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March 5, 2014
07:31 EDTACIArch Coal sells hazard thermal mining complex to Blackhawk for $26.3M
Arch Coal announced that it has sold its Hazard subsidiary to Blackhawk Mining for $26.3M in cash, prior to post-closing adjustments. This sale includes the Hazard thermal coal mining complex and related infrastructure as well as approximately 38M tons of thermal coal reserves in eastern Kentucky. As part of the sale, Arch has divested $15.6M of reclamation liabilities to Blackhawk, and expects to be released from $43.8M of reclamation surety bonding. In addition, Arch has the potential to receive future royalty payments of up to $35M in aggregate over the next five years resulting from its retention of select coal reserves at Hazard.
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16:46 EDTACIPresident Obama announces new renewable energy commitments
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