BRISTOL, Tenn., May 29, 2020 /PRNewswire/ -- Contura Energy,
Inc. (NYSE: CTRA), a leading U.S. coal supplier, today announced
the end of its connection with the Powder River Basin in
Wyoming.
Effective today, May 29, 2020, two
previously wholly-owned subsidiaries of Contura Energy—Contura Coal
West, LLC (Contura Coal West) and Contura Wyoming Land, LLC
(Contura Wyoming)—have merged with certain subsidiaries of Eagle
Specialty Materials, LLC (ESM).
No longer part of Contura Energy, Contura Coal West and Contura
Wyoming are the surviving entities of the merger and are now
wholly-owned subsidiaries of ESM. Contura Coal West holds, and will
continue to hold, the mining permits for the Eagle Butte and Belle
Ayr mines, which have been under the operational control of ESM
since October 2019.
"With today's announcement, Contura has completed the final
element of its years-long exit from the Powder River Basin," said
David Stetson, Contura's chairman
and chief executive officer. "We are pleased to conclude this
clean-up transaction and continue our focus on operating and
developing our Central Appalachian metallurgical properties."
Pursuant to terms of the transaction, Contura Energy will
receive from ESM approximately $625
thousand in cash consideration for assets owned by Contura
Coal West but not previously conveyed.
ABOUT CONTURA ENERGY
Contura Energy (NYSE: CTRA) is a Tennessee-based coal supplier with affiliate
mining operations across major coal basins in Pennsylvania, Virginia and West
Virginia. With customers across the globe, high-quality
reserves and significant port capacity, Contura Energy reliably
supplies both metallurgical coal to produce steel and thermal coal
to generate power. For more information, visit
www.conturaenergy.com.
FORWARD-LOOKING STATEMENTS
This news release includes forward-looking
statements. These forward-looking statements are based on
Contura's expectations and beliefs concerning future events and
involve risks and uncertainties that may cause actual results to
differ materially from current expectations. These factors are
difficult to predict accurately and may be beyond Contura's
control. Forward-looking statements in this news release or
elsewhere speak only as of the date made. New uncertainties
and risks arise from time to time, and it is impossible for Contura
to predict these events or how they may affect Contura. Except
as required by law, Contura has no duty to, and does not intend to,
update or revise the forward-looking statements in this news
release or elsewhere after the date this release is issued. In
light of these risks and uncertainties, investors should keep in
mind that results, events or developments discussed in any
forward-looking statement made in this news release may not
occur.
INVESTOR
CONTACT
investorrelations@conturaenergy.com
Alex Rotonen, CFA
423.956.6882
MEDIA
CONTACT
corporatecommunications@conturaenergy.com
Emily O'Quinn
423.573.0369
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SOURCE Contura Energy, Inc.