Oxford Mining buys Phoenix Coal surface mines

摘要

Phoenix Coal has closed on the sale of all of its surface mining operations to Ohio-based coal producer Oxford Mining for approximately $30 million to allow it to focus its resources at developing the underground Gryphon mine, the company said today. The Louisville, Ky.-based Illinois Basin producer closed the transaction yesterday to sell off its assets in Muhlenberg County, Kentucky. “After eliminating our long-term debt and strengthening our cash position from the Oxford transaction, we can now capitalize on Gryphon and potential opportunities in the market,” President and Chief Executive David Wiley said. Phoenix did not confirm the buyer when the deal was first announced in August.