https://www.engineeringnews.co.za

Consol rakes in more than $100m through 2 asset sales

7th October 2015

By: Henry Lazenby

Creamer Media Deputy Editor: North America

  

Font size: - +

TORONTO (miningweekly.com) – US fossil fuels producer Consol Energy has strengthened its balance sheet by about $101-million after selling two assets in separate transactions and will use the proceeds to reduce debt.

NYSE-listed Consol sold its 49% interest in the Western Allegheny Energy (WAE) joint venture to Rosebud Mining Company. The WAE transaction included the conveyance of 63-million tons of coal reserves and closed on September 30.

Separately, Pittsburgh, Pennsylvania-based Consol sold 6.7-million tons of lignite reserves in South Texas to a private entity. This transaction closed on October 6.

The total transaction proceeds included $95-million in cash, $2-million in the assumption of liabilities and $4-million of advance minimum royalties paid under the terms of leases.

Consol expected a $6-million earnings before interest, taxes, depreciation and amortisation contribution in 2016 related to the assets sold in the transactions.

 

Edited by Tracy Hancock
Creamer Media Contributing Editor

Comments

Showroom

Rio-Carb
Rio-Carb

Our Easy Access Chute concept was developed to reduce the risks related to liner maintenance. Currently, replacing wear liners require that...

VISIT SHOWROOM 
Rittal
Rittal

Rittal is a world leading provider of top-quality integrated systems for enclosures, power distribution, climate control, IT infrastructure and...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.088 0.14s - 156pq - 2rq
Subscribe Now