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Westmoreland Coal to Buy Chevron Mine

Wed, 12/28/2011 - 5:19am

KEMMERER, Wyo. (AP) — A Colorado company has announced a $193 million deal to buy a coal mine in western Wyoming from Chevron Mining Inc.

Chevron has been getting out of the coal industry and the Kemmerer mine is among its last coal assets. The mine produces 4.7 million tons of coal a year.

The buyer is Englewood, Colo.-based Westmoreland Coal Co. The deal announced Tuesday includes a purchase price of $179 million plus $14 million in working capital.

Westmoreland also says it is acquiring 118 million tons of coal reserves, enough for 20 years of production. The company says it expects to close the deal with Chevron by Jan. 31.

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