Murray Energy Corp.'s planned purchase of a struggling Kentucky coal company firms up the company’s position in the Illinois Basin, analysts say.
The deal, announced Jan. 24, would transfer a 51 percent ownership stake to Murray in Armstrong Energy’s three surface mines and two underground mines in the Illinois Basin, which includes parts of Illinois, Indiana, Kentucky, and Tennessee. Those mines contain more than 445 million tons of low-chlorine, high-sulfur thermal coal.
The deal still has to be approved by the U.S. Bankruptcy Court for the Eastern District of ...
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