North American Gem Inc. Mobilizes Mining Equipment to North American Gem #2 Mine in Kentucky
North American Gem Inc. has reached an agreement to enter into a partnership with Kentucky Mine Partners LLC (KMP), for the mining of NAG’s surface mining operations at North American Gem #2 Mine and any newly permitted mines henceforth in the state of Kentucky. KMP has begun mobilizing mining equipment to the newly acquired North American Gem #2 Mine, in Knox County, Kentucky so that immediately upon completion of the permit transfer to NAG the mining equipment and infrastructure will be in place to begin production immediately.
The signing of a definitive agreement to acquire the fully operational surface coal mine (North American Gem #2 Mine) with both minable Blue Gem and Jellico coal seams was announced March 31st 2010. Drilling at the recently acquired mine site has been completed and NAG was pleased with the quality and the estimated tonnage of coal at the mine site. Read more
North American Gem Inc. Announces LOI to Acquire Coal Leases in Kentucky That Host Blue Gem High Grade Low Sulfur Coal
orth American Gem Inc. is pleased to announce a Letter of Intent (”LOI”) to acquire certain coal leases located in Knox County, Kentucky from Lonesome Pine Leasing LLC. The leases are referred to as the “Swan Pond” property (approximately 400 acres) and the “Possum Hollow” property (approximately 671 acres). The acquisition is subject to the execution of a definitive agreement and any necessary regulatory approvals.The Swan Pond property currently has a surface mining permit application in process with the Department of Natural Resources (the “DNR”) offices in Frankfort, Kentucky and it is expected to be approved within 60-75 days. The application covers 67 acres of the total 400 acres and hosts the Jellico coal seam. In addition, there is an application in place to add an additional 52 acres of the Jellico and Blue Gem seams to the original surface mining permit covering 67 acres. The revision to add the additional acreage is expected to gain approval within 30 days from approval of the original permit covering 67 acres. Read more
Mechel Announces Closing of a Deal to Acquire Coking Coal Assets of Bluestone Coal Corp
Mechel OAO, one of the leading Russian mining and metals companies, today announced that its subsidiaries have closed the acquisition, which was reported on April 22 2009, of U.S. entities Bluestone Industries, Inc., a West Virginia corporation, Dynamic Energy, Inc., a West Virginia corporation, JCJ Coal Group, LLC, a Delaware limited liability company and some of its West Virginia affiliates (together “Bluestone”), privately-held West Virginia-based coal businesses engaged in the mining, processing and sale of premium quality hard coking coal. The aggregate merger consideration is $436 million paid in cash (including $36 million interest paid), approximately 83.3 million preferred shares, plus the assumption of approximately $132 million of net debt. Other business activities conducted by the owners of Bluestone Coal Corp., including steam coal operations in Kentucky and other non-coal operations, were not included in the transaction. Read more
