A subsidiary of Brink’s signed a definitive agreement yesterday to sell its West Virginia coal assets to an undisclosed buyer and for an unnamed amount.
Dow Jones reported the Virginia-based company expected potential coal asset buyers to assume a portion of its coal equipment operating leases and advance minimum royalty obligations, valued at approximately US$8 million.
Late last year Brink's sold its Virginia mining assets to Alpha Natural Resources LLC and earlier in 2002 sold most of its Kentucky coal assets to Massey Energy.
Brink’s has decided to move away from coal to concentrate on their core business of security services. The company originally started as the Pennsylvania Coal Company in Pittson in 1838.