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Alpha ups reserves with Progress deal

THE transfer of two Progress Fuels Kentucky operations to Alpha Natural Resources is now complete, the Appalachian operator announced Monday.

Angie Tomlinson
Alpha ups reserves with Progress deal

Alpha now controls an additional 73 million tonnes previously held by the North Carolina-based Progress Energy subsidiary – the stock of Diamond May Coal and the assets of Kentucky May Coal. The price tag on the deal was $US23 million, which included an adjustment for working capital of $3.7 million.

Diamond May, which produced 3Mt last year, operates two surface and two underground operations in Kentucky, employing 380 non-union workers. While Kentucky May’s reserves account for an estimated 17.8Mt of the total acquired, it has no current active mines.

Alpha, which used a revolving credit facility to finance the acquisition, operates mines in four states and has a total payroll of more than 3700 employees.

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