Cleveland Company Sell 2 mines in West Virginia, Alabama
A Cleveland mining company has closed its remaining coal business with the sale of two coal mines in Alabama and West Virginia.
Cliffs Natural Resources announced the sale Tuesday of Pinnacle Mine in West Virginia and Oak Grove Mine in Alabama to Seneca Coal Resources.
Cliffs says the sale was valued at $268 million based on Seneca Coal assuming all liabilities of the business. Seneca Coal is affiliated with West Virginia-based ERP Compliant Fuels.
Both the Oak Grove Mine in Alabama and the Pinnacle Mine in West Virginia produce metallurgical coal, which is used for steel production.
Seneca plans to produce 4.4 million tons of metallurgical coal in 2016 and employ 811 people in West Virginia and Alabama.