The mine was originally acquired by FirstEnergy and Boich in 2008 as a joint venture, with FirstEnergy acquiring a 45% interest for $125m.
In 2009, FirstEnergy invested an additional $8.5m to increase its interest in the mine to 50%.
According to the companies, the current value of the Signal Peak operation is in excess of $1.5bn, which includes existing debt.
FirstEnergy and Boich will transfer their interests in Signal Peak mine to Global Mining Holding, a new holding company that will include various Signal Peak entities.
FirstEnergy Ventures, a FirstEnergy subsidiary, WMB Marketing, a Boich subsidiary, and Gunvor Group each will own a one-third interest in Global Mining Holding.
Since 2008, operations at Signal Peak have been expanded, new equipment has been installed and a 35-mile rail spur to an existing Burlington Northern Santa Fe railway line was constructed.
