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Rhino Resource Partners LP Announces Sale of Pennyrile Mining Complex

Coal News - Published on Tue, 10 Sep 2019

Image Source: ir.rhinoresources.com
Rhino Resource Partners LP announced that it has reached agreement to sell certain assets relating to its Pennyrile mining complex (“Pennyrile”) to Alliance Coal LLC for cash and other consideration. The Partnership expects the transaction to be completed in the fourth quarter of 2019.

Rhino has ceased coal production at the Riveredge Mine at Pennyrile and will continue to process the remaining raw coal inventory at the site. All remaining coal shipments from existing inventory to a current Rhino customer will be completed in September. Alliance is assuming the substantial majority of all remaining future contracted coal sales related to the Pennyrile complex and plans to fulfill these sales from other Alliance operations. No future coal production is planned at the Pennyrile complex as a result of this sale. Alliance has also agreed to purchase the majority of the equipment at Pennyrile as well as the preparation plant, barge loadout facilities and related property.

Notices have been provided to all Pennyrile employees in accordance with the Worker Adjustment Retraining Notification Act with the last day of employment scheduled for November 1, 2019. Pennyrile employees are being provided the opportunity to apply for open employment opportunities at other Rhino operations.

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Posted By : Rabi Wangkhem on Tue, 10 Sep 2019
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