Arch Resources and Consol Energy announced that their respective stockholders have approved all proposals related to their previously announced merger to establish a North American natural resource company.
Both companies will file the certified voting results of their special meetings with the US Securities and Exchange Commission through Form 8-K filings.
The transaction remains subject to the satisfaction or waiver of customary conditions and is expected to be completed on 14 January 2025.
Dubbed Core Natural Resources, the new entity is set to commence trading on the New York Stock Exchange (NYSE) on 15 January 2025.
Core Natural Resources, which will be headquartered in Canonsburg, Pennsylvania, is expected to have a market capitalisation of approximately $5.2bn and will operate 11 mining sites across six states in the US.
It is also poised to become a leading North American producer and exporter of high-quality, low-cost coal.
The combined entity will offer a diverse portfolio of coal products, ranging from high-calorific-value thermal coal to metallurgical coal, catering to both domestic and international markets.
Among its assets will be one of North America’s largest and most cost-effective thermal coal mining complexes, alongside an extensive metallurgical coal portfolio.
Core Natural Resources will also hold interests in approximately 25 million tonnes per annum (tpa) of export coal capacity via two marine export terminals on the US East Coast.
Additionally, the company will have strategic connectivity to export facilities on the West Coast and in the Gulf of Mexico.
Announced in August 2024, the merger is structured as an all-stock transaction.
Under the terms of the agreement, Arch Resources stockholders will receive 1.326 shares of Consol Energy common stock for each Arch Resources share they hold.
Following the merger, Arch Resources stockholders will own approximately 45% of Core Natural Resources, while Consol Energy stockholders will hold 55%, on a fully diluted basis.
