Buying and Selling/How much do you want for that old coal mine?

摘要

A significant number of coal property acquisitions have been announced in the United States during the last two weeks. Cleveland Cliffs Inc. said it will acquire PinnOak Resources, and its subsidiary operating companies, for 450 million US dollars in cash and 150 million US dollars in debt. PinnOak operates three mines - the Pinnacle and Green Ridge mines in West Virginia, and the Oak Grove mine in Alabama. All three mines produce premium quality low-vol metallurgical coal. Eighty percent of PinnOak's 2007 production will be exported, with 20 percent promised to steel producers in the United States. PinnOak sold 3.9 million tons of coal in 2006 and has estimated reserves totaling 140 million tons.