AP Exclusive: $90M investment for 2 new met coal mines

CHEYENNE, Wyo. (AP) — Coal developers working against the trend of mine closures and bankruptcies say a $90 million investment will enable them to open two new mines in West Virginia and Virginia next year. The mines would extract metallurgical coal, the type used for steel production. Most...

Mnet 87566 New Coal Mines Ap Tn
 
              FILE - In this Jan. 15, 2015, file photo, Ramaco, LLC, CEO Randall Atkins poses with a core sample from the planned site of a new coal mine near Sheridan in northern Wyo. Coal developers working against the trend of mine closures and bankruptcies say a $90 million investment announced Tuesday, Sept. 6, 2016, will enable them to open two new mines in West Virginia and Virginia over the next year. Atkins says the mines will directly create some 400 jobs in a region with unemployment far above the national average. Ramaco also has been seeking to open a mine in northern Wyoming that would supply coal to power plants for generating electricity. (AP Photo/Mead Gruver, File)

CHEYENNE, Wyo. (AP) — Coal developers working against the trend of mine closures and bankruptcies say a $90 million investment will enable them to open two new mines in West Virginia and Virginia next year.

The mines would extract metallurgical coal, the type used for steel production. Most metallurgical coal in the U.S. is exported to other countries.

Kentucky-based Ramaco Development announced Tuesday it has completed a $90 million deal with two private equity firms.

Ramaco CEO Randall Atkins tells The Associated Press the mines will directly create some 400 jobs in a region with unemployment far above the national average.

Ramaco also has been seeking to open a mine in northern Wyoming that would supply coal to power plants for generating electricity.

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