James River Coal to buy 2 firms - WVVA TV Bluefield Beckley WV News, Weather and Sports

James River Coal to buy 2 firms

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RICHMOND, Va. (AP) -- James River Coal Company says it has agreed to buy two coal companies in a deal worth $475 million in cash.

The Richmond-based producer of steam and industrial-grade coal said Sunday it plans to buy International Resource Partners and its sales and marketing subsidiary Logan & Kanawha Coal.

CEO Peter Socha says the deal expands its offerings of metallurgical coal and gives the company greater access to seaborne coal markets. The deal is expected to close in the first half of 2011.

International Resource Partners is a privately held partnership based in Charleston, W.Va. It operates a total of nine underground and surface coal mines in southern West Virginia and eastern Kentucky. The company's mines produced 1.9 million tons in 2010.

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