Contura Completes Exit from Powder River Basin
BRISTOL, Tenn., May 29, 2020 /PRNewswire/ -- Contura Energy, Inc. (NYSE: CTRA), a leading U.S. coal supplier, today announced the end of its connection with the Powder River Basin in Wyoming.
Effective today, May 29, 2020, two previously wholly-owned subsidiaries of Contura Energy—Contura Coal West, LLC (Contura Coal West) and Contura Wyoming Land, LLC (Contura Wyoming)—have merged with certain subsidiaries of Eagle Specialty Materials, LLC (ESM).
No longer part of Contura Energy, Contura Coal West and Contura Wyoming are the surviving entities of the merger and are now wholly-owned subsidiaries of ESM. Contura Coal West holds, and will continue to hold, the mining permits for the Eagle Butte and Belle Ayr mines, which have been under the operational control of ESM since October 2019.
"With today's announcement, Contura has completed the final element of its years-long exit from the Powder River Basin," said David Stetson, Contura's chairman and chief executive officer. "We are pleased to conclude this clean-up transaction and continue our focus on operating and developing our Central Appalachian metallurgical properties."
Pursuant to terms of the transaction, Contura Energy will receive from ESM approximately $625 thousand in cash consideration for assets owned by Contura Coal West but not previously conveyed.
ABOUT CONTURA ENERGY
Contura Energy (NYSE: CTRA) is a Tennessee-based coal supplier with affiliate mining operations across major coal basins in Pennsylvania, Virginia and West Virginia. With customers across the globe, high-quality reserves and significant port capacity, Contura Energy reliably supplies both metallurgical coal to produce steel and thermal coal to generate power. For more information, visit www.conturaenergy.com.
This news release includes forward-looking statements. These forward-looking statements are based on Contura's expectations and beliefs concerning future events and involve risks and uncertainties that may cause actual results to differ materially from current expectations. These factors are difficult to predict accurately and may be beyond Contura's control. Forward-looking statements in this news release or elsewhere speak only as of the date made. New uncertainties and risks arise from time to time, and it is impossible for Contura to predict these events or how they may affect Contura. Except as required by law, Contura has no duty to, and does not intend to, update or revise the forward-looking statements in this news release or elsewhere after the date this release is issued. In light of these risks and uncertainties, investors should keep in mind that results, events or developments discussed in any forward-looking statement made in this news release may not occur.
Alex Rotonen, CFA
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SOURCE Contura Energy, Inc.