MORGANTOWN, W.Va. (AP) – Alpha Natural Resources has announced the sales of a coal mining complex and a natural gas operation in West Virginia. The company, which emerged from bankruptcy reorganization last year, says its Green Valley mining assets in Nicholas and Greenbrier counties are being sold to Quinwood Coal Co.
That sale includes the Number 1 preparation plant and related permits that have been idle since 2014. Alpha, now based in Kingsport, Tennessee, says its New River Energy natural gas operation, including 120 producing wells in five counties, is being sold to Kinzer Drilling. Terms were not disclosed.
Chief Executive David Stetson says the divestments reduce Alpha’s annual bonding by about $3.5 million and future reclamation spending at the sites, as well as $1.1 million of annual holding costs for idle properties.
Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.