James River Coal Co. has accepted a $52 million bid from JR Acquisition, a wholly owned subsidiary of Blackhawk Mining, for the Hampden Mining Complex, the Hazard Mining Complex (other than the assets of Laurel Mountain Resources) and the Triad Mining Complex, plus the assumption of certain environmental and other liabilities. The three plants are all located in either central Appalachia or the Illinois basin.
James River filed for Chapter 11 bankruptcy protection in April after struggling with falling coal prices. The bid was approved by the court in late August.
Blackhawk Mining purchased Arch Coal’s ICG Hazard complex, located in Eastern Kentucky, for $26.3 million in March 2014, and in 2012 the firm purchased Pine Branch Coal Sales and the accompanying complex, also found in Eastern Kentucky, in a move that more than doubled the company’s production, according to a statement from Blackhawk Mining president Nick Glancy.