The companies will buy all of Samuel Coal’s existing properties, multiple permits, operations and mineral resources.
The purchase price will be initially funded by a cash down payment paid by Modern Coal to Samuel Coal by 20 June 2011.
Under the deal, the balance owed will be paid on the closing date of the transaction on 11 August 2011.
According to the companies, this acquisition will enable US-based coal mining firm Abundance Coal to fulfill its previously announced mining contract with Samuel Coal.
