Coal news and updates

Convent coal export terminal sells for $412 million

SunCoke Energy Partners LP will expand into handling coal exports with the $412 million acquisition of Convent Marine Terminal, one of the Gulf Coast's largest export facilities.

The Advocate reports (http://bit.ly/1HIIG84) the terminal can export up to 10 million tons of coal per year, and almost all of the facility's capacity is taken up by long-term contracts. The facility has improved its efficiency with a recently completed $100 million revamp, and SunCoke expects to up the export capacity to 15 million tons through an additional $20 million investment that includes a new ship loader.

SunCoke Chief Executive Officer Fritz Henderson called the acquisition a compelling strategic fit to the company's coal logistics business.

SunCoke expects to complete the deal with Raven Energy Holdings LLC by Sept. 1.

source: http://www.houstonchronicle.com