Coal news and updates

Blackhawk Mining plans to buy some Patriot Coal assets

Blackhawk Mining LLC says it plans to buy some of Patriot Coal’s assets in southern West Virginia.

Lexington, Kentucky-based Blackhawk says in a news release that it has entered a definitive agreement to purchase Patriot’s Panther, Rocklick, Wells, Kanawha Eagle, Paint Creek and Midland Trail complexes. The agreement also includes reserve areas.

The sale is subject to a bankruptcy judge’s approval.

Scott Depot, West Virginia-based Patriot filed for Chapter 11 bankruptcy protection on May 12.

The bankruptcy court approved bidding procedures for the sale of Patriot’s assets on June 23. The court also approved Blackhawk as the “stalking horse” bidder for the previously identified assets.

Blackhawk president Nick Glancy says the company is working to complete the acquisition by late September or early October.

source: http://www.washingtontimes.com