Cloud Peak IPO Raises $741 Million
“The successful pricing of Cloud Peak Energy’s debt offering and its fully subscribed IPO has proved that the IPO route was the best option for divesting these assets,” said Guy Elliott, CFO, Rio Tinto. “Including the sale of Jacobs Ranch, we will realize proceeds of at least $1.5 billion before tax for assets that were previously part of Rio Tinto Energy America, while retaining a substantial interest in CPER. We continue to make strong progress with our divestment program, realizing considerable value for shareholders.”
Cloud Peak Energy is headquartered in Wyoming and is the third largest coal producer in the U.S. The company owns and operates three surface coal mines in the Powder River Basin: the Antelope and Cordero Rojo mines, located in Wyoming, and the Spring Creek mine, located near Decker, Montana.