US-based coal producer Cliffs Natural Resources has announced that it has closed the sale of its remaining coal businesses, Pinnacle Mine in West Virginia and Oak Grove Mine in Alabama, to US-based Seneca Coal Resources, LLC on December 22. Cliffs values the transaction at closing at $268 million based on Seneca Coal assuming all liabilities of the business.
The company stated that the sale of Pinnacle and Oak Grove to Seneca Coal marks Cliffs' exit from the coal business, and represents another very important step in the implementation of its US iron ore pellet-centric, environmentally-compliant strategy. Seneca Coal Resources has agreed to preserve jobs at the mentioned mines.