Cline Mining Corporation T.CMK

CONSOL Energy Monetizes Non-Producing Coal Assets

[lagshoi]

 

CONSOL Energy Monetizes Additional Non-Producing Assets for $127 Million; Total Asset Sales for 2012 Exceed $350 Million

 

PR NewswirePITTSBURGH, Jan. 3, 2013

https://www.bloomberg.com/article/2013-01-03/aOfXUZTdoD2M.html

In the first transaction, CONSOL Energy partnered with Forbes & Manhattan Inc.

("F&M"), a private merchant bank headquartered in Toronto, Canada, for the sale of a portion of its metallurgical coal assets located in Alberta, Canada.

Ram River Coal Corp. ("Ram River Coal"), a private Ontario company created by F&M to purchase the coal assets, acquired 100% of the Ram River and Scurry Ram coal properties on December 21, 2012 (the "Acquisition") for aggregate consideration of $105 million ($102.5 million payable to CONSOL Energy). The Ram River coal property has an in-situ coal resource of approximately 380

million tons and estimated washed coal product of approximately 75 million

tons.

 

https://www.bloomberg.com/article/2013-01-03/aOfXUZTdoD2M.html