Company Adds Significant Metallurgical Coal Reserves in West Virginia
LEXINGTON, Ky.–(BUSINESS WIRE)–Today, Eagle Summit Resources, LLC (“ESR”) is proud to announce the purchase of Reflectance Energy, LLC (“Reflectance”). The Reflectance coal mining complex will now operate under its new ownership as Eagle Mountain Energy, LLC (“EME”).
Reflectance is a portfolio of active metallurgical coal producing mines in Wyoming County, West Virginia consisting of the Coal Mountain complex and adjacent mining operations. The complex includes several highly productive mines with a coal preparation plant and rail loadout. These operations will produce over two million tons annually of low-cost, high-vol A, high-vol B, and semi-soft products for both domestic and export customers.
With this acquisition, ESR strengthens its position as a top ten U.S. metallurgical coal producer, complementing its existing Sundial and Eagle Horizon mines in West Virginia.
“Today’s acquisition strategically positions our company to mine across the nation’s major coal basins to serve our valued domestic and international customers with a wide variety of the highest quality American metallurgical coal and low-cost reliable energy,” said Eagle Summit Resources CEO Michael D. Day. “Our expanding coal portfolio now has Powder River Basin, Illinois Basin, and Central Appalachian thermal as well as a range of metallurgical products available, allowing us to thrive during all market conditions. Our company will actively seek growth opportunities to tactically position ourselves for the long term.”
Concurrent with this acquisition, ESR entered into a new term loan credit facility with Valor Mining Credit Partners, L.P. (“VMP”), managed by Breakwall Capital LP in partnership with Vitol, as the sole lender. ESR and Vitol have also agreed to enter into an exclusive marketing agreement for the company’s export volumes.
ESR has a team firmly rooted in the heritage of the mining industry. This transaction adds to the ESR portfolio, which includes the Eagle Butte and Belle Ayr coal mines in Gillette, Wyoming that produce high quality Powder River Basin coal for its numerous customers across the country, along with its Sundial and Eagle Horizon Mines in West Virginia. Most of all, ESR is proud to be part of the communities in which they operate and provide terrific jobs for so many, as well as supporting local businesses.
With more than a century of mining experience on the leadership team, Eagle Summit Resources, LLC is a privately held coal operator headquartered in Lexington, Kentucky.
Contacts
Christian R. Palich
[email protected]
Phone: 202.709.8612
