Consol Energy is selling five of its long wall coal mines in West Virginia to Murray Energy. It’s a deal slated to cost more than $3 billion.
In the deal, Consol will get:
$850 million in cash;
Almost $200 million in value of future payments;
The acquisition of $2.4 billion in Consol’s liabilities, to Murray Energy.
Murray Energy will receive:
Almost 4,000 new employees;
6 more coal preparation plants;
5 more active mining complexes;
6 more longwall mining systems;
23 more continuing mining units;
1 reverse osmosis plant;
23 harbor boats and tow boats;
5 additional coal transloading facilities.
Sens. Joe Manchin and Jay Rockefeller have requested a meeting with Murray Energy to discuss the transition. Among the liabilities picked up by Murray are retiree health care plans by mining employees.