Rhino Resource Partners LP (NYSE: RNO) announced that they have signed on for a multi-year coal sales contract for its Pennyrile property Kentucky and announced plans to build a new mine.
As quoted in the press release:
Anticipate cash expenditures of up to $17 million in 2013 and $22 million in 2014 to develop the mine to initial production of 800,000 tons per year by 2015. Additional capital expenditures of $23 million are expected to increase production to 2 million tons per year by 2017.
Love It Or Hate It: 40% Of Electricity In The United States Is Generated From Coal. China uses even more.
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