ICG Completes Purchase of Buffalo Coal Assets
02/02/2007 -
International Coal Group, Inc. announced that its Vindex Energy subsidiary has completed the purchase of selected assets of Buffalo Coal Co.
Based in Northern Appalachia, Buffalo Coal Co. sought bankruptcy protection in May 2006. Vindex Energy's previously announced $5 million bid for those assets was approved by the bankruptcy court on December 8, 2006.
Purchased assets include coal reserves, a coal preparation plant and a rail load-out facility near Mount Storm, W.Va.
"The assets acquired in the Buffalo Coal Co. bankruptcy have important synergies with our existing Vindex 0perations," said Ben Hatfield, President and CEO of ICG. "Securing ownership of the rail load-out is a particular enhancement to current operations because that facility provides critical access to markets for metallurgical coal sales.”
Hatfield noted that Buffalo Coal’s coal reserves complement the company’s current holdings in that region and are expected to be developed in conjunction with the existing Vindex operations.
ICG is a leading producer of coal in Northern and Central Appalachia and the Illinois Basin. The company has 11 active mining complexes, of which 10 are located in Northern and Central Appalachia and one in Central
Illinois. ICG's mining operations and reserves are strategically located to serve utility, metallurgical and industrial customers throughout the Eastern United States.