Tag: Jim Justice

Southern Coal to Hire 100 Miners

Southern Coal Corp. says it plans to hire 100 miners at four surface mines in Kentucky, Virginia and West Virginia.

Two mines are in Wise County, Virginia. One is in Letcher County, Kentucky, and the other is in Raleigh County, West Virginia. 
The company says the mines currently employ a total of about 200 workers.
 
The Bristol Herald Courier reports that Southern Coal announced the hiring plans on Wednesday.

Southern Coal is owned by Jim Justice, owner of The Greenbrier in White Sulphur Springs, W.Va..  In a news release the company says it has entered into a multi year agreement with American Electric Power to be able to save jobs and restart the mines.
    

Justice Says Coal Operations Buyback Includes Liabilities

Billionaire Jim Justice says his buyback of coal mining operations in West Virginia includes some big liabilities.

Justice completed the $5 million acquisition of Bluestone Inc. from Russian mining and metals company Mechel OAO last month. He had sold Bluestone’s mining operations to Mechel in 2009 for $436 million in cash and more than $83 million in preferred shares.

Justice tells The Charleston Gazette that he assumed responsibility for the company’s reclamation costs. He says there’s also a pension liability, worth tens of millions of dollars, and taxes Mechel owed to counties where the mines operated.

West Virginia Environmental Protection Secretary Randy Huffman says the mining operations’ reclamation costs could be up to $60 million.

Justice Buys Back Coal Company

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.

Saints Coach Payton on Hand for W.Va. Bill Signing

While visiting the West Virginia Capitol, New Orleans Saints head coach Sean Payton praised his team’s plans to move some of its training camp to The Greenbrier.
 
Payton was on hand Thursday as Gov. Earl Ray Tomblin signed a tourism bill. The Greenbrier’s training camp and a new medical facility would benefit from the law’s tax credits.
 
Greenbrier owner Jim Justice estimated the Saints would train at the White Sulphur Springs resort from July 18 to Aug. 16. Admission will be free.
 
Justice said building new football training grounds will cost $20 million to $25 million.
 
The medical center tax breaks could total up to $25 million over 10 years. The $86 million facility will likely open next year. Justice said he expects to draw top doctors for professional athletes.

     
 

Greenbrier Could Get Millions in W.Va. Tax Breaks

The Greenbrier resort and its billionaire owner could receive up to $25 million in tax breaks over 10 years for a new medical institute.
 
Owner Jim Justice said the $86 million medical resort would offer doctors that care for professional athletes. It was first announced in 2011.
 
Some lawmakers criticized the late inclusion of the corporate income credit specifically for The Greenbrier. Lawmakers didn’t consider it publicly until the session’s second-to-last day.

Sen. Clark Barnes says the facility would be built, tax break or not. He criticized the break for Justice, who is worth $1.6 billion.
 
Senate President Jeff Kessler commended Justice for offering to invest $400 million in the facility and other yet-to-be-named projects.
 
The resort has hosted presidents and royalty, and hosts a PGA Tour golf event.

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