Horizon To Acquire Pittston Coal Assets

摘要

It didn't take long for Horizon Natural Resources to start making some noise in the industry. Fresh off a Chapter 11 bankruptcy reorganization (CD 3/1/02; 5/10/02), Horizon - formerly AEI Resources - announced Wednesday that it has agreed to purchase Pittston Co.'s remaining West Virginia coal assets, which had been on the auction block since late 1999 (CD 12/7/99). Expected to close by the end of October, the transaction involves approximately 300 million tons of coal reserves, including Pittston's Kanawha River operations in Fayette County, which holds roughly 35 million tons of developed reserves. The remaining 265 million tons of reserves are located on undeveloped properties in Kanawha, Logan, Putnam, Barbour, Harrison and Fayette counties.