Newly formed subsidiary of JW Resources, Middlesboro Mining, has completed the acquisition of thermal coal mining operations from Appolo Fuels in the US.
JW Resources is a privately held management and holding company owned by Bayside Capital and Lawrence M. Clark, Jr. The company said it has acquired thermal coal mining operations in Bell county, Kentucky and Claiborne county, Tennessee.
Middlesboro has also acquired about 33,000 acres of land containing an estimated 43 million tonnes of proven and probable high-quality thermal coal reserves in the Central Appalachian (CAPP) coal basin.
Assets acquired in the transaction include all permits, contracts and real property leases associated with the Middlesboro Operations.
Additionally, the deal includes all related infrastructure such as a preparation plant, a fully permitted refuse facility with significant remaining useful life and a dual service unit train load-out facility providing access to both the CSX and Norfolk Southern rail networks.
Bayside Capital managing director Sean Ozbolt said: "After acquiring the Straight Creek Operations we evaluated more than 50 add-on acquisition opportunities, and ultimately identified the Appolo assets as the best fit due to their low-cost operations, complementary industrial customer base and close proximity to Straight Creek."
"JW Resources is now a world-class CAPP coal operation that is well-positioned to benefit from the improving utility market and the highly stable industrial market."
JW Resources is focused on identifying, acquiring and operating coal mining and related assets in the US.