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International Coal acquires mine and reserves in Va., Ky.

By Associated Press
May 27, 2008 | Comments (0)

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Mine operator International Coal Group says it is buying an idled mine and other assets in Kentucky and Virginia.

Scott Depot-based ICG announced the acquisition of the former Powell Mountain mining operations Tuesday. Terms were not disclosed.

ICG says it expects to resume mining at the idled Harlan County, Ky., mine next month. At full production, ICG says the mine should yield 1 million tons annually.

The deal also includes a prep plant near St. Charles, Va., an undeveloped mine in Lee County, Va., and approximately 29 million tons of reserves, which are being leased from Penn Virginia Resources.

Separately, Radnor, Pa.-based PVR says it paid $24.5 million for the reserves and approximately 56 million board feet of timber in Kentucky and Virginia.

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