Ky-based venture buying fuel company

MGN Online

LOUISVILLE, Ky. (AP) - A joint venture based in Louisville has been put together to buy Canyon Fuel Co., from Arch Coal in a $435 million deal.

The Courier-Journal reported that the venture was created by Bowie Resources and the Galena Private Equity Resource Fund managed by Galena Asset Management.

The company, Bowie Resource Partners, will bring together the equity owners of Bowie and Galena.

The sale is expected to be complete in the third quarter of 2013.

The new company will own the Bowie and Canyon Fuel mines and be based in Louisville. A regional office will be in Grand Junction, Colo.

Canyon Fuel includes the Sufco and Skyline longwall mines and the Dugout Canyon continuous miner operation located in Utah.

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