure and selected mining equipment.

International Longwall News previously reported Massey bought the assets for US$10 million in cash, plus assumption of related property reclamation liabilities of between $30 to $45 million.

Massey made the purchase at the Horizon Natural Resources Company bankruptcy court auction. It was part of a group led by financier Wilbur Ross which won the auction for the assets with a bid totaling $786 million.

"The Starfire assets are an excellent addition to our Kentucky reserve base and the Cannelton assets provide direct access to river transportation," Massey CEO Don Blankenship said during August when the purchase was first announced.

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