CONSOL Energy Inc. (NYSE:CNX) announced that they sold non-producing western Canadian coal assets at the end of 2012 for $127 million in two different transactions.
As quoted in the press release:
In the first transaction, CONSOL Energy partnered with Forbes & Manhattan Inc.,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., 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 for aggregate consideration of $105 million ($102.5 million payable to CONSOL Energy).
Consol Energy’s Chairman and CEO, J. Brett Harvey, said:
These two sales represent a continuation of our successful strategy of pulling value forward and focusing on our near-term opportunity set.