MEC Completes Acquisition of Armstrong Properties
“Murray Energy and Murray Kentucky are very pleased that we were able to complete this acquisition, ahead of schedule, with the support of the secured noteholders of Armstrong Energy,” said Robert E. Murray, chairman, president and CEO of MEC. “This is a very important transaction for the employees of Western Kentucky, as well as for our lenders and customers.”
Western Kentucky has more than 400 employees and owns three surface mines and two operating underground mines in the Illinois Basin. The underground mines are now known as Western Kentucky Coal Co.’s Genesis mine (formerly the Kronos mine) and the Muhlenberg County Coal Co.’s Pride mine (formerly the Survant mine). Western Kentucky also owns three coal processing plants, certain river dock coal handling and rail loadout facilities.
Of the 445 million tons of proven and probable coal reserves acquired in this transaction, 337 million tons will be controlled by Western Kentucky, and 108 million tons will be controlled by Murray Energy’s KenAmerican Resources Inc.