Universal Bioenergy signs deal for coal mine acquisition

7 December 2011 (Last Updated December 7th, 2011 18:30)

Universal Bioenergy has signed an agreement to acquire the Whitesburg Friday Branch Mine for an undisclosed sum.

Universal Bioenergy has signed an agreement to acquire the Whitesburg Friday Branch Mine for an undisclosed sum.

The deal is expected to generate $264m in estimated revenues over the next five years.

Under the terms of the definitive agreement, Universal will acquire 40% of the interests and assets of Whitesburg from JLP & Partners LLC of Kentucky.

The Whitesburg Mine operates, mines and markets thermal coal in eastern Kentucky, US.

The closing of the transaction, subject to various customary conditions, is expected in the fourth quarter of 2011.