AP NEWS
Press release content from Business Wire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Business Wire
Press release content from Business Wire. The AP news staff was not involved in its creation.

Murray Energy Corporation Announces it is Successful Bidder for Oak Grove, Seminole Alabama, and Maple Eagle Mining Complexes in Mission Coal Bankruptcy

March 28, 2019

ST. CLAIRSVILLE, Ohio--(BUSINESS WIRE)--Mar 28, 2019--Murray Energy Corporation (“Murray Energy”) has been informed that it has been selected as the Successful Bidder to acquire the Oak Grove, Seminole Alabama, and Maple Eagle Mining Complexes (the “Mission Assets”), located in Alabama and West Virginia, from Mission Coal Company, LLC (“Mission”), through the Mission bankruptcy proceedings. Mission has accepted Murray Energy’s bid and has filed notice with the bankruptcy court today, March 27, 2019.

Murray Energy has formed a new, majority owned unrestricted subsidiary company, Murray Metallurgical Holdings, LLC, to acquire and operate the Mission Assets, with its existing JV partner, Javelin Global Commodities (UK) LTD. (“Javelin”), as the minority owner of the newly formed unrestricted subsidiary. The bankruptcy court has scheduled a hearing on April 3, 2019, to approve the sale of the Mission Assets to Murray Metallurgical Holdings, LLC.

Murray Energy’s acquisition of the Mission Assets provides a significant entrance into the metallurgical coal market, allowing for diversification of its portfolio of quality mining assets. The Mission Assets will benefit from Murray Energy’s best-in-class longwall mining and operational expertise, that will further enhance the value of these high quality metallurgical coal properties. Additionally, this acquisition leverages Javelin’s existing global marketing platform, bringing further value to these newly acquired assets. Murray Energy looks forward to utilizing our management and marketing expertise in order to ensure the maximum success of these operations.

For further information please contact media@coalsource.com.

View source version on businesswire.com:https://www.businesswire.com/news/home/20190327005884/en/

CONTACT: Jason D. Witt

Assistant General Counsel

(740) 338-3100 (phone)

media@coalsource.com

KEYWORD: UNITED STATES NORTH AMERICA ALABAMA OHIO WEST VIRGINIA

INDUSTRY KEYWORD: ENERGY COAL NATURAL RESOURCES MINING/MINERALS

SOURCE: Murray Energy Corporation

Copyright Business Wire 2019.

PUB: 03/28/2019 12:27 AM/DISC: 03/28/2019 12:27 AM

http://www.businesswire.com/news/home/20190327005884/en