Associated Press Published

Justice Buys Back Coal Company

Jim Justice

Billionaire Jim Justice has reacquired coal mining operations in West Virginia that he sold to Mechel OAO in 2009.

The Russian mining and metals company said Wednesday that it has closed on a deal to sell Mechel Bluestone Inc. to a company owned by the Justice family.

The company says in a news release that the deal includes an immediate $5 million cash payment and coal royalty payments of $3 per ton. Mechel also would receive a portion of any future sale of Mechel Bluestone or its assets.

Mechel CEO Oleg Korzhov says in the release that Mechel Bluestone has lost about $60 million annually on average since 2012.

Justice told media outlets on Tuesday that he plans to reopen the company as Bluestone Resources and create 150 jobs.