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Updated: 10:39 AM Jul 1, 2008
James River Coal To Acquire Reserves
James River Coal Co. is acquiring nearly 20 million tons of central Appalachian coal reserves from Vicco based Cheyenne Resources Inc. Posted: 9:35 AM Jun 30, 2008 |
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AP-VA--James River Coal,0108
RICHMOND, Va. (AP) - James River Coal Co. is acquiring nearly 20
million tons of central Appalachian coal reserves from Cheyenne
Resources Inc.
Richmond-based James River said Monday that it will pay $40
million for the reserves and permits, including $24 million in cash
and $16 million in either cash or newly issued common stock of the
company.
The deal includes about 10.2 million tons of proven and probable
surface reserves and 3.6 million tons of proven and probable
underground reserves, plus additional surface resources.
James River's board and Vicco, Ky.-based Cheyenne Resources'
board have approved the deal. It remains subject to closing
conditions.
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