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American Resources Sells Perry County Resources Coal Mining Assets

Coal News - Published on Thu, 16 Jan 2020

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Metallurgical coal producer American Resources Corporation announced that it has reached an agreement to sell certain non-core assets at its Perry County Resources subsidiary. The sale agreement consists of three idled permits associated with one underground mine and one surface mine located in Perry County, Kentucky near the town on Hazard. Total consideration for the assets being purchased by an undisclosed third party is approximately USD 1 million of cash and equipment.

American Resources purchased the assets of Perry County Resources in September, 2019 as part of the court-supervised bankruptcy of Cambrian Holdings Company Inc. The Company has since been restructuring the operating complex to lower its cost structure, streamline its operations and set it up for long term success. Additionally, the divestiture of the three permits reduces the Company's liabilities by shedding over USD 3 million of associated reclamation bonds.

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Posted By : Rabi Wangkhem on Thu, 16 Jan 2020
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