Consol Energy, in a move to shift
focus toward natural gas production, will sell five of its longwall coal mines
in West Virginia to a subsidiary of Murray
Energy Corporation based in St.
Clairsville , Ohio
The $3.5 billion sale was announced
Monday morning.
The Consol mines that will be
sold are McElroy Mine, Shoemaker Mine, Robinson Run Mine, Loveridge Mine and
Blacksville No. 2 Mine. The mines combined to produce 28.5 million tons
of coal in 2012.
“The sale of these five mines,
assets that have long contributed to America
Consol’s River and Dock Operations
are also included in the transaction.
During a conference call with
shareholders Monday, Harvey and other company officials said Consol would
reinvest in its natural gas operations in the Mountain State West
Virginia which will take a significant amount of labor and capital
to develop,” said Harvey
Consol officials said the goal was
to close the deal with Murray Energy, which is subject to a number of
conditions, before the end of the year.
