Prior to the completion of this acquisition, the company purchased about 92% of ICG’s outstanding shares of common stock in connection with its previously disclosed tender offer.
Arch Coal will operate 24 mining complexes across five US coal supply basins, with planned pro forma coal sales of 171 million to 176 million tons in 2011.
Arch Coal chairman and CEO Steven Leer said this acquisition extends Arch’s reach into every major US coal supply basin, and creates a world-class global thermal and metallurgical coal franchise poised for growth.
The acquisition adds nearly 13 million tons of low-cost Appalachian thermal production to the company’s domestic thermal coal portfolio.
Arch Coal said by capitalizing on expansion opportunities, it will boost its metallurgical coal output to nearly 15 million tons by 2015 to serve growing global metallurgical markets.
