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    coal investing

    CONSOL Energy Sells Non-Producing Coal Assets for $127 Million

    Investing News Network
    Jan. 03, 2013 05:49AM PST
    Industrial Metals

    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.

    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.
    To view the whole press release, click here. 
    coal investingnyse:cnxcanada
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