The mining assets include leasehold interests and permits to surface and mineral interests that include steam coal reserves and non-reserve coal deposits.
The sales agreement also includes the potential for additional payments of about $8.75m dependent upon the future issuance of certain permits and the commencement of mining activities by the purchaser.
Rhino said that the assets’ sale will allow it to concentrate more resources on its internal development projects which are focused on producing metallurgical coal and pulverized coal injection product.
