Billionaire to pay $1.5M fine for Kentucky mines

West Virginia billionaire Jim Justice has reached a $1.5 million settlement with Kentucky officials over dozens of reclamation violations at several of his coal mines in eastern Kentucky.

The agreement between Justice and the state's Department for Natural Resources is a reduction from the $4.5 million in outstanding penalties he owed for the violations. Kentucky officials said the violations stemmed from the lack of post-mining restoration work required by law at Justice mines in eight counties.

Justice, who is worth about $1.6 billion according to Forbes.com, has idled several mines in eastern Kentucky and said his Appalachian mines are struggling to stay open due to poor market conditions.

The agreement also requires Justice to post millions in bond and complete the reclamation work by September 2015.